Gain a better understanding of what does and doesn’t belong on a 941, the information you need to complete it properly, and how to self-review before an official review happens.
The IRS form 941 is the quarterly reconciliation form that reconciles taxable wages with deposits made during the calendar quarter. Simple, right?
Depending on the complexity of your compensation structure, benefits, departmental decentralization and other factors, the 941 just might be a quarterly ‘red flag’ for an IRS audit.
Use this material as a basis to review your knowledge of what does and doesn’t belong on a 941, the information you need to complete it properly, and how to self-review before an official review happens.
Learning Objectives:
- You will be able to identify possible errors in your company that expose you to unnecessary liability.
- You will be able to explain to your workforce the best practices for communicating to the payroll dept information needed.
- You will be able to describe the form 941, in detail, for your business needs.
- You will be able to discuss the efficiency of your payroll system vis-à-vis the information you need to complete form 941 on time.
941 Basics
• Purpose of Form
• Due Dates
• What It Does and Does Not Do
• New for 2019
941 Line by Line
• An In-Depth Look at Parts I-IV
• Where to Get Additional Information
Deposit Schedules
• How to Determine If You Are on the Right Deposit Schedule
• Consequences of Late Depositing
• How Deposits Reconcile to 941
• Handling Late Deposits
IRS Additional Instructions
Taxable Wages
Common Errors and Form 941X
Credit Information (Sponsored by Lorman Education Services):
- CPE
- NASBA
- Enrolled Agents
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
Mark Schwartz, MS Payroll
- Employment tax specialist and has more than 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California
- Has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations
- An 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
- Has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits
- Provides consulting services encompassing payroll processing and payroll tax issues; these include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc.
- Has represented both clients and the state in front of the State Appeals Board; he understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees
- Prides himself on his outstanding customer service skills, listens attentively to his clientele, helping them bridge the gap between the small business world and government bureaucracy and eagerly assists with client’s needs, and feels that educating clients toward faster, accurate and more complete payroll processes provides the most value
- Participating member of the American Payroll Association; Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials
- Currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association
- M.B.A. and B.A. degrees in finance, Santa Clara University
(Not available outside the US)