• Employee Retention Credit Preparing Forms 941 and 941-X

Description

This program has been approved for 1.0 PDCs toward SHRM certification hours. The program is pre-approved for 1 credit hour under HRCI


The new Form 941 has been altered a lot over the last year to include all the COVID-19 credits. Which has resulted in becoming a challenge for the employers but the deadlines with the IRS remained the same.  Even few employers found out that after they did failed to make it to the deadline and even if few of them did they did it wrong. Now employers are asking how I fix my mistakes.

 

Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund Form) is used to correct any errors made on Form 941. If you find an error on a previously filed Form 941, you must correct this error using Form 941-X.

 

The following information is required when submitting Form 941-X:

 

Underreported taxes - reporting less earnings or revenue than it was actually collected.

Overreported taxes - reporting more earnings or revenue than was actually collected.

If you are submitting Form 941-X for underreported taxes, you ought to make a tax fee while you document the Form. When reporting overreported taxes, you can claim either a refund or abatement on your subsequent return.

 

Learning Objectives:

 

To discuss line by line detail of the new Form 941-X.

To examine the legal deadlines for completing the 941-X.

To evaluate the COVID-19 credits and how to fix them with the 941-X.

To examine how to know properly claim underreported taxes or over-reported taxes.

To inspect if the 941X always accompanies a W-2C and how to know the difference.

To discuss retro 941X and what needs to be completed because of the ARP Act.

To inspect deadlines for Filing Form 941.

To explain Form 941X line by line review.

To explore COVID-19 updates and how to fix the update credits.

Get answers to all your most important questions about Form 941-X

 

How do I fix the employer retention credit on the 941-X?

How to understand and analyse if I qualify for the COVID-19 credits that necessitate the 941-X?

How do I make sure to complete the 941-X properly for the sick and family leave credits?

If I have other adjustments to make, can I do them all on the same 941-X

 

Who Will Benefit:

 

Payroll professionals

Payroll managers

HR professionals

HR executives

HR directors

HR managers

CPA

Accounting Professionals

Employee Retention Credit Preparing Forms 941 and 941-X


Available Options



CERTIFICATION PARTNERS