IRS Releases 2023 Form 941, Instructions for Form and Schedules B and R

OVERVIEW

The form 941 is an essential form for all employers that pay employees and withhold federal and FICA (social security and Medicare) taxation. In recent years several changes to the 941 forms have made is difficult to understand. The importance of reconciliation and completed of not only the Form 941 but Schedule B is becoming increasingly important for employers to avoid costly disputes with the IRS resulting in penalty and interest. 

The COVID-19 pandemic has also caused additional legislation to be passed that impacts the Form 941 these will be reviewed as well along with what has stopped and what are we continuing to report into 2023. Review of the latest updates and review of all the legislation that has changed the COVID credits that impact the Form 941 till current. 

WHY SHOULD YOU ATTEND?

If you own a business and have employees, you must file a form 941 every quarter and must continue to do so even if there are no employees during some quarters. Seasonal employers who do not pay employee wages during one or more quarters, employers of household employees, and employers of agricultural employees are the only exceptions to this filing requirement.

Failure to file Form 941 on time may result in a penalty of 5% of the tax due with that return for each month or part of a month that the return is late. Depending on how many days you are late paying the correct amount, the IRS will charge you 2 to 15% of your underpayment.

LEARNING OBJECTIVES

• Details around 2023 updates to the form 941 and review of common errors as reported by the IRS.
• Review of Schedule B and the importance of completing correctly
• Review of who should sign the Form 941
• Filing the Form 941 when taking the COVID-19 credits in 2023

AREAS COVERED

• 941 Basic Requirements.. 
  * Reporting Requirements
  * 941 Due Dates
  * Electronic Filing
  * Signing Requirements
• Line by line review including new tax credit lines
• 2023 Q1 and Beyond Updates
• COVID-19 updates and tax credits
• Schedule B requirements and tips
• Reconciliation of Form 941 and W-2’s at year end

WHO WILL BENEFIT?

• Company / Business Owners
• Payroll Supervisors and Personnel
• Accounts Payable Supervisors and Personnel
• Public Accountants
• Controllers, Internal Auditors
• Tax Professionals, Tax Compliance Officers
• Enrolled Agents
• Officers and Managers with Tax Compliance Oversight
• Managers/ Supervisors
• Public Agency Managers
• Audit and Compliance Personnel / Risk Managers

Others Details

This webinar will give you the tools to better be able to understand line by line of the Form 941.