Form 941: Compliance Challenges and Intensified IRS Audits
Avoiding Errors That Trigger Costly Penalties and Documenting a Solid Case for Examiners
Recording of a 110-minute CPE webinar with Q&A
This teleconference will help tax executives and advisors anticipate pitfalls and sharpen data-gathering, compliance and reporting with federal employment taxes and prepare for the next IRS audit focused on Form 941.
- Fundamental aspects of Form 941
- Number of employees and total pay for period
- Withholding amounts for period
- Taxable Social Security and Medicare wages for period
- Adjustments for sick pay/tips/group term life insurance
- Advanced earned income credit payments to employees
- Form 941X
- Corrections to errors to Social Security tax credits and exemptions, wages, etc.
- E.g., seasonal and agricultural employers
- Special rules
- Wage, back-up and non-resident alien withholding rules
- Deposit requirements
- Return due dates
- Process to correct errors on prior returns
- Potential interest and penalties for non-compliance and late filings
- Getting ready for IRS employment tax audits
- Current documentation requirements
The panel will explore these and related topics:
- Understanding the rules: Withholding and deposit requirements, form deadlines, exceptions, and special rules.
- Anticipating compliance pitfalls: Common calculation mistakes, easy-to-miss payments, and the variety of potential penalties.
- Correcting errors on prior returns: Navigating the often complex process to get a refund.
- Getting ready for payroll tax audits: Gathering your documentation, reconciling deductions, verifying independent contractor classifications, etc.
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Patrick A. Haggerty, EA
He more than 30 years of tax preparation experience and is an enrolled agent at the Treasury level. He also represents... | Read More
He more than 30 years of tax preparation experience and is an enrolled agent at the Treasury level. He also represents manufacturing, banking and non-profit clients and teaches accounting at the college level.Close
Elizabeth Thomas Dold
Groom Law Group
Ms. Dold's client work includes all tax aspects related to employee benefits including IRS filings and audits,... | Read More
Ms. Dold's client work includes all tax aspects related to employee benefits including IRS filings and audits, employment taxes, and taxation and reporting of fringe benefits and welfare benefits, among other issues.Close
His practice emphasizes issues including employment tax that are related to executive compensation, tax-qualified... | Read More
His practice emphasizes issues including employment tax that are related to executive compensation, tax-qualified retirement and welfare benefit plans, and ERISA fiduciary and prohibited transaction matters. He previously worked with the Treasury Department's Office of Benefits Tax Counsel.Close