Form 941 Demystified: Quarterly Federal Tax Return Essentials

Form 941 is the connector between your payroll records and IRS tax accounts. This is one of the most important areas in payroll where compliance issues are concerned. Form 941 has to be reconciled with the quarterly payroll records correctly. It must also be reconciled every year with third-party sick pay records and W-2 Forms.

Form 941 is the quarterly report of employee headcount, wages and tips (including income tax withholding), taxes withheld from employees' pay plus your share of Social Security and Medicare Taxes; tells you when payroll tax deposits are due. It forms the basis for an IRS finding that particular obligations to withhold and deposit employee income tax, as well as Social Security and Medicare taxes have been met.

Areas Covered in the Session:

• Form 941 fundamentals - A walk through Form 941
• How to reconcile the Form 941 with the Form W2
• Who should sign Form 941 and what the signature represents
• Line by line review of the 2024 Form 941 
• What to do if you discover an error in deposits for the quarter when completing the Form 941
• Tips to balance Form 941 and Schedule B to the penny—as required by the IRS

Learning Objective:

• Know how to prepare an error-free Form 941
• Know when and how to report third-party sick pay, group term life insurance, and tips
• Know the filing due dates
• Know who should sign the Form 941 and what the signature represents
• Know which certifications and employee statements are required for refunds

Credits and Other information:

• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• NASBA Sponsor: 146439
• IRS Course ID: PJGWS
• Attendance Requirement:  Yes
• Session Duration: 2 Hours
• Case Studies and Live Q&A session with speaker
• PowerPoint presentation for reference
  

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

Coder Archives 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.

Speaker Profile:

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.