DESCRIPTION
On June 23 the IRS released an updated Form 941 for the second quarter of 2022, there are a few notable changes that employers will need to be aware of. Employers who are required to report federal income taxes, social security taxes, or medicare taxes withheld from their employees' paychecks must submit the new revised IRS Form 941 for 2022.
This webinar covers the IRS Form 941 and its accompanying Form Schedule B for the second quarter of 2022. It discusses what is new for this version as well as the requirements for completing each form line by line. It includes the filing requirements and tips on reconciling and balancing the two forms. The webinar also covers the forms used to amend or correct the returns.
Why Should You Attend:
Form 941 is the link between your payroll records and the IRS tax records. Proper administration of this vital form is critical if you want to avoid IRS Notices and the penalties and interest that accompany them. The Schedule B is also a crucial form for many employers. The IRS demands that the Form 941 and the Schedule B match to the penny…every single time…without fail!
It has always been a requirement that the Forms 941 be reconciled with the Forms W-2 prior to submitting each form. If the employer fails in this reconciliation, the IRS and Social Security Administration can both assess penalties! This reconciliation has become even more critical these past few years.
In this CPE webinar, speaker, Vicki Lambert will review the tax credits along with how to claim them on Form 941. Even into 2022, we are seeing some credits being claimed on Form 941.
By attending this webinar participants will:
- Know the Changes in New IRS Form 941 for the 2nd Quarter of 2022
- How have the New Form 941 fields been revised for Q2 of 2022?
- When is the Deadline to File Form 941 for 2022?
- E-file 941 for Q2, 2022
- Line by line review of the 2022 Form 941 2nd quarter
- To ensure that the attendee has the basic knowledge to complete the Form Schedule B according to the IRS regulations and to ensure that it reconciles down to the penny with the Form 941 prior to submission.
- To ensure the attendee knows when a Form 941-X is required and provide the attendee with the basic knowledge of how to complete Form 941-X.
- To demonstrate to the attendee the reconciliations needed under IRS and Social Security Administration regulations.
Webinar Agenda:
- Line by line review of the 2022 Form 941 2nd quarter
- Tips for completing the Schedule B—liability dates vs. deposit dates
- 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
- Tips for completing the Schedule B—liability dates vs. deposit dates
- Tips to balance Form 941 and Schedule B to the penny—as required by the IRS
Who will benefit?
- Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
- Human Resources Executives/Managers/Administrators
- Accounting Personnel
- Business Owners/Executive Officers/Operations and Departmental Managers
- Lawmakers
- Attorneys/Legal Professionals
- Any individual or entity that must deal with the complexities and requirements of paying employees in multiple states
Thecpeeducator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
