IRS Form 941 and 941-X Updates 2021
-
-
Date
Aug 02, 2021 -
Time
13:00 PM EST -
Duration
90 Min
Overview:
The American Rescue
Plan Act (ARPA) provide tax credits for Employers who provide voluntary
Emergency Paid Leave the ARPA extends availability of the tax credits to those
employers who qualify and voluntarily provide employees with EPSL and/or EFML
through September 30, 2021. Now that Employers can receive tax credits for
these benefits, many are looking on how to calculate these tax credits to
ensure they receive the amount of tax credits and ensure accuracy.
Completing the IRS 941
form and the 941-X is the necessary process to collect the tax credits. Many
Employers are familiar with the form 941 but not all are able to complete it
with confidence with the so many steps. Add the fact that there have been many
reported errors, it is an additional concern to complete the 941-X corrections
appropriately to ensure compliance and avoid fines, penalties and criminal
sanctions.
Why Should You Attend:
Employers need to
complete the 941 and make corrections by completing form 941-X. Compliance best
practice is for Employers to learn how to mitigate the processes that impact
their company. From payroll employees to payroll providers, it is critical that
Employers utilize all resources to ensure they follow the necessary protocols
to complete these IRS forms. This training will provide Employers and
professionals insight into how to complete the forms to ensure you maximize the
tax credits offered by the ARPA and give the employees the confidence and
transparency.
Session Highlight:
· What are the changes
from the Family First Coronavirus Response Act (FFCRA)
· What has the American Rescue Plan Act (ARPA) removed and added for Employers during COVID-19
· What other tax credits are available under the ARPA
· How are the Employee Retention tax credits a benefit for Employers and employees
· How Can Employers communicate the necessary changes to their employees
· Why is it important for Employers to understand how to complete the 941 form and if necessary, the 941-X
· What are the steps to completing form 941 effectively and error free
· What are the steps to take when completing the 941 form and the 941-X form
· What mistakes can be corrected by form 941-X
· How should Employers coordinate with their payroll provider to ensure accuracy and compliance
Benefits For Attending:
This training will provide you clarity on completing the IRS 941 form and the 941-X to collect the tax credits and best practices to avoid fines, penalties, and criminal sanctions. In addition, each training I offer free customized compliance tools for all attendees. Also get:
· SHRM Recertification
PDU Credits
· Free customized compliance tools in the form of guides, templates, policies, and toolkits
· Additional HR Compliance Supplemental Slides
· Free answer to all questions even after the training ends
Who Should Attend:
· All Employers
· Business Owners
· Company Leadership
· Compliance professionals
· Payroll Administrators
· HR Professionals
· Managers/Supervisors
· Employers in all industries
· Small Business Owners
· Large Business Owners
Margie Faulk is a senior level human resources professional with over 15 years of HR management and compliance experience. A current Compliance Advisor for HR Compliance Solutions, LLC, Margie, has worked as an HR Compliance advisor for major corporations and small businesses in the small, large, private, public, Non-profit sectors and International compliance. Margie has provided small to large businesses with risk management strategies that protect companies and reduces potential workplace fines and penalties from violation of employment regulations. Margie is bilingual (Spanish) fluent and Bi-cultural.
Margie’s area of expertise includes Criminal Background Screening Policies and auditing, I-9 document correction and storage compliance, Immigration compliance, employee handbook development, policy development, sexual harassment investigations/certified training, SOX regulations, payroll compliance, compliance consulting, monitoring US-based federal, state and local regulations, employee relations issues, internal investigations, HR management, compliance consulting, internal/external audits, and performance management.
Margie holds professional human resources certification (PHR) from the HR Certification Institution (HRCI) and SHRM-CP certification from the Society for Human Resources Management. Margie is a member of the Society of Corporate Compliance & Ethics (SCCE).
1.5 SHRM-CP Credits