W-2 and Form 941 Corrections

A major task of the Payroll department is providing W-2 Forms to employees and to the Social Security Administration. The Forms must be correct, complete, and filed on time or the employer may face stiff penalties. The due date for both filing form W- with the Social Security Administration and for Furnishing the Forms to employees is January 31.

Penalties are indexed for inflation and increase each year. Penalties are reduced when errors are corrected quickly. It is important for payroll professionals to understand the rules that reduce or mitigate penalties and to act within the time limitations for maximum benefit. Understanding how to compute and process corrections by correctly completing Form W-2c is an essential skill.

Corrections to W-2 Forms frequently require that Forms 941 also be corrected. Similarly, a correction to a prior year Form 941 may require that Prior year W-2 Forms also be corrected. It is important for payroll professionals to understand the relationship between Form 941 and the W-2 Forms and to know to correct errors on Form 941 and how to correctly prepare Form 941-X.

This webinar will discuss the common and not-so-common errors and adjustments that affect Forms W-2 and actions you can take now to reduce or prevent filing problems and errors, special reporting situations, and what to do when errors are discovered. It will also cover the changes under the new filing deadlines.

Learning Objectives

• Statute of Limitations to Correct Forms
• Timing to Provide Forms to Individuals and Submit to SSA
• Which Forms to Use
• Correcting Errors using Current Forms
• W-2/W-3 Correction Basics
• Issue a W-2C or a Corrected W-2
• Timing to Furnish to Individuals and Report to SSA
• Correcting Common Errors for Prior Year Forms
• Correcting the Employee's Name
• Correcting Employee's Address
• Correcting Multiple W-2 Forms for an Employee
• Correcting Entries in Box 12
• Correcting Federal Payroll Tax Forms
• Updates to 2021 Forms 941 and 941-X
• Adjusting Payroll Tax Filings for 941 (2021)
• NEW Corrections for COVID-19 tax credits
• Form 941 - Underpayment of Taxes
• Form 941 - Overpayment of Taxes

Who Should Attend

• Payroll Supervisors and Personnel
• Payroll Consultants
• Payroll Service Providers
• Public Accountants
• Internal Auditors
• Tax Compliance Officers
• Enrolled Agents
• Employee Benefits Administrators
• Officers and Managers with Payroll or Tax Compliance Oversight
• Company / Business Owners
• Managers/ Supervisors
• Public Agency Managers
• Audit and Compliance Personnel / Risk Managers