On Demand Webinar

Form 941 for 2021: The Information You Need to Know

Webinar Details $219

  • Rated:
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Vicki Lambert
  • Topic:   Taxation and Accounting, Human Resources, Payroll
  • Credit:   HRCI 1.5, SHRM 1.5, CPE 2.0
All Access Membership

This webinar covers the IRS Form 941 and its accompanying Form Schedule B for 1st Quarter of 2021.  It discusses what is new for the latest version form in 2021 including all changes recently made by the Consolidated Appropriations Act of 2021 as well as the requirements for completing each form line by line. It includes the filing requirements and tips on reconciling and balancing the two forms. The webinar also covers the forms used to amend or correct the returns.

Form 941 is the link between your payroll records and the IRS tax records. Proper administration of this vital form is critical if you want to avoid IRS Notices and the penalties and interest that accompany them.  The Schedule B is also a crucial form for many employers.  The IRS demands that the Form 941 and the Schedule B match to the penny…every single time…without fail!

It has always been a requirement that the Forms 941 be reconciled with the Forms W-2 prior to submitting each form. If the employer fails in this reconciliation, the IRS and Social Security Administration can both assess penalties! This reconciliation has become even more critical these past few years.

Learning Objectives: 

  • For the attendee to understand the requirements for completing the 2021 Form 941 correctly line by line. 
  • To ensure that the attendee has the basic knowledge to complete the Form Schedule B according to the IRS regulations and to ensure that it reconciles down to the penny with the Form 941 prior to submission. 
  • 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.

This Presentation will cover:

  • Line by line review of the 2021 Form 941
  • Tips for completing the Schedule B—liability dates vs. deposit dates
  • Tips to balance Form 941 and Schedule B to the penny—as required by the IRS
  • Form due dates
  • Who should sign the Form 941
  • Reporting third party sick pay, group term life insurance and tips correctly
  • How to reconcile the Forms 941 with the Forms W-2
  • What to do if you discover an error in deposits for the quarter when completing the Form 941
  • Using the 941X form to correct the Form 941

Who will Benefit:

  • Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
  • Human Resources Executives/Managers/Administrators
  • Accounting Personnel
  • Business Owners/Executive Officers/Operations and Departmental Managers
  • Lawmakers
  • Attorneys/Legal Professionals
  • Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues

Level: Intermediate
Format: Live webcast
Instructional Method: Group: Internet-based
NASBA Field of Study: Accounting (2 hours)
Program Prerequisites: None
Advance Preparation: None

    1. Introduction
    2. Our Focus For Today 00:01:22
    3. Overview of Changes - Current Legislation - New Worksheets- Reporting Changes 00:05:52
    4. Latest Legislation Affecting 2nd Quarter Form 941 - ARP 00:06:05
    5. Expired Legislation Affecting 2nd Quarter Form 941 ARP Retention Credit 00:08:02
    6. Worksheets 00:08:56
    7. Worksheet 1 -  Credit For Qualified Sick and Family Leave Wages and the Employee Retention Credit 00:10:38
    8. Worksheet 2 - Employee Retention Credit For the Second Quarter 00:10:42
    9. Worksheet 3 - Credit For Qualified Sick and Family Leave Wages 00:10:46
    10. Worksheet 4 - Employee Retention Credit For Third and Fourth Quarter 00:10:51
    11. Worksheet 5 - COBRA Premium Assistance Credit 00:10:56
    12. Reporting Changes for 2nd Quarter & Beyond 00:11:22
    13. Reporting Changes for 2nd Quarter & Beyond Cont’d 00:13:15
    14. COBRA Premium Assistance Reporting 00:15:00
    15. Form 7200 00:15:35
    16. Form 7200 Worksheet 00:17:07
    17. Lin By Line Review 00:18:16
    18. Form 941 for 2021 - Page 1 00:18:30
    19. Form 941 for 2021 - Page 2 00:19:05
    20. Form 941 for 2021 - Page 3 00:20:22
    21. Form 941 for 2021 - Top of Form 00:20:28
    22. Part 1 Lines 1,2,3, and 4 00:21:07
    23. Lines 5 a-e: Calculating FICA 00:22:05
    24. Line 5a: Taxable Social Security Wages 00:22:24
    25. Line 5a(i): Qualified Sick Leave Wages - 1st Quarter Only 00:27:18
    26. Line 5a(ii): Qualified Family Leave Wages -  1st Quarter Only 00:27:49
    27. Line 5b: Taxable Social Security Tips 00:28:04
    28. Line 5c: Taxable Medicare and Tips 00:28:36
    29. Line 5d: Taxable Wages and Tips Subject to Additional Medicare Tax Withholding 00:29:09
    30. Line 5e: Total Social Security and Medicare Taxes 00:29:33
    31. Line 5f - No Change 00:29:57
    32. Line 6: Total Taxes Before Adjustments - No Change 00:32:53
    33. Lines 7-10 - No Change 00:33:20
    34. Line 11a-11d - Nonrefundable Credits 00:43:23
    35. Line 11a- 00:43:45
    36. Line 11b 00:44:30
    37. Line 11c 00:44:43
    38. Line 11d 00:45:02
    39. Line 11e 00:45:27
    40. Line 11f 00:45:44
    41. Line 11g 00:46:23
    42. Line 12 - Total Taxes 00:46:34
    43. Lines 13a-g 00:47:31
    44. Line 13a - Total Deposits 00:48:02
    45. Line 13b -Reserved For Future Use 00:48:46
    46. Line 13c - Refundable Credit  00:48:50
    47. Line 13d - Refundable Credit 00:48:57
    48. Line 13e - Refundable Credits 00:49:10
    49. Line 13f - Refundable Portion of COBRA Premium Assistance 00:49:20
    50. Line 13g - Total Deposits and Refundable Credits 00:49:28
    51. Line 13h Form 7200 Advances 00:49:43
    52. Line 13i - Deposits and Credits Less Advances 00:50:35
    53. Lines 14 and 15: No Change 00:52:45
    54. Line 16: No Change 0:56:51
    55. Lines 17 and 18: Updated 00:58:03
    56. Lines 19 -28 00:59:00
    57. Line 19 - Updated 00:59:24
    58. Line 20 - Updated 00:59:39
    59. Line 21 00:59:48
    60. Line 22 01:00:06
    61. Line 23 - Updated 01:00:15
    62. Line 24 - Updated 01:00:20
    63. Line 25 - Updated 01:00:29
    64. Line 26 - New Line 01:00:48
    65. Line 27 - New Line 01:00:54
    66. Line 28 - New Line 01:00:58
    67. Part 4 Third Party Designee 01:01:18
    68. Part 5 Sign Here 01:03:12
    69. Worksheet 2 - Line By Line 01:04:13
    70. Worksheet 2 - Employee Retention For The Second Quarte of 2021 Only 01:04:43
    71. Worksheet 3 - Line By Line 01:07:23
    72. Worksheet 3 - Credit For Qualified Sick and Family Leave Wages For Leave Taken After March 31, 2021 01:07:26
    73. Worksheet 4 - Line By Line 01:10:41
    74. Worksheet 4 - Employee Retention Credit For Third and Fourth Quarters of 2021 Only 01:10:44
    75. Worksheet 5 - Line By Line 01:11:56
    76. Worksheet 5 - COBRA Premium Assistance Credit 01:11:59
    77. Schedule B and Line 16 01:12:51
    78. Schedule B 01:13:15
    79. Schedule B (and Line 16) 01:15:39
    80. Form 941-X 01:20:51
    81. Form 941-X Example 01:22:44
    82. Overall Changes to the 2021 Form 01:26:09
    83. Changes to Part 3 01:26:06
    84. Changes to Part 3 Cont’d 01:26:57
    85. Changes to Part 3 Cont’d 01:27:17
    86. New Lines Added to Part 3: 35 to 40 01:28:14
    87. Completing the Form 01:28:49
    88. Part 1 01:29:59
    89. Part 2 01:31:24
    90. Part 3 01:34:02
    91. Part 3 Cont’d 01:36:31
    92. Part 4 01:36:41
    93. Part 5 01:37:53
    94. Questions 01:41:09
    95. Presentation Closing 01:42:20

