Form 941 for 2024: What's Next For 2024

On Demand Webinar

Webinar Details $219

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

This webinar covers the IRS Form 941 and its accompanying Form Schedule B.  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.

Learning Objectives: 

  • For the attendee to understand the requirements for completing the 2024 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 2024 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 00:01:14
  3. Overview Of Requirements For Filing And Changes 00:04:03
  4. What’s New 00:06:16
  5. Form 941 For 2024 - Part 1 00:07:32
  6. Form 941 For 2024 - Parts 1 -5 00:09:00
  7. Purpose of Form 941 00:09:08
  8. Who Should Complete The Form 00:10:13
  9. Where And When To File 00:11:20
  10. Line By Line Review 00:16:44
  11. Form 941-SS & PR for 2023 00:16:49
  12. Top of Form 00:22:22
  13. Part 1 Lines 1, 2, 3 & 4 00:24:42
  14. Lines 5 a-e: Calculating FICA 00:32:57
  15. Line 5a: Taxable Social Security Wages 00:34:08
  16. Line 5b: Taxable Social Security Tips 00:39:29
  17. Line 5c: Taxable Medicare and Tips 00:40:41
  18. Line 5d: Taxable Wages and Tips Subject to Additional Medicare Tax Withholding 00:42:55
  19. Line 5e: Total Social Security and Medicare Taxes 00:43:31
  20. Line 5f 00:44:38
  21. Line 6: Total Taxes Before Adjustments 00:47:36
  22. Lines 7-10 00:49:11
  23. Line 1101:07:11
  24. Line 12 - Total Taxes 01:08:16
  25. Lines 13 01:09:40
  26. Line 14 & 15 01:10:06
  27. Line 16 01:13:52
  28. Lines 17 and 18 00:14:44
  29. Part 4 Third Party Designee 01:14:56
  30. Part 5 Sign Here 01:17:33
  31. Schedule B and Line 16 01:19:30
  32. Schedule B 01:19:38
  33. Schedule B (and Line 16) 01:23:48
  34. Form 941-X 01:26:38
  35. Form 941-X Example 01:26:42
  36. Overall Changes to the 2023 Form 01:28:49
  37. Overall Changes to the 2023 Form Cont’d 01:28:23
  38. Completing the Form 01:30:12
  39. Part 1 01:31:19
  40. Part 2 01:33:44
  41. Part 3 01:36:20
  42. Part 3 Cont’d 01:37:37
  43. Part 4 01:38:02
  44. Part 5 01:39:14
  45. Questions 01:39:24
  46. Presentation Closing 01:41:27
  • Audit 00:44:48, 01:12:42, 01:18:19
  • COVID-19 00:01:36, 00:05:31, 00:09:14, 00:53:49
  • Department of Labor (DOL) 00:07:51
  • Exempt 00:32:377
  • Federal Insurance Contributions Act (FICA) 00:09:34, 00:33:04, 00:43:34, 00:44:58, 00:47:40, 01:22:51
  • Form 8974 01:07:36
  • Form 941 00:01:26, 00:04:39, 00:07:20, 00:09:15, 00:10:20, 00:23:29, 00:26:19, 00:29:47, 00:49:23, 01:12:31, 01:23:42
  • Form 941-PR 00:17:12, 00:18:02
  • Form 941-SS 00:17:10, 01:17:43
  • Form 941-X 00:03:11, 00:07:17, 01:09:54, 01:31:24
  • Form 944 00:10:25
  • Form W-2 00:31:18
  • Form W-2 C 01:26:51, 01:33:48
  • Liability 01:22:45
  • Non-Refundable Credit 01:08:23
  • Payroll Overpayment 01:12:51
  • Schedule B 00:02:52, 01:09:14, 01:19:38, 01:25:06
  • Section 3121(q) 00:44:38
  • Wage 00:07:20, 00:33:37, 00:40:44, 00:56:30, 01:02:53

Audit: A formal examination of an organization's or individual's accounts or financial situation

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.

Department of Labor (DOL): The United States Department of Labor is a cabinet-level department of the U.S. federal government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, reemployment services, and some economic statistics; many U.S. states also have such departments.

Exempt : Exempt employee is a term that refers to a category of employees set out in the Fair Labor Standards Act. They do not receive overtime pay, nor do they qualify for the minimum wage

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-PR: Employers in Puerto Rico use this form to: Report income taxes, social security tax, or Medicare tax withheld from employee's paychecks. Pay the Employer's portion of social security or Medicare tax.

Form 941-SS: Use Form 941-SS to report social security and Medicare taxes for workers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands.

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

Form 944: Form 944 is designed so the smallest employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file and pay these taxes only once a year instead of every quarter.

Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)

Form W-2C: W-2C is a form used to make corrections on previously issued wage/tax information (W-2s) from current or prior years. Like Form W-2, it is a multi-use form used to report corrected wages to the IRS (Internal Revenue Service), FTB (Franchise Tax Board), and SSA (Social Security Administration).

Liability: In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

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.

Payroll Overpayment: Payroll overpayment is a type of payroll error where you've paid an employee more than they've earned.

Schedule B: The IRS uses Schedule B to determine if you've deposited your federal employment tax liabilities on time. If you're a semiweekly schedule depositor and you don't properly complete and file your Schedule B with Form 941, the IRS may propose an “averaged” FTD penalty

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.

Wage: A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.


Guest Speaker

  • Vicki M. Lambert, CPP

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You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.

ATAPR Credit

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HRCI Credit

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