IRS Form 941: Simple Reconciliation Form or “Red Flag” for an Audit?

OVERVIEW

After attending this webinar you will be able to:

• Describe the IRS Form 941, in detail, for your business needs.
• Discuss the efficiency of your payroll system vis-à-vis the information you need to complete Form 941 on time.
• Explain to your workforce the best practices for communicating to the payroll supervisors the information needed.
• Identify possible errors in your company that expose you to unnecessary liability.
• Review and modify your payroll system as necessary.

WHY SHOULD YOU ATTEND

The IRS Form 941 can be a forgotten item in today’s electronic filing environment. But its importance is greater now than ever. When it was manually prepared, payroll supervisors were more or less forced to consider what went into the calculations.

If it is time to be reminded of what this form says to the IRS, why not use this webinar as an opportunity to do so?

AREAS COVERED

• 941 basics
  • Purpose of IRS Form 941
  • Due dates
  • What it does and does not do
  • New IRS Form 941 updates 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

LEARNING OBJECTIVES

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 webinar 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.

WHO WILL BENEFIT

• Payroll Managers
• Payroll Clerks
• Business Owners who “do I all” for their businesses
• Payroll Supervisors and Personnel
• Accounts Payable Supervisors and Personnel
• Public Accountants
• Internal Auditors
• Tax Compliance Officers
• Enrolled Agents
• Officers and Managers with Tax Compliance Oversight
• Company / Business Owners
• Managers / Supervisors
• Public Agency Managers
• Audit and Compliance Personnel / Risk Managers

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Others Details

Understand the basics of IRS Form 941 along with its purpose, common errors and what the payroll supervisors need to know. The webinar also discusses the new IRS Form 941 updates for 2019.