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Payroll and IRS Form 941 Update

Understand all the new tax credits for COVID-19 and how to report on the Form 941 and review the new Form 7200.Learn about the updates to consider with IRS Form 941, essential in payroll for your employees. Form 941 is an essential form for all employers that pay employees and withhold federal and FICA (social security and Medicare) taxation. In recent years several changes to Form 941 has made it difficult to understand. The importance of reconciliation and completing not only the Form 941 but Schedule B is becoming increasingly important for employers to avoid costly disputes with the IRS resulting in penalty and interest. This topic will explain proper withholding taxation so you understand the importance of withholding and reporting so that Form 941 is always accurate.
Runtime: 89 minutes
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Why Lorman?

Over 33 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

Withholding Taxes
  • Calculating Taxable Earnings
  • IRS Definition of Taxable Earnings
  • Fair Market Value
  • Fringe Benefit Taxation
Social Security and Medicare Taxes
Tax Calculations
  • Tax Calculation Examples
941 Basic Requirements
  • Reporting Requirements
  • 941 Due Dates
  • Electronic Filing
  • Signing Requirements
COVID-19 Legislation That Impacts 2020 Reporting
  • Line by Line Review and Details of New 2020 Form 941 COVID-19 Credits
  • Schedule B Requirements and Tips
  • Reconciliation of Form 941 and W-2s at Year-End
  • 941-X Forms and How to Deal With Them
  • IRS Notices, Disputes and How to Deal With Them
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Why Lorman?

Over 33 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

MP3 Download

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

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Why Lorman?

Over 33 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

Dayna J. Reum, CPP, FPC

Dayna J. Reum, CPP, FPC

Dayna J. Reum

  • Currently the director of payroll operations at a major medical center in Chicago
  • Has been heavily involved in the payroll field for more than 20 years
  • Starting as a payroll clerk at a small Tucson company, she moved on to be a payroll team leader at Honeywell Inc.
  • During her time at Honeywell Inc. she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association
  • Received several merit awards for customer service and acquisitions, and divestiture
  • Taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference
  • CPP (Certified Payroll Professional) through the APA
  • Serves on the National American Payroll Association on the national Strategic Leadership Task Force, Government Affairs Task Force (PA local tax subcommittee)
  • Received a citation of merit for her service along with being a gold pin member of the APA
  • Certified in HR hiring and firing practices and is a Six-Sigma Greenbelt
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Why Lorman?

Over 33 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: 407777
Published 2020
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