Revised 2022 Employer’s Quarterly Federal Tax Return Form 941
PRESENTER(s): Dayna J Reum
This program has been approved HRCI Credit 1 and IRS CPE Credit 1(Taxes)
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 has made is difficult to understand. IRS Form 941, also known as the Employer’s Quarterly Federal Tax Return, is where businesses report the income taxes and payroll taxes that they withheld from their employees’ wages — as well as calculate and report the employer’s Social Security and Medicare tax burden.
If you fail to File your Form 941 or Form 944 by the deadline: Your business will incur a penalty of 5% of the total tax amount due. You will continue to be charged an additional 5% each month the return is not submitted to the IRS up to 5 months.
- IRS Form 941 instructions: A step-by-step guide
- How to file IRS Form 941 -A step-by-step guide
- Tips for completing the Schedule B—liability dates vs. deposit dates
- 941 Due Dates and Who should sign Form 941
- Tips to balance Form 941 and Schedule B to the penny—as required by the IRS
- Reporting third-party sick pay, group term life insurance and tips correctly
- How to reconcile Forms 941 with the Forms W-2
- COVID-19 Tax credits and Form 941
- Using the 941X form to correct the Form 941
- To ensure the attendee knows when a Form 941-X is required and provide the attendee with the basic knowledge of how to complete Form 941-X.
- To demonstrate to the attendee the reconciliations needed under IRS and Social
- Security Administration regulations.
- Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
- Human Resources Executives/Managers/Administrators
- Accounting Personnel
- Tax Compliance Officers
- Enrolled Agents
- Tax or Benefits Compliance Oversight
- Public Agency Managers
- Risk Manager
- Audit and Compliance Personnel
- Business Owners/Executive Officers/Operations and Departmental Managers