Form 941: What's Next

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This webinar provides a comprehensive review of the 2026 IRS Form 941 and its accompanying Schedule B, including the latest updates and detailed instruction on completing each form line by line. Participants will gain a thorough understanding of filing requirements, reporting responsibilities, and practical methods for accurately reconciling and balancing the two forms. The session also covers the forms and procedures used to amend or correct previously filed returns, helping payroll professionals maintain compliance and avoid costly errors.

Form 941 serves as the critical connection between an organization’s payroll records and IRS tax records, making proper administration essential to preventing IRS notices, penalties, and interest assessments. Schedule B is equally important for employers required to report tax liability, as the IRS expects Form 941 and Schedule B to reconcile precisely to the penny. Attendees will also learn best practices for reconciling Forms 941 and W-2, ensuring compliance with both IRS and Social Security Administration reporting requirements while reducing payroll tax risks.

Your Benefits For Attending:
  • Explore the requirements for completing and filing the 2026 Form 941.
  • Discover how to properly complete and reconcile Schedule B.
  • Recognize the requirements for completing and filing Form 941-X to correct previously filed returns.
  • Learn how to balance Form 941 and Schedule B accurately to meet IRS expectations.
  • Understand reconciliation techniques for aligning Forms 941 and W-2.
  • Gain practical guidance for identifying and correcting payroll tax reporting errors.
  • Reduce compliance risks, penalties, and interest assessments through accurate reporting practices.

Attending this webinar will help you strengthen payroll tax compliance processes, improve reporting accuracy, and build confidence in preparing, reconciling, and correcting Form 941 filings. You will leave with practical guidance that can help reduce errors, minimize penalty exposure, and ensure payroll tax records align with IRS requirements.

Topics Typically Covered:
  • Line-by-line review of the 2026 Form 941
  • Tips for completing Schedule B—liability dates versus deposit dates
  • Strategies for balancing Form 941 and Schedule B to the penny, as required by the IRS
  • Form filing due dates
  • Signature requirements for Form 941
  • Proper reporting of third-party sick pay, group-term life insurance, and tips
  • Reconciling Forms 941 with Forms W-2
  • Steps to take when deposit errors are discovered during quarterly Form 941 preparation
  • Using Form 941-X to correct Form 941 errors and omissions
Who Should Attend:
  • Payroll professionals
  • Payroll managers and supervisors
  • Human resources professionals with payroll responsibilities
  • Accounting and finance personnel involved in payroll tax reporting
  • Tax compliance professionals responsible for employment tax filings

This webinar is designed for anyone responsible for preparing, reviewing, reconciling, or filing Form 941 and Schedule B and who wants to ensure accurate payroll tax reporting and compliance with IRS requirements.

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

  1. Introduction
  2. Form 941 for 2026 00:00:05
  3. Copyright/Content Notice 00:00:30
  4. About Us 00:00:45
  5. Our Focus For Today 00:01:50
  6. Overview of Requirements for Filing and Changes 00:05:50
  7. Form 941 Overview 00:06:05
  8. Form 941 – Page 2 Overview 00:09:40
  9. Purpose of Form 941 00:09:55
  10. Should Complete the Form 00:10:40
  11. Where and When to File 00:11:45
  12. Line by Line Review 00:19:05
  13. Form 941-SS & PR 00:19:20
  14. Top of Form 00:21:00
  15. Part 1 Lines 1, 2, 3 & 4 00:28:20
  16. Lines 5 a-f: Calculating FICA 00:38:45
  17. Line 5a: Taxable Social Security Wages 00:39:30
  18. Line 5b: Taxable Social Security Tips 00:47:25
  19. Line 5c: Taxable Medicare & Tips 00:48:35
  20. Line 5d: Taxable Wages & Tips Subject to Additional Medicare Tax Withholding 00:49:10
  21. Line 5e: Total Social Security and Medicare Taxes 00:49:55
  22. Line 5f 00:52:05
  23. Line 6: Total Taxes Before Adjustments 00:57:35
  24. Lines 7-10 00:58:45
  25. Line 11 01:23:45
  26. Line 12 – Total Taxes 01:25:50
  27. Line 11 01:27:30
  28. Line 12 – Total Taxes 01:28:00
  29. Line 13 – Total Deposits 01:29:30
  30. Lines 14 & 15 01:32:25 
  31. Attendee Questions 01:37:54
  32. Presentation Closing 01:40:09
  • Vicki M. Lambert, CPP

    Vicki M. Lambert, CPP

    Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations.With over 35 years of hands-on experi [...]

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  • Audit 00:31:14, 00:31:48
  • COVID-19 00:16:04, 01:10:10, 01:20:16, 01:31:07
  • EIN 00:13:19, 00:51:19, 01:11:10, 01:21:04
  • Federal Insurance Contributions Act (FICA) 00:24:50, 00:31:54, 01:00:15,  01:25:39
  • Form 941 00:09:22, 00:14:14, 00:24:14, 00:42:02, 01:04:41, 01:28:06, 01:33:22
  • Form 941-PR 00:11:22
  • Form 941-SS 00:11:10
  • Form 941-X 00:02:24, 00:53:33, 01:25:42, 01:33:29
  • Form 8974 00:49:46
  • Form SS-4  00:13:48, 01:04:32
  • Form W-2 00:46:00, 00:48:22
  • Form W-2C 01:24:21
  • Liability 00:51:09, 01:00:12, 01:13:51
  • Payroll Overpayment 00:03:59, 00:53:17, 01:25:12
  • Reconciliation 00:01:54, 00:37:04, 00:59:34  
  • Schedule B 00:01:52, 00:34:48, 01:02:06, 01:15:50, 01:35:20
  • Section 3121(q) 00:31:58, 00:34:58
  • Wage 00:17:54, 00:22:57, 00:32:36, 01:00:25, 01:16:35

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.

