Show as: Mobile

Payroll and IRS Form 941 Update

Lorman Education Services
Training overview
Professional Course
1 day

Course description

Payroll and IRS Form 941 Update

Understand the new tax credits for COVID-19 and how to report them on Form 941 and review the new Form 7200 for 2021.

Learn about the updates to consider with IRS Form 941, which is 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 have made it difficult to understand. The importance of reconciliation and completing not only Form 941 but Schedule B is becoming increasingly important for employers to avoid costly disputes with the IRS resulting in penalties and interest. This topic will explain proper withholding taxation so you can better understand the importance of withholding and reporting and ensure that Form 941 is always accurate.

Who should attend?

This live webinar is designed for

  • human resource managers
  • employee relations managers
  • personnel managers
  • supervisors
  • business owners and managers
  • team leaders
  • CEOs
  • presidents
  • payroll professionals
  • vice presidents
  • accountants.

Training content

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

Form 941 Basic Requirements

  • Reporting Requirements
  • Form 941 Due Dates
  • Electronic Filing
  • Signing Requirements

COVID-19 Legislation That Impacts 2020 and 2021 Reporting

Line by Line Review and Details of 2021 New Form 941 and the Extended 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

Certification / Credits

Learning Objectives

  • You will be able to define withholding taxes.
  • You will be able to review tax calculation examples.
  • You will be able to identify the basic requirements for Form 941.
  • You will be able to discuss COVID-19 legislation that impacts 2020 and 2021 reporting.

About Lorman Education Services

Lorman Education Services - Live and On-Demand Courses

Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...

Read more and show all training delivered by this supplier

Contact info

Lorman Education Services

Lorman Education Services
2510 Alpine Road
54702 Eau Claire Wisconsin

Training reviews

No reviews available

Need help with your search? offers a free consultancy service to help compare training for you and your team

Request a free quote

Request a free training quote