New 941 Form for Q2 2023 - Line By Line Review Including New Tax Credit Lines

Dayna J. Reum, CPP, FPC

Dayna J. Reum, CPP, FPC

Dayna is currently the Director of Payroll Operations at a major medical center in Chicago. Dayna has been heavily involved in the payroll field over 20 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC...
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60 Mins
Dayna J. Reum, CPP, FPC

2023 updates to the form 941 and review of common errors as reported by the IRS

Form 941 is a crucial document that employers must complete to report employee wages and withhold federal and FICA taxes, including social security and Medicare. Over the years, there have been several changes to the 941 forms, making it challenging to comprehend. Reconciliation and accurate completion of not only Form 941 but also Schedule B have become increasingly vital for employers to avoid costly disputes with the IRS, which could result in penalties and interest.

With the expiration of COVID-19 legislation, some employers may still be eligible to claim tax credits, creating confusion regarding the appropriate circumstances for claiming them. In this webinar, led by payroll expert Dayna J. Reum, CPP, attendees will gain a comprehensive understanding of the tax credits and the proper procedures for claiming them on Form 941.

By attending this webinar, you will receive valuable insights on navigating the complexities of Form 941, ensuring compliance with the latest regulations, and maximizing tax credits. Join us to stay informed, mitigate risks, and effectively manage your payroll responsibilities.

Webinar Objectives

The COVID-19 pandemic has had a profound impact on our lives, including significant implications for employers and the completion of the quarterly Form 941. The introduction of special legislation during this time has added complexity to the process and has influenced how employers should approach filling out the form.

Many of the tax credits related to COVID-19 have been extended into 2021, and employers may still be eligible to claim them even into 2023. In this webinar, we will provide a comprehensive review of the updated Form 941 and equip you with the necessary tools to effectively navigate the tax credits specific to the legislation in 2021, which will have implications for filing into 2023.

By participating in this webinar, you will gain valuable insights and practical knowledge to ensure that you properly handle these credits in accordance with the latest legislation. Understanding the nuances of the updated Form 941 and the specific requirements for claiming tax credits will enable you to meet your obligations as an employer and maximize available benefits.

Don't miss this opportunity to stay up to date with the evolving landscape of tax credits related to the COVID-19 pandemic and enhance your understanding of the filing process for the quarter 941 form. Register now to secure your spot in this informative webinar and acquire the tools needed for effective compliance and credit management. Further details can be found by following the provided link.

Webinar Agenda

  • 941 Basic Requirements
    • Reporting Requirements
    • 941 Due Dates
    • Electronic Filing
    • Signing Requirements
  • Line-by-line review including new tax credit lines
  • 2023 Q2 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

Webinar Highlights

  • 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 it correctly
  • Review of who should sign Form 941 
  • Employer Retention Tax credit and the new form 7200
  • Details around which 7200 form should be processed
  • Social Security employer tax deferral

Who Should Attend

Payroll and Tax Professionals

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