Updated Form 941 and how to handle with the New COVID-19 Credits

On-Demand Schedule Sun, October 25, 2020 - Sun, November 01, 2020
Duration 60 Mins
Level Intermediate
Webinar ID IQW20G0735

  • 941 Basic Requirements
  • Reporting Requirements
  • 941 Due Dates
  • Electronic Filing
  • Signing Requirements
  • Line by line review
  • 2020 Updates
  • COVID-19 Tax credits and Form 941
  • Schedule B requirements and tips
  • Reconciliation of Form 941 and W-2’s at year end
  • 941-x forms and how to deal with them

Overview of the webinar

This webinar will give you the tools to better be able to understand line by line of the Form 941

  • Details around 2020 updates to the form 941 and review of common errors as reported by the IRS
  • Review of Schedule B and the importance of completing correctly
  • Review of who should sign the Form 941
  • Employer Retention Tax credit and the new form 7200
  • Social Security employer tax deferral

 

Who should attend?

  • Payroll Professionals
  • Tax Professionals
  • Accountants
  • Controllers

Why should you attend?

The form 941 is an essential form for all employers that pay employees and withhold federal and FICA (social security and Medicare) taxation.  In recent years several changes to the 941 form has made is difficult to understand. The importance of reconciliation and completed of not only the Form 941 but Schedule B is becoming increasingly important for employers to avoid costly disputes with the IRS resulting in penalty and interest. With the several COVID-19 legislation being passed that includes tax credits for employers the form 941 will be a key form to claim these credits. This webinar will review the tax credits along with how to claim them on the Form 941 once released.

Faculty - Ms. Dayna J. Reum

Dayna is currently the Director of Payroll Operations at Ann & Robert Lurie Children’s Hospital of Chicago.Dayna has been heavily involved in the payroll field over 17 years.Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc.During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association.She also received several merit awards for Customer Service and Acquisitions and Divestitures. Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference.Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll.Dayna has her CPP (Certified Payroll Professional) through the APA.She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee).Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA.Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.

Credits

HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org

ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

07-10-2020 - Updated Form 941 and how to handle with the New COVID-19 Credits (002).pdf
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