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Human Resource & Payroll

Q3 Form 941 and COVID (COBRA) Credit Corrections

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 Form have made it 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 significantly affected our lives. It has always brought a lot of special legislation that impacts employers. A lot of the COVID-19 tax credits have been extended into 2021, like ARPA provides a 100% COBRA premium subsidy from April 1 - September 30, 2021 andthis tax credit is generally claimed by reporting the COBRA premium assistance on the Quarterly Employment Tax Return – IRS Form 941. The Form 941 will be a key form to claim these credits.


This webinar will give you the tools to understand how to properly handle the credits specific to the legislation in 2021 and the tax credits along with how to claim them on the Form 941 for the period April’2021 – Sept’2021.

 

Areas Covered in the Training

-Form 941 Basic Requirements
-Reporting Requirements
-941 Due Dates
-Electronic Filing
-Signing Requirements
-Line by line review
-2020 and 2021 Updates
-COVID-19 Tax credits and Form 941
-COBRA Credit Guidance from the IRS
-Schedule-B requirements and tips
-Reconciliation of Form 941 and W-2’s at year-end

 

Duration: 60 Minutes
Why Attend this Training

Form 941 for the Q3 – quarter ending September 30th will be very crucial as it will claim the 100% COBRA Subsidy provided by the ARPA. Join this webinar and you will get
-Better understanding of the Form 941 line by line.
-Details around 2020 updates and the latest ones in 2021 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 the updated form and COBRA credit instructions from the IRS will be included. 
-Review of who should sign the Form 941
-Employer Retention Tax credit and the new Norm 7200
-Details around which 7200 form should be processed
-Social Security employer tax deferral

 

Suggested Attendees

-Payroll Professionals
-HR professionals
 

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

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