Employer Taxation and Withholding: Changes to Form W-4 and Form 941 and Other New Reporting Requirements
This program has been approved HRCI Credit 2 and IRS CPE Credit 2(Taxes)
Recent months have brought significant changes to employers’ withholding and payroll reporting requirements. The IRS fundamentally revamped Form W-4 for employee reporting, doing away with the concept of allowances and requiring changes to payroll administration and employee communications.
More recently, the Families First Coronavirus Response Act created new reporting requirements for tracking and documenting COVID-19 paid leave under FFCRA. This involves changes to Forms 941 and W-2, and a brand new Form 7200.
At the conclusion of this program, participants will be able to:
- Explain the new Form W-4 to employees and ensure that payroll systems have been updated accordingly
- Correctly report qualified sick leave and other credits on Form 941, and complete Form 7200 if needed
- Meet new IRS requirements to report qualified leave on Form W-2
- Know how to claim COVID-19 tax credits and tax deferrals on Form 941
- How to report Form 7200 Advance payments
- Know how to prepare an error-free Form 941
- Know when to use Form 941 or the related Forms 944, 943, and 945
- Know the filing due dates
- When to use Form 941 – Related Forms 944, 943, and 945
- How to report the COVID-19 tax credits and tax adjustments for deferrals and Form 7200 advance payments on Form 941.
- Form 941 fundamentals - A walk through Form 941
- Who should sign the Form 941 and what the signature represents
- Reporting third-party sick pay, group term life insurance, and tips correctly
- How to reconcile the Forms 941 with the Forms W2
- Tax deposit and reporting requirements – How to determine your deposit schedule
Who Should Attend?
- Payroll Supervisors and Personnel
- Accounts Payable Supervisors and Personnel
- Public Accountants
- Internal Auditors
- Tax Compliance Officers
- Enrolled Agents
- Officers and Managers with Tax Compliance Oversight
- Company / Business Owners
- Managers/ Supervisors
- Public Agency Managers
- Audit and Compliance Personnel / Risk Managers