IRS Form 941 Changes Due to COVID-19 Tax Relief
The IRS has recently published the draft of form 941 to be used for the rest of 2020 - and the final version is expected to be out before the July deadline.
The main changes?
Several lines have been added so employers can claim tax credits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act (FFCRA).
Because these mandatory changes have never been seen before, we’re going to take you step-by-step through the new form 941 on July 9th.
In this 60-minute workshop, our payroll expert will help explain each change to the new form and how to process, covering:
- How to accurately complete the 941 with the new COVID-19 tax breaks – even if you’re working remotely
- Form 7200 instructions and common errors to avoid when filing
- How to reconcile the form 941 for year-end
We’ll review the COVID-19 legislation and its full impact on your company, including:
- Coronavirus-related tax credits and relief you need to know (Employee Retention Tax Credit, Credit for Sick and Family Leave, and more)
- How to use 941-X forms to correct previously filed 941 forms
- Requirements and tips to accurately file Schedule B
- How to use form 7200 to get an advance payment of COVID-19 credits
- Reconciliation of form 941 and W-2’s at year-end
The next form 941 deadline is July 31st. We’ll prepare you with a complete evaluation of the new form:
- Interact with our speaker as she takes you line-by-line through the form’s updates
- Learn common errors to avoid, according to the IRS
- Details for remote workforces: Get electronic filing instructions and signing requirements
About the Speaker
Dayna Reum has been heavily involved in the payroll field for nearly two decades and is currently the Director of Payroll Operations at a major medical center in Chicago.
Starting as a payroll clerk at a small Tucson company, she moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association.
Dayna is no stranger to interactive instruction, as she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference - topics including: payroll basics, global/cultural awareness, immigration basics for the payroll professional, multi-state and local taxation and quality control for payroll, international and Canadian payroll.
Dayna has her CPP (Certified Payroll Professional) through the APA. She serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee), and has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.
With multiple COVID-19 laws recently being passed that include tax credits for employers, correctly filling out, filing, and reporting your form 941 is key to claiming these credits.
Join us for this interactive workshop with a complete how-to instruction of the changes and you’ll walk away ready to fill out the new form 941 and get the COVID-19 tax relief businesses need.
If you'd like this program customized for your organization, call us at 1-800-964-6033. We're certain we can fulfill your training needs, while making it fit in your budget!