Description
Penalties for late filing or filing incorrect W-2 Forms are on the rise. In addition, penalties for incorrect information of Form 941 can also be costly. This webinar will discuss methods for avoiding or correcting errors on Forms 941 and W-2 with a focus on how to make corrections where required so that penalties are eliminated or minimized. The webinar will also discuss how to properly prepare and file Forms 941-X and W-2c and when to file the corrections.
This session includes changes for Form 941-X for 2021 and later corrections including COVID tax credits, tax deferrals, sick and family leave payments, the employee retention credit and the CORBA continuation credit.
Description
Penalties for late filing or filing incorrect W-2 Forms are on the rise. In addition, penalties for incorrect information on Form 941 can also be costly. This webinar will discuss methods for avoiding or correcting errors on Forms 941 and W-2 with a focus on how to make corrections where required so that penalties are eliminated or minimized. The webinar the correct preparation of Forms 941-X and W-2c correctly and how and when to file the corrections. Correcting or amending returns for the 2020 and 2021 COVID-19 tax credits and tax deferrals will be covered.
Corrections to W-2 Forms frequently require that Forms 941 also be corrected. Similarly, a correction to a prior year Form 941 may require that Prior year W-2 Forms also be corrected. It is important for payroll professionals to understand the relationship between Form 941 and the W-2 Forms and to know to correct errors on Form 941 and how to correctly prepare Form 941-X. The COVID-19 payroll provisions resulted in significant changes to Form 941-X in 2020 and 2021.
Penalties are indexed for inflation and increase each year. Penalties are reduced when errors are corrected quickly. It is important for payroll professionals to understand the rules that reduce or mitigate penalties and to act within the time limitations for maximum benefit. Understanding how to compute and process corrections by correctly completing Form W-2c and Form 941-X is an essential skill.
Why attend ?
A major task of the payroll department is providing W-2 Forms to employees and to the Social Security Administration. The Forms must be correct, complete, and filed on time or the employer may face stiff penalties. It is important for payroll professionals to be able to make corrections in time to avoid or mitigate penalties
After this session you will:
- Be able to describe the circumstances requite issuing a W-2C or 941-X
- Be able to discuss the corrected W-2 with your employee
- Be able to explain the necessary changes required to your supervisor
- Be able to identify which tax forms need to be amended
- Know the deadlines for minimizing penalties on late or incorrect W-2 Forms
- Know when to file Form 941-X to make interest free adjustments
- Understand how the statute of limitations applies to Form 941 Amendments
- Understand the difference between a Form 941 adjustment and a Form 941 claim for refund
- Know which certifications must be obtained from an employee in order to file an adjustment or claim for a refund for overpaid tax
- Know which version of Form 941 and Form 941-X to use
Areas Covered
- Statute of Limitations to Correct Forms
- Which Forms to Use
- Correcting Errors using Current Forms
- W-2/W-3 Correction Basics
- Whether to Issue a W-2C or a Corrected W-2
- Timing to Furnish corrections to Individuals and Report to SSA
- Correcting Common Errors for Prior Year Forms
- Correcting the Employee’s Name
- Correcting Employee’s Address
- Correcting Multiple W-2 Forms for an Employee
- Correcting Entries in Box 12
- Correcting Federal Payroll Tax Forms 941, 943, or 944
- Updates to 2020 -2022 Forms 941 and 941-X
- Correcting sick and family leave payments
- Corrections for COVID-19 tax credits
- Form 941 – Underpayment of Taxes
- Form 941 – Overpayment of Taxes
- Refunding of Overpaid FICA Taxes
Certification:
Pedu is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 2.0 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.
Who should attend
- Payroll Supervisors and Personnel
- Payroll Consultants and Service Providers
- Public Accountants and Enrolled Agents
- Internal Auditors
- Employee Benefits Administrators
- Officers and Managers with Payroll or Tax Compliance Oversight
- Company / Business Owners
- Managers/ Supervisors
- Public Agency Managers
- Audit and Compliance Personnel / Risk Managers
Patrick A Haggerty, EA
