IRS Form 941 Reporting Update, What's New in 2019

Duration: 90 Minutes
The IRS form 941 is the quarterly reconciliation form that reconciles taxable wages with deposits made during the calendar quarter. Simple, right? Depending on the complexity of your compensation structure, benefits, departmental decentralization and other factors, the 941 just might be a quarterly 'red flag' for an IRS audit. Use this material as a basis to review your knowledge of what does and doesn't belong on a 941, the information you need to complete it properly, and how to self-review before an official review happens.
New IRS Form 941 Updates for 2019
Instructor: Mark Schwartz
Product ID: 509949
Objectives of the Presentation
941 Basics
  • Purpose of Form
  • Due Dates
  • What It Does and Does Not Do
  • New for 2019
41 Line by Line
  • An In-Depth Look at Parts I-IV
  • Where to Get Additional Information
Deposit Schedules
  • How to Determine If You Are on the Right Deposit Schedule
  • Consequences of Late Depositing
  • How Deposits Reconcile to 941
  • Handling Late Deposits
IRS Additional Instructions
Taxable Wages
Common Errors and Form 941X
Why Should you Attend
The quarterly Form 941 reports employee headcount, wages and tips, taxes withheld from employee pay and employer taxes, and tax liability dates that establish due dates for tax deposits. It is the basis for IRS determination of employer compliance with the requirement to withhold and deposit employee income tax and Social Security and Medicare taxes. The tax liability section and Schedule B provide the basis for IRS assessment of deposit penalties.

Form 941, and the related Form 941X used to correct a previously filed Form 941, present special compliance and reconciliation issues. Correction of prior return errors on a 941 can be challenging and subject to strict deadlines to avoid incurring penalties or interest charges.

Gain a better understanding of what does and doesn't belong on a 941, the information you need to complete it properly, and how to self-review before an official review happens.

Who will Benefit
  • 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
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Instructor Profile:
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.

Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Markhas represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.

Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs, and feels that educating clients toward faster, accurate and more complete payroll processes provides the most value.

Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.
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