Form 941 for 2022: What’s Next For Quarter Three?
Webinar Details $219
- 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, ATAPR 1.5, ATATX 1.5
This webinar covers the IRS Form 941 and its accompanying Form Schedule B for the third quarter of 2022. It discusses what is new for this version 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.
- For the attendee to understand the requirements for completing the latest version of the 2022 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 2022 Form 941 third quarter
- Pending changes to the third quarter
- 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/Administrator
- Accounting Personnel
- Business Owners/Executive Officers/Operations and Departmental Managers
- Attorneys/Legal Professionals
- Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues
Format: Live webcast
Instructional Method: Group: Internet-based
NASBA Field of Study: Accounting (2 hours)
Program Prerequisites: None
Advance Preparation: None
- Our Focus For Today 00:01:20
- Overview Of Requirements For Filing And Changes 00:02:46
- Legislation 00:03:30
- Worksheets 00:07:21
- Worksheet 1 - Credit For Qualified Sick and Family Leave Wages Paid in 2021 Before April 1, 2021 00:07:50
- Worksheet 2 - Credit For Qualified Sick and Family Leave Wages Paid in 2021 Before October 1, 2012 00:09:41
- Form 941 For 2022 - Part 1 00:11:45
- Form 941 For 2022 - Parts 1 and 2 00:12:14
- Form 941 For 2022 - Parts 3, 4, and 5 00:13:25
- Purpose of Form 941 00:13:51
- Who Should Complete The Form 00:14:37
- Where And When To File 00:16:29
- Line By Line Review 00:20:25
- Top of Form 00:20:38
- Part 1 Lines 1, 2, 3 & 4 00:22:44
- Lines 5 a-e: Calculating FICA 00:27:51
- Line 5a: Taxable Social Security Wages 00:29:15
- Line 5a(i): Qualified Sick Leave Wages - 00:34:12
- Line 5a(ii): Qualified Family Leave Wages - 00:34:41
- Line 5b: Taxable Social Security Tips 00:34:53
- Line 5c: Taxable Medicare and Tips 00:35:02
- Line 5d: Taxable Wages and Tips Subject to Additional Medicare Tax Withholding 00:35:25
- Line 5e: Total Social Security and Medicare Taxes 00:35:51
- Line 5f - No Change 00:36:13
- Line 6: Total Taxes Before Adjustments - No Change 00:39:01
- Lines 7-10 - No Change 00:39:10
- Line 11a-11g - Nonrefundable Credits 00:50:50
- Line 11a- 00:51:06
- Line 11b 00:51:37
- Line 11c 00:52:00
- Line 11d 00:52:44
- Line 11e & 11f 00Line 11g 00:52:54
- Line 11g 00:52:58
- Line 12 - Total Taxes 00:53:04
- Lines 13a-i 00:54:14
- Line 13a - Total Deposits 00:55:25
- Line 13b -Reserved For Future Use 00:56:07
- Line 13c - Refundable Credit 00:56:10
- Line 13d - Reserved For Future Use 00:56:34
- Line 13e - Refundable Credits 00:56:37
- Line 13f - Line 13f Reserved 00:56:56
- Line 13g - Total Deposits and Refundable Credits 00:56:59
- Line 13h & 13i Reserved for Future Use 00:57:05
- Line 14 & 15: No Change 00:57:11
- Line 16: No Change 01:00:19
- Lines 17 and 18: Updated 01:03:54
- Lines 19 -28 01:04:28
- Lines 19 - Health Plan 01:04:16
- Line 20 - Health Plans 01:05:12
- Line 21 and 22 01:05:36
- Line 23 - Updated 01:05:38
- Line 24 - Updated 01:05:56
- Line 25 - Updated 01:06:10
- Line 26 - Updated 01:06:30
- Line 27 - Updated 01:06:44
- Line 28 - Updated 01:06:52
- Part 4 Third Party Designee 01:07:01
- Part 5 Sign Here 01:08;33
- Worksheet 1 - Final Review 01:10:04
- Worksheet 1 - Credit For Qualified Sick and Family Leave Wages Paid in 2022 Before April 1, 2021 01:10:15
- Worksheet 2 - Final Review 01:11:44
- Worksheet 2 - Credit For Qualified Sick and Family Leave Wages Paid in 2022 Before October 1, 2021 01:11:46
- Schedule B and Line 16 01:11:47
- Schedule B 01:11:54
- Schedule B (and Line 16) 01:17:14
- Form 941-X 01:12:17
- Form 941-X Example 01:21:39
- Overall Changes to the 2022 Form 01:22:27
- Overall Changes to the 2022 Form Cont’d 01:22:42
- Completing the Form 01:23:47
- Part 1 01:24:21
- Part 2 01:29:56
- Part 3 01:32:15
- Part 3 Cont’d 01:35:19
- Part 4 01:35:20
- Part 5 01:36:58
- Questions 01:37:14
- Presentation Closing 01:44:40
- Audit 00:37:03
- COBRA 01:22:56
- COVID-19 00:02:04, 00:12:20, 00:41:38
- Employee Retention Credit 01:22:52
- Federal Insurance Contributions Act (FICA) 00:14:20, 00:30:57, 00:36:07, 00:47:16, 01:13:55
- Form 8974 00:51:18
- Form 941 00:01:42, 00:05:18, 00:08:25, 00:14:00, 00:51:24, 01:07:13, 01:25:02
- Form 941-X 00:02:40, 00:05:11, 00:11:37, 00:28:34, 00:55:4, 01:21:34
- Non-Refundable Credit 00:06:14, 00:09:31, 00:50:50, 00:53:14, 01:03:17
- Refundable Credit 00:06:13, 00:09:31, 00:56:13
- Section 3121(q) 00:36:13
Audit: A formal examination of an organization's or individual's accounts or financial situation
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
COVID-19: COVID-19 (coronavirus) is an illness caused by a virus that can spread from person to person. The virus that causes COVID–19 is a new coronavirus that has spread throughout the world. COVID-19 symptoms can range from mild (or no symptoms) to severe.
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.
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 8974: The IRS Form 8974 is used to determine the qualified small business payroll tax credit amount to increase research and development activities, which can be claimed on the employment tax return. The small business or startup can use Form 8974 to determine the credit that they can use for the particular Form ( 941, 943, or 944).
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.