Amending Forms W-2 and 941: What You Should Know and How to Do It?

OVERVIEW

No one wants to have to amend tax forms but no matter how many precautions you take to avoid it, there will always be a time that you will need to do an amendment. The material in this webinar will teach you how to collect the information needed to complete W-2 corrections as well as file the amended 941 forms and any additional state and local tax filings.

Paying employees is one of the biggest expenses for a company. Any company that has employees is required to withhold and pay payroll taxes. In addition to what you withhold from an employee, there are tax forms that must be filed and given to the employee. The size of your business, where you are located, and where your employees live and work; all of these things factor into what you must withhold from employees’ wages and what you must pay as an employer. Understanding these things and knowing how much to withhold, how often to pay, what forms to file, and what information to include is sometimes overwhelming.

No matter how much we double-check figures and try to make sure everything is correct on these forms before they are sent out there is always a time when an error is made or something was left out. Debbie will discuss in detail how to amend the W-2 form and 941 forms. Details of how to make these amendments, and how quickly you must get them to the employees and the government agencies that are affected will be covered.

During the webinar, Debbie will discuss specific types of errors found on form W-2 and provide guidance on how to make the necessary corrections. She’ll provide information on amending both current year and prior year corrections. Failure to properly amend corrected forms and payroll tax filings may result in additional tax, penalties, and interest. She will also help payroll departments avoid penalties and time-consuming responses to follow-up questions from the IRS and other taxing jurisdictions.

WHY SHOULD YOU ATTEND?

These types of changes also affect other government agencies such as State and Local forms. Making sure you comply and completing all the necessary corrections in a timely matter is key.

The IRS and State and Local Governments assess big fines and penalties if businesses do not record amendments properly and get them to employees timely. You want to avoid these liabilities as much as possible. 

Attend the webinar to better understand all types of situations that can cause you to amend these forms and how to make these amendments.

LEARNING OBJECTIVES

• To determine when an amendment needs to be filed.
• To explore which fields to complete for the amendments.
• To identify what other amendment forms need to be filed.
• To review your documentation to properly file your amendments.

AREAS COVERED

Key Topics covering Amendment of W-2s and 941s included in the webinar:

1. W-2 and W-3 Corrections
   • Statute of Limitations on Corrections
   • Timing to provide corrections to employees/SSA
   • Correct forms to use
2. Corrections on Current Forms
   • W-2C or Corrected W-2
   • Adjustments to 941 and 940
   • Timing to send out corrections and reports
3. Corrections to Common Errors for Prior Year Forms
   • Employee Name Corrections
   • Employee Address Corrections
   • Multiple W-2 Forms Corrections
   • Box 12 Entry corrections
4. Federal Payroll Tax Form Amendments
   • Form 941- Underpayments
   • Form 941- Overpayments
   • Form 940 Corrections
5. Other Considerations
   • Overpaid FICA Taxes
   • Correcting State Tax Forms
   • Corrections to Local Taxes

WHO WILL BENEFIT?

• Accounting Personnel
• Lawmakers
• Attorneys/Legal Professionals
• Human Resources Executives/Managers/Administrators
• Business Owners/Executive Officers/Operations and Departmental Managers
• Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
• Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues