IRS Issues Revised 2021 Form 941: The Latest Changes for Q2-Q4 2021 that You Need to Know About!

IRS Issues Revised 2021 Form 941 With Changes for End of Deferrals, Employer’s Quarterly Federal Tax Return, was released Jan. 29 by the Internal Revenue Service and includes changes to four lines that previously had accounted for deferred amounts of the employer and employee portions of Social Security tax, in connection with the period from March 27 to Dec. 31, 2020, which was established by the Covid-19 Aid, Relief, and Economic Security (CARES) Act, and the ability defer amounts of the employee portion.

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.

• What's New and Who Must File Form 941 for Q2-Q4 2021
• The IRS released a draft of updated instructions for Schedule R of Form 941
  
• The instructions reflect that deferrals of the employer and employee portions of Social Security tax were not extended to 2021
• Line by line review of the massive changes of the New Revised Form 941
• Reporting third party sick pay, group term life insurance, Medicare tax for 2021 and tips correctly
• How Should You Complete Form 941? And When Must You File?
• What New payroll tax credit for certain tax-exempt organizations affected?
• Understand what Notice required to Employees About the Earned Income Credit 
• What About Penalties and Interest and how to Avoid Penalties and Interest
• What If You Sell or Transfer Your Business?
• CARES Act: including deferring Employer’s Social Security
• IRS Form 7200: Purpose for the form and how it applies to you 
• 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
• Reconciling Forms 941 and Form W-3

Who will Benefit:

• Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
  
• Accountant/CPA/Tax Professional 
• 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 Payroll compliance issues