New Form 941 Update: COVID Relief Provisions for Employers

Duration - 90 minutes
Speaker : Patrick A. Haggerty, EA

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About The Event

Due to the COVID-19 pandemic, Congress has provided new employment tax credits and other tax relief. 

There have been significant changes made to Form 941 – Employer’s Quarterly Federal Tax Return. The form is now in its fifth revision since the beginning of 2020.  Additional Lines and worksheets have been added to facilitate the computation and reporting of wages and taxes for qualified sick and family leave, the employee retention credit and the COBRA premium assistance credit. Additional lines have been added to compute the employer’s tax liability, apply the tax credits to the tax deposit requirements, and indicate elective deferrals of the employer share of Social Security tax. 

Collection and enforcement of federal employment taxes remains a priority for the IRS.

The quarterly Form 941 reports employee headcount, wages and tips, taxes withheld from employee pay and employer taxes, and tax liability dates that establish due dates for tax deposits. It is the basis for IRS determination of employer compliance with the requirement to withhold and deposit employee income tax and Social Security and Medicare taxes. The tax liability section and Schedule B provide the basis for IRS assessment of deposit penalties.

This webinar covers the fundamental aspects of Form 941 including when to use Form 943, Form 944, or Form 945 instead of Form 941. It also covers the determination of the tax deposit period and the due dates for deposits, a line by line walk through of Form 941, special adjustments required for certain reconciling items such as fractions of cents, uncollected Social Security and Medicare taxes on group term life insurance and tips, and sick pay. Collection and enforcement of federal employment taxes is a current priority for the IRS.

Areas Covered

  • When to use Form 941 – Related Forms 944, 943, and 945
  • How to report the COVID-19 tax credits and tax adjustments for deferrals and Form 7200 advance payments on Form 941.
  • Form 941 fundamentals - A walk through Form 941
  • Return Due Dates
  • Who should sign the Form 941 and what the signature represents
  • Reporting third party sick pay, group term life insurance and tips correctly
  • How to reconcile the Forms 941 with the Forms W2
  • Tax deposit and reporting requirements – How to determine your deposit schedule 

Learning Objectives

As a result of this session, you should:

  • Know how to claim COVID-19 tax credits and tax deferrals on Form 941
  • How to report Form 7200 Advance payments
  • Know how to prepare an error free Form 941
  • Know when to use Form 941 or the related Forms 944, 943, and 945
  • Understand what constitutes taxable wages and why the amounts are different for different taxes
  • Know how to report tax amounts and how to make adjustments for rounding errors
  • Know the filing due dates
  • Understand the proper reporting of federal tax liability
  • Know who should sign the Form 941 and what the signature represents
  • Know when and how to reporting third party sick pay, group term life insurance and tips
  • Understand the importance of reconciliation of Forms 941 with the Forms W2

Who Should Attend

  • Payroll Supervisors and Personnel
  • Accounts Payable Supervisors and Personnel
  • Public Accountants
  • Internal Auditors
  • Tax Compliance Officers
  • Enrolled Agents
  • Officers and Managers with Tax Compliance Oversight
  • Company / Business Owners
  • Managers/ Supervisors
  • Public Agency Managers
  • Audit and Compliance Personnel / Risk Managers

Handout package including

  • Form 941 Employer’s Quarterly Federal Tax Return
  • Instructions Form 941 Employer’s Quarterly Federal Tax Return
  • Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund
  • Instructions for Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund
  • Notice 2021-20 Guidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act
  • Notice 2021-23 Guidance on the Employee Retention Credit under the CARES Act for the First and Second Calendar Quarters of 2021
  • Rev. Proc. 2017-28 Requirements for Employee Consent for Form 941

Industries: Human Resource, Payroll & Accounting, Accounting And Taxation , Payroll, HR Compliance, Performance Management
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Patrick A. Haggerty, EA

Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

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