The bigger the business you are, the more complex your compensation structure, and whether or not you use a third party, you should know about the details of this form. It's difficulty makes it easy to make mistakes. Mistakes are easily caught by the IRS.
So ask yourself the following questions:
- Does my payroll system adequately record all taxable compensation to all workers - especially executives, traveling worker's expenses, fringe benefits, etc?
- Are deposits accurate and on time?
- Do you take advantage of credits available to you for the "Emergency of the Year" that applies to you
- How frequently are 941x's required for your business?
- Would it be beneficial to use a 3rd party in order to avoid "red flags" that can mean audits or reviews?
Areas Covered in the Session:
- Origin and Purpose
- Meant to be a reconciliation form for quarterly wages and deposits
- Payments and taxes to be recorded
- Special rules and exceptions
- Deposits and Schedules
- Frequency of Deposits
- Soc Sec and Medicare tax requirements
- Subject and exempt
- FICA/FIT requirements
- Subject and exempt
- March 23 Revision changes
- New requirements
- Reminders
- Special Circumstances
- 941 Section by Section
- ERC Summary
- Who applies, which quarters still apply, and requirements
- Common Errors
Who Will Benefit:
- Payroll and HR Processors and Managers
- Accountants
- Financial Reporters
- Third Party Payroll Processors
Speaker
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly...