EIN: The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.

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 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.

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

Reconciliation: Payroll reconciliation is when you compare your payroll register with the amount you're planning to pay out to your employees to confirm those numbers match. The simplest way to think about it is double-checking your math to ensure that you pay your employees correctly. Payroll reconciliation should happen frequently.

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.

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Frequently Asked Questions

The July 2025 Tax Bill introduced several changes that directly affect how employers complete Form 941, the Employer Quarterly Federal Tax Return. The no-tax-on-tips and no-tax-on-overtime provisions created new wage categories that employers must separately track and report, as these exclusions affect the amounts subject to federal income tax withholding but may still be subject to FICA taxes depending on implementation guidance. Employers needed to update their payroll systems mid-year to segregate qualifying tip and overtime amounts and ensure those dollars are properly reflected on Form 941 for affected quarters. The legislation also included threshold adjustments affecting backup withholding and information reporting under IRC Section 70433, which intersect with payroll tax compliance for nonemployee payments. Employers are advised to review IRS guidance on how these changes affect quarterly Form 941 line items, particularly lines related to taxable wages, withheld income tax, and any applicable credits. Staying current with IRS updates is essential for accurate 941 filings through the 2025 and 2026 tax years.
Employers should monitor several areas of potential Form 941 change as the IRS continues to modernize payroll tax administration. Ongoing legislative activity around payroll tax credits, including the aftermath of the Employee Retention Credit program, may introduce new credit lines or modify existing ones on the form. Electronic filing and payment requirements continue to expand under Treasury regulations, with more employers expected to transition to mandatory e-filing and EFTPS deposits as dollar thresholds are lowered. The no-tax-on-tips and no-tax-on-overtime provisions from the July 2025 legislation may result in revised Form 941 line structures to accommodate the new wage categories. Immigration enforcement changes, including those introduced under the One Big Beautiful Bill Act, may create compliance interactions with payroll for employers facing workforce changes. Additionally, IRS administrative initiatives around automated compliance and AI-based audit selection are expected to increase scrutiny of payroll tax deposits and Form 941-to-W-2 reconciliation. Employers with complex payroll operations should work with payroll professionals and tax advisors to stay ahead of these developments.
The Employee Retention Credit (ERC), a pandemic-era payroll tax credit claimed through Form 941-X amended returns, created significant compliance challenges that employers continue to navigate. Employers who filed ERC claims must ensure their amended Form 941-X returns correctly reflect the credit amounts, and that income adjustments for the corresponding tax years have been properly addressed on their income tax returns (wages reduced by ERC amounts are not deductible). With the IRS increasing ERC audit activity and processing enforcement actions against improper claims, employers who claimed the ERC should maintain thorough documentation of eligibility, including evidence of full or partial business suspension or significant gross receipts decline for each qualifying quarter, and payroll records supporting the credit calculation. Employers who received ERC refunds that are subsequently disallowed may face interest and penalties on the repayment amount. The IRS also introduced a voluntary disclosure program allowing certain improper ERC claimants to repay a portion of the credit with reduced penalties. Employers with open ERC claims or audits should consult qualified tax counsel.
Key Form 941 compliance considerations for 2026 include accurately implementing the wage category changes from the July 2025 Tax Bill, ensuring payroll systems properly differentiate between regular wages, qualifying tips, qualifying overtime, and other compensation for both withholding and FICA purposes. Employers must confirm their deposit schedule classification is correct based on their 2024 lookback period liability and that all deposits are being made through EFTPS on time. Reconciliation between quarterly 941 filings and annual W-2 and W-3 totals remains a critical internal control, particularly where mid-year system changes may have created discrepancies. For employers with remote or multi-state workforces, properly sourcing wages for state and local payroll tax purposes alongside federal 941 reporting is increasingly important. Employers should also ensure that any remaining ERC claims are properly documented and that income tax returns have been adjusted accordingly. Working with payroll professionals familiar with the current regulatory environment and IRS guidance is the most effective way to maintain compliance and reduce exposure to failure-to-deposit penalties, which can reach 15% of the unpaid amount.
The expansion of mandatory electronic filing requirements affects Form 941 primarily through the continued lowering of aggregate return thresholds that trigger e-filing obligations and the expanded use of EFTPS for payroll tax deposits. Historically, most employers with any payroll tax liability have been required to use EFTPS for all federal tax deposits regardless of size, but electronic filing of the Form 941 itself was not always mandatory for smaller filers. As the IRS continues to push toward a fully electronic filing environment under the Taxpayer First Act, more employers are expected to face e-filing mandates for quarterly returns. Electronic filing through approved e-file providers or the IRS business e-file system offers significant benefits including immediate confirmation of receipt, reduced processing delays, and faster identification of math errors before the return is processed. Employers should verify whether their payroll software or service bureau automatically e-files Form 941 on their behalf or whether they need to set up electronic filing access directly. Paper filers who miss the transition to mandatory e-filing may face penalties for improper filing method in addition to substantive compliance penalties.