HRCI & SHRM Approved Webinar | CEUs = 1.5 Credit Hours

Overview:

The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck. As an employee, the information on your W-2 is extremely important when preparing your tax return. 941 forms report wages paid and payroll taxes to the Federal Government. Sounds simple, doesn’t it?

There are 20 boxes on the W-2, and 34 codes