The Form 941 is the link between your payroll records and the IRS tax records. It is one of the most important compliance areas that the payroll department must navigate and it must be done correctly down to the penny. 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! And in recent years, with all the changes to the form that has become more difficult. And the form has been changed again in 2014.
Not only must the Form 941 be reconciled to the Schedule B it must also be reconciled to the Forms W-2 submitted to the Social Security Administration or penalties, fines and interest again can be assessed. Many times the benefits an employer offers make completing the form correctly an extremely difficult task. Third party sick pay is a perfect example of such a benefit. Knowing how to report the wages and taxes withheld or paid is crucial to completing the form correctly. Whether the employer pays the wages and withholds the taxes directly, has an insurance company who is their agent handle this for them, or the third party sick pay is handled by an insurance company that is not the employer’s agent determines not only the taxation of wages but the reporting on Form 941. Group term life insurance is also another benefit that affects completing the form. If an employer has employees who are no longer on the payroll but are still covered under the group term life insurance plan accounting for the employee share of the FICA taxes has its own requirements. For employers with tipped employees the form becomes even more complicated. These employers must know how to adjust for uncollected FICA taxes.
It has always been a requirement that the Forms 941 be reconciled with the Forms W-2 prior to submitting each form. But this reconciliation has become even more critical these past few years. The IRS and the Social Security Administration can both assess penalties if the employer fails in this reconciliation.
Why Should you Attend:
Attend this 90 minute presentation to learn the changes made to the Form 941 for 2014. Understand how to complete the Form 941 properly, line by line, to ensure compliance with IRS requirements. Be familiar with how to ensure that the accompanying Form Schedule B is also completed correctly and balances to the penny with the Form 941. Understand the basic requirements to correct a previously submitted Form 941 or Form Schedule B. And gain knowledge in the necessary reconciliations that must be performed to ensure compliance with both IRS and the Social Security Administration’s regulations.
Objectives of the Presentation:
For the attendee to understand the requirements for completing the 2014 Form 941 correctly line by line. 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 provide the attendee with the basic knowledge of how to complete the Form 941-X. And to ensure the attendee knows when a Form 941-X is required. To demonstrate to the attendee the reconciliations needed under IRS and Social Security Administration regulations.
Who can Benefit:
- What’s new for 2014
- Line by line review of the 2014 Form 941
- 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
- Form due dates
- Who should sign the Form 941
- Reporting third party sick pay, group term life insurance and tips correctly
- How to reconcile the Forms 941 with the Forms W-2
- What to do if you discover an error in deposits for the quarter when completing the Form 941
- Using the 941X form to correct the Form 941
- Payroll professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Any individual or entity that must complete and submit the IRS Form 941 and/or the accompanying Form Schedule B.