Overview
This webinar will cover the purpose and basic details related to the preparation and filing of common federal forms used to communicate payroll information between the employer and employee and between the employer and the IRS and the Social Security Administration. It will highlight the changes for various payroll tax forms as well as common errors and how to avoid them, reporting tips and traps, and penalty avoidance.
Familiarity with payroll tax forms is essential for payroll professionals. The task is made more complicated when the IRS creates new forms or updates prior forms in response to changes in the laws and regulations. This year, many employers are affected by new reporting requirements related to the COVID tax credits. It is vital that payroll professionals are aware of the changes and use the latest version of the forms. Errors in preparing or filing payroll tax forms can result in costly penalties and interest charges. This webinar will highlight the changes for various payroll tax forms as well as common errors and how to avoid them, reporting tips and traps, and penalty avoidance.
Learning Objectives
This webinar will help you
- Know which forms to use to report payroll tax information
- Be aware of updates for 2021 payroll forms
- Know how to correct errors on previously filed Forms
- Understand how state unemployment taxes affect Form 940
- Comply with record keeping requirements
Areas Covered
- COVID updates to Forms 941 and 941-X
- Key reconciliations for Forms W-2 and 941
- Avoidance of late filing or late deposit penalties
- How to make interest free adjustments using Form 941X
- When an employer must use Forms 943, 944, and 945
- Form 1-9 compliance including avoidance of document abuse
- Problems with Form W-4 and how to avoid them
- Reporting tips and allocated tips on Form 8027
- Methods for filing and correcting Forms W2
- Preparing Form 940
- Record-keeping requirements
