|Duration: 90 minutes||Speaker: Patrick A. Haggerty, EA|
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.
As a result of this session, you should:
Who Should Attend
Handout package including
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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