2021 IRS Form 941: Form Schedule B for Q2-Q4 2021 that You Need to Know About

The American Rescue Plan Act (ARPA) provide tax credits for Employers who provide voluntary Emergency Paid Leave the ARPA extends availability of the tax credits to those employers who qualify and voluntarily provide employees with EPSL and/or EFML through September 30, 2021. Now that Employers can receive tax credits for these benefits, many are looking on how to calculate these tax credits to ensure they receive the amount of tax credits and ensure accuracy.

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
  
• What are the changes from the Family First Coronavirus Response Act (FFCRA)
• What has the American Rescue Plan Act (ARPA) removed and added for Employers during COVID-19
• What other tax credits are available under the  ARPA
• 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?
• How are the Employee Retention tax credits a benefit for Employers and employees
• How Can Employers communicate the necessary changes to their employees
• Why is it important for Employers to understand how to complete the 941 form and if necessary, the 941-X
• What are the steps to completing form 941 effectively and error free
• What are the steps to take when completing the 941 form and the 941-X form
• 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