Form 941 Updates: What’s Next for 2024?

Vicki M. Lambert

Vicki M. Lambert

Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company offers a payroll news service which keeps payroll professionals up to date on the latest rules and regulations. With nearly 40 years of hands-on experience in all facets of payroll functions...
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August 01, 2024
01:00 PM ET | 12:00 PM CT
90 Mins

Form 941 serves as the crucial connection between your payroll records and the IRS tax records. Accurate administration of this essential form is vital to avoid IRS notices, penalties, and interest charges. Schedule B is equally important for many employers, as the IRS requires that Form 941 and Schedule B align precisely to the penny every single time.

It has always been a requirement that Forms 941 be reconciled with Forms W-2 prior to submitting each form. Failure to reconcile these forms accurately can result in penalties from both the IRS and the Social Security Administration. This reconciliation has become even more critical these past few years.

Join Payroll expert Vicki M. Lambert, CPP, for a comprehensive 90-minute session on the 2024 IRS Form 941 and Schedule B. This webinar will cover the latest updates, detailed line-by-line instructions, filing requirements, reconciliation tips, and the necessary forms for amending or correcting returns.

Webinar Objectives

  • Understand Form 941: Attendees will gain a comprehensive understanding of how to accurately complete the 2024 Form 941, line by line, ensuring compliance with the latest IRS guidelines and avoiding common mistakes
  • Complete Form Schedule B: This objective ensures that attendees acquire the fundamental knowledge needed to correctly fill out Form Schedule B according to IRS regulations. Attendees will learn to reconcile Schedule B down to the penny with Form 941 before submission to prevent discrepancies.
  • Know When to Use Form 941-X: Attendees will learn to identify situations that require the use of Form 941-X for correcting previously filed Forms 941. The session will provide step-by-step instructions on how to properly complete Form 941-X to correct errors and ensure compliance with IRS requirements.
  • Reconciliation Requirements: The session will demonstrate the necessary reconciliations needed under IRS and Social Security Administration regulations. Attendees will learn how to perform these reconciliations accurately to ensure that all forms are balanced and compliant with federal requirements.

Webinar Agenda

  • Line by line review of the 2024 Form 941
  • Tips for completing the Schedule B—liability dates vs. deposit dates
  • Tips to balance Form 941 and Schedule B to the penny—as required by the IRS
  • Form due dates
  • Who should sign the Form 941
  • Reporting third party sick pay, group term life insurance and tips correctly
  • How to reconcile the Forms 941 with the Forms W-2
  • What to do if you discover an error in deposits for the quarter when completing the Form 941
  • Using the 941X form to correct the Form 941

Who Should Attend

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