Revised Form 941 Released: Must-Know Information on the Changes

The IRS has released the final version of Form 941, to be used beginning with second quarter 2020 filing. The revised form includes extensive updates to account for COVID-19 legislation related to new employment tax credits. The form also provides reconciliation of any advances received of the tax credits, as well as necessary reporting of deferred amounts of the employer portion of Social Security tax.

Attend this webinar and learn the details of the new sections and reporting elements, as well as important process requirements. This information will help prepare you to both respond to inquiries as well as proactively engage clients regarding these significant changes, and advise them of accurate and effective solutions.

• Provide a brief summary of the employment tax credits related to COVID-19 that are required to be reported on Form 941,
• Review and discuss the new sections and line items of Form 941,
• Identify important details regarding proper reporting of deferred amounts of the employer share of Social Security,
• Discuss Worksheet 1, Credit for Qualified Sick and Family Leave Wages and the Employee Retention Credit, used to calculate the credit amounts to report,
• Discuss Form 7200, Advance Payment of Employer Credits Due to COVID-19, and the impact on the revised Form 941,
• Review revisions to Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers (for PEO/CPEO),
• Highlight resources and consultative opportunities

Delivery Method: Group Internet-based
Prerequisite: None
Field of Study: Taxes
Preparation: None
Level of Knowledge: Basic

This webinar is complimentary. For more information regarding administrative policies such as complaint or cancellation, please email [email protected].

Paychex is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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