      • American Rescue Plan Act of 2021 (ARP) 00:06:13
      • C.A.R.E.S Act 00:06:24
      • COBRA 00:5:00
      • Employee Retention Credit 00:08:07, 00:09:19, 00:13:30, 00:23:39, 00:44:48, 00:49:01
      • Families First Coronavirus Response Act (FFCRA) 00:06:21
      • Federal Insurance Contributions Act (FICA) 00:31:47
      • Form 7200 00:15:37, 00:49:44, 00:50:23
      • Form 941 00:01:33, 00:04:15, 00:36:48
      • Form 941-X 00:02:04, 00;04:37, 01:20:51
      • Non-Refundable Credit 00:12:18, 00:13:50, 00:40:30
      • Refundable Credit 00:12:17, 00:48:59
      • Section 3121(q) 00:30:50, 01:07:59

      American Rescue Plan Act of 2021 (ARP): The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, Pub L. No. 117-2 (March 11, 2021), is a $1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the United States' recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession. First proposed on January 14, 2021, the package builds upon many of the measures in the CARES Act from March 2020 and in the Consolidated Appropriations Act, 2021, from December.

      C.A.R.E.S Act: The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a law intended to address the economic fallout of the COVID-19 pandemic in the United States.

      COBRA: The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss

      Employee Retention Credit: The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.

      Families First Coronavirus Response Act (FFCRA): The Families First Coronavirus Response Act is an Act of Congress meant to respond to the economic impacts of the ongoing COVID-19 pandemic. The act will provide funding for free coronavirus testing, 14-day paid leave for American workers affected by the pandemic, and increased funding for food stamps.

      Federal Insurance Contributions Act (FICA): The Federal Insurance Contributions Act is a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

      Form 7200: The IRS has issued Form 7200 to allow qualifying employers to file in advance to receive the refundable tax credits for qualified sick and family leave and the employee retention tax credit.

      Form 941: Federal form 941, also called a quarterly federal tax return, is an IRS return that employers use to report their FICA taxes paid and owed for the period. The IRS uses this form to calculate the amount of employer tax payments made during the year as well as the amount of taxes due at the end of the year.

      Form 941-X: Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund.

      Non-Refundable Credit: A non-refundable tax credit is a tax credit that can only reduce a taxpayer's liability to zero. 1? Any amount that remains from the credit is automatically forfeited by the taxpayer. A nonrefundable credit can also be referred to as a wastable tax credit, which may be contrasted with refundable tax credits.

      Refundable Credit : Refundable tax credits are called “refundable” because if you qualify for a refundable credit and the amount of the credit is larger than the tax you owe, you will receive a refund for the difference. For example, if you owe $800 in taxes and qualify for a $1,000 refundable credit, you would receive a $200 refund.

      Section 3121(q): Under section 3121(q) of the Code, for purposes ofthe employee share of FICA taxes imposed by sections 3101(a) and (b), tips that areproperly reported to the employer pursuant to section 6053(a) are deemed to be paid atthe time a written statement is furnished to the employer pursuant to section 6053(a).Unreported tips received by the employee are deemed to be paid to the employee whenactually received by the employee.


      Guest Speaker

      • Vicki M. Lambert, CPP

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