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IRS Form 941 Reporting Update

Determine Form 941 compliance requirements and what to do when you need to correct an error on prior returns.

The IRS collects hundreds of billions of dollars of employment taxes each year - more than any other source of revenue. Form 941 and related forms lie at the heart of the IRS' employment tax collection system. Much of the administrative burden under that system falls on employers. An employer's failure to understand and comply with its obligations can result in IRS assessments, audits and penalties. This topic will help tax and payroll specialists and others with an interest in this issue to understand the employer's obligations under the employment tax collection system, including how to handle corrections and disputes when they arise.

Runtime: 119 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of Employment Tax Rules

  • Withholding Requirements

- Wage Withholding

- Backup Withholding

- Withholding on Payments to Nonresident Aliens

  • Deposit Requirements

- Due Dates and De Minimis Rules

- Electronic Federal Tax Payment System

  • Employment Tax Return Requirement

- Forms for Different Types of Employment Taxes

- Filing Returns Electronically

  • Information Reporting Requirements

- Forms W-2 and W-3

- Form 1099-MISC

- Special Situations (Employee Termination, Mergers, etc.)

Compliance Issues

  • Correcting Errors on Prior Returns and Obtaining Refunds

- Administrative Rules

- Refund Suits

- Employee Notice Requirements

- Special Situations (Mergers, etc.)

  • Interest and Penalties

- Failure-to-Deposit Penalty

- Interest on Late Payments, Interest-Free Adjustments

- Failure-to-File Penalty

- Accuracy-Related Penalty

- Failure-to-Pay Penalty

- Information Reporting Penalties

- Responsible Person (Trust Fund Recovery) Penalty

- Criminal Penalties

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 22, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kurt L.P. Lawson, Esq.

Kurt L.P. Lawson, Esq.

Hogan Lovells US LLP

  • Partner with the law firm of Hogan Lovells US LLP in Washington, D.C.
  • Primarily represents employers on all aspects of employment taxes and pension, health, fringe and other benefits
  • Listed in The Best Lawyers in America and Super Lawyers in Washington, D.C. since 2007
  • Ranked in Chambers USA since 2010
  • Member of the American College of Employee Benefits Counsel
  • Writer and speaker on tax and employee benefits matters and an adjunct professor at the Georgetown Law Center
  • ABA Tax Section council director and former chair of the Employee Benefits Committee
  • Graduate, Yale and the University of Virginia School of Law
  • Can be contacted at [email protected]
Edward James Leyden, Esq.

Edward James Leyden, Esq.

Leyden Law LLC

  • Owner of Leyden Law LLC in Bowie, Maryland
  • Counsels companies on taxation and employment issues
  • Has advised a diverse group of clients, including technology companies, health care enterprises, National Football League players, the online gaming community, and the commissioner of Major League Baseball
  • Past chair of the American Bar Association Section of Taxation, Committee on Employment Taxes, and has been elected as a fellow of the American Bar Foundation
  • Law degrees, University of Baltimore and the Georgetown University Law Center; undergraduate degree in commerce and engineering, Drexel University
  • Can be contacted at [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401427
Published 2018
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