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Form 941X - Finalized Form 941-X Instructions by IRS and Making corrections to COVID Corrections

Overview

IRS Released the new 941X in July 2021 and now, finalized instructions for the revised 2021 Form 941-X were issued on Sept 13.  The revised Form 941-X can now be used to report corrections to these COVID-19-related items reported on Form 941: paid qualified sick and family leave wages, the employee retention credit, and the COBRA premium assistance tax credit. The instructions now include five worksheets to calculate additional credits, while the worksheets were released last quarter, it was designed for use in the 3rd and 4th quarters of 2021 only.


The new Form 941 released for Q2 & Q3 2021 to include all the COVID-19 credits was a huge challenge to employers, but deadlines with the IRS remained the same. Some employers found out after they filed to make the deadline that they did it wrong. Now employers are asking how I fix my mistakes. To expand on this complexity due to the American Rescue Plan Act of 2021 that was signed into law more employers are finding themselves needing to complete 941X for 2020 retro’s.


And the newest 941X update that was released in Sept of 2021 has made employers question how to process updates.
 

 

Areas covered in this Training

-Line by line detail of the new Form 941X
-What are the legal deadlines for completing the 941-X
-Review of the COVID-19 Credits and how to fix them with the 94X
-How to know properly claim underreported taxes or over-reported taxes.
-Are there any penalties for underreporting taxes?
-Does the 941X always accompany a W-2C and how to know the difference
-Retro 941X and what needs to be completed because of the ARP Act


 

Duration: 60 Minutes
Why attend this training

Have you made an error on your Form 941 tax return? Don’t worry! You can always use Form 941-X to make corrections to your Form 941. Due to the changes under the American Rescue Plan Act (ARPA), the Form 941X has also changed related to the COVID tax Credits that also include reporting of paid qualified sick and family leave wages, the employee retention credit, and the COBRA premium assistance tax credit. The revisions are to allow employers to report corrections to amounts related to employment tax credits that were adjusted under the American Rescue Plan Act.


Filing the Taxes and completing your tax obligations with the IRS and the agencies has always remained a challenge. And this challenge is even bigger with the interplay of the ARPA 2021, Tax Credits, and the latest update to the 941X. With the deadline approaching soon, join this webinar and you will learn-

      A. By Form 941X Basics
      B. Deadlines for Filing Form 941x
      C. Form 941X Line by Line Review
      D. COVID-19 updates and how to fix for the update credits
      E. Latest Updates of September 2021 to the Form 941X
 

 

Suggested Attendees

-All Payroll Professionals
-HR Professionals
-Accounting and Tax Professionals
-Payroll managers
-HR executives
-HR directors
-HR managers
 

You may ask your Question directly to our expert during the Q&A session.

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