On Demand Webinar

Revised Form 941: The Latest Changes for Q2-Q4 2020 that You Need to Know About!

Please see below for additional instructions and information regarding this program.

Webinar Details$219

The passage of the Families First and Cares Acts have caused massive changes to IRS Form 941 that affect the final three quarters in 2020! 16 new lines now appear on this form along with changes to two others! Are you ready to meet these changes and handle them correctly? Here are just some of the new items you must now know and understand:

-    What has changed in Line 11?
-    Where do you enter your total non-refundable credits?
-    Where do you enter the deferred amount of the employer share of social security tax?
-    Where do you enter total deposits, deferrals, and refundable credits?
-    What is entered on Line 22?

This Presentation will cover:
•    What’s New for Q2-Q4 2020 
•    Families First Act: Credits for Paid Sick Leave and Paid Family Leave
•    CARES Act: including deferring Employer’s Social Security
•    IRS Form 7200: Purpose for the form and how it applies to you 
•    Line by line review of the massive changes of the New Revised Form 941
And more!

Learning Objectives:
•    What’s New for Q2-Q4 2020 
•    Families First Act: Credits for Paid Sick Leave and Paid Family Leave
•    CARES Act: including deferring Employer’s Social Security

  1. Introduction
  2. Our Focus For Today 00:001:17
  3. Overview of Changes - New Lines Added/Lines Renamed or Renumbered 00:02:08
  4. Significant Changes Recap 00:02:31
  5. Significant Changes Recap (cont’d) 00:07:52
  6. Line By Line Review - New Requirements on Worksheet 1 00:10:54
  7. Worksheet 1 -  Credit For Qualified Sick and Family Leave Wages and the Employee Retention Credit 00:11:47
  8. Step 1 00:12:39
  9. Step 2 00:12:43
  10. Step 3 00:12:46
  11. Form 941 for 2020 Page 1 - 2nd Qtr 00:15:08
  12. Form 941 for 2020 Page 1 - 3rd Qtr 00:15:21
  13. Form 941 for 2020 Page 2 - 2nd Qtr 00:15:59
  14. Form 941 for 2020 Page 2 - 3rd Qtr 00:16:04
  15. Form 941 for 2020 Page 3 - 2nd Qtr 00:16:58
  16. Form 941 for 2020 Page 3 - 3rd Qtr 00:17:12
  17. Top of Form 00:17:30
  18. Part 1 Lines 1,2,3, and 4 00:19:11
  19. Lines 5 a-e: Calculating FICA 00:19:41
  20. Line 5a: Taxable Social Security Wages 00:22:25
  21. Line 5a(i): Qualified Sick Leave Wages - New Line 00:24:44
  22. Line 5a(ii): Qualified Family Leave Wages - New Line 00:27:12
  23. Line 5b: Taxable Social Security Tips 00:29:03
  24. Line 5c: Taxable Medicare and Tips 00:29:25
  25. Line 5d: Taxable Wages and Tips Subject to Additional Medicare Tax Withholding 00:30:28
  26. Line 5e: Total Social Security and Medicare Taxes 00:31:45
  27. Line 5f - No Change 00:32:03
  28. Line 6: Total Taxes Before Adjustments - No Change 00:35:59
  29. Lines 7-10 - No Change 00:36:33
  30. Line 11 Now Line 11a-11d - Nonrefundable Credits 00:46:24
  31. Line 11a- 00:47:33
  32. Line 11b 00:48:08
  33. Line 11c 00:49:51
  34. Line 11d 00:51:41
  35. Line 12 - New Wording 00:52:16
  36. Lines 13a-g/3rd Qtr 00:53:07
  37. Line 13a - New Number But Same as Old Line 13 00:53:43
  38. Line 13b - New Line/Revised 3rd Qtr 00:54:22
  39. Line 13c - New Line 00:55:13
  40. Line 13d - New Line 00:55:56
  41. Line 13e - New Line 00:56:08
  42. Line 13f - New Line 00:57:11
  43. Line 13g - New Line 00:58:12
  44. Lines 14 and 15: No Change 00:58:26
  45. Line 16: No Change 01:00:37
  46. Lines 17 and 18: No Change 01:01:22
  47. Lines 19 and 25 - New Lines/Updated 3rd Qtr 01:01:33
  48. Line 19 - New Line 01:03:43
  49. Line 20 - New Line 01:05:24
  50. Line 21 - New Line 01:05:42
  51. Line 22 - New Line 01:06:04
  52. Line 23 - New Line 01:06:46
  53. Line 24 and 25 - New Lines- 2nd Qtr 01:08:27
  54. Line 24 and 25 - New Lines- 3rd Qtr 01:09:08
  55. Worksheet 1 - Line By Line 01:09:38
  56. Using Worksheet 1 01:10:28
  57. Worksheet 1 Example 01:11:19
  58. Step 1 01:11:39
  59. Step 2 01:15:12
  60. Step 3 01:21:42
  61. Schedule B 01:25:30
  62. Schedule B and Line 16 01:25:39
  63. Paid Sick or Paid Leave Credit Example 01:26:38
  64. Employee Retention Credit Example 01:28:15
  65. Form 941-X 01:28:49
  66. Form 941-X Example 01:29:27
  67. Completing the 2020 Form 01:30:40
  68. The Changes 01:32:29
  69. The Changes to Part 3 01:32:46
  70. Part 3 Changes: Lines 6,7,& 8 - No Change 01:33:09
  71. Part 3 Changes: Lines 9,10, &11 01:35:09
  72. Part 3 Changes: Lines 12, 13, & 14 01:35:50
  73. Part 3 Changes: Lines 15, 16, & 17 01:36:19
  74. Part 3 Changes: Lines 18, 19, & 20 01:37:00
  75. Part 3 Changes: Line 21 01:37:32
  76. Part 3 Changes: Lines 22, 23, & 24 01:37:56
  77. Part 3 Changes: Line 25 01:38:31
  78. Part 3 Changes: Lines 26 & 27 01:38:48
  79. Part 3 Changes: Lines 28, 29, & 30 01:40:05
  80. Part 3 Changes: Lines 31 & 32 01:40:21
  81. Part 3 Changes: Lines 33 & 34 01:40:34
  82. Part 4 Changes: Lines 35, 36, & 37 01:41:18
  83. Part 5 Changes: No Changes 01:41:32
  84. Questions 01:41:38
  85. Presentation Closing 01:50:00
  • C.A.R.E.S Act 00:09:45, 
  • Emergency Family and Medical Leave Expansion Act (EFMLEA) 00:06:52
  • Emergency Paid Sick Leave Act (EPSLA) 00:06:50
  • Employee Retention Credit 00:02:55, 00:07:48, 00:12:49, 01:06:12, 01:28:18
  • Families First Coronavirus Response Act (FFCRA) 00:04:02
  • Form 5884-C 01:07:10
  • Form 7200 00:57:58
  • Form 941 00:01:19, 00:12:59, 01:10:00, 01:31:56
  • Form 941-X 00:01:44, 01:29:09
  • Non-Refundable Credit 00:04:08, 00:58:56, 01:28:41
  • Refundable Credit 00:04:08, 00:53:32, 01:28:36
  • Section 3121(q) 00:32:03


Guest Speaker

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 experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issue... View Full Profile


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