A major task for payroll departments is that of preparing W-2 Forms, furnishing them to employees and filing them with the Social Security Administration. The Forms must be correct, complete, and filed on time or the employer may face stiff penalties.
Penalties for failure to file and failure to furnish timely correct W-2s increased significantly and are now indexed for inflation and will continue to increase each year. Penalties are reduced or eliminated 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 is an essential skill.
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 Form941 and the W-2 Forms and to know how to correctly prepare Form 941-X to correct errors on Form 941.
Attend this webinar by expert speaker Patrick Haggerty where he will discuss the rapid evolution of employerCOVID-19 relief provisions and the multiple updates to Form 941 released since the beginning of 2020 and discuss how the complex rules for reporting and claiming tax credits and payroll tax deferrals have increased the potential for errors. This webinar will discuss the common and not so common errors and adjustments that affect w-2 Forms and actions you can take now to reduce or prevent filing problems and errors, special reporting situations, and what todo when errors are discovered.
Session Highlights:
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Describe the circumstances under which a Form W-C or Form 941-X is required.
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Discuss the corrected W-2 with your employee.
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Explain the necessary changes required to your supervisor.
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Know the deadlines for minimizing penalties on late or incorrect W- 2 Forms.
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Be aware of the exceptions to penalties on late or incorrect W-2 Forms.
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Know when to file Form 941-X to make interest free adjustments.
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Understand how the statute of limitations applies to Form 941 Amendments.
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Understand the difference between a Form 941adjustment and a Form 941 claim for refund.
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Know which certifications must be obtained from an employee in order to file an adjustment or claim for refund for overpaid tax.
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Know which version of Form 941 and Form 941-X to use.
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Know the procedure for payment of deferred employee and employer payroll taxes.
Why You Should Attend:
Penalties for late filing or filing incorrect W-2 Forms are on the rise. Penalties are reduced or eliminated 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 is an essential skill.
This webinar will discuss methods for avoiding or correcting errors on W-2 Forms and corresponding corrections on 941Forms focusing on how to make required corrections while minimizing or eliminating penalties. Proper preparation and timely filing of Forms 941-X and W-2/W9c forms will be covered. The webinar will also address changes to the COVID-19 tax credits and how to report payments of deferred 2020 payroll taxes.
Who Should Attend?
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Payroll Supervisors and Personnel
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Payroll Consultants
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Payroll Service Providers
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Public Accountants
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Internal Auditors Tax
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Compliance Officers
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Enrolled Agents
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Employee Benefits Administrators
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Officers and Managers with Payroll or Tax Compliance Oversight
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Company / Business Owners
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Managers/Supervisors
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Public Agency Managers
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Audit and Compliance Personnel / Risk Managers
*You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.
Patrick Haggerty
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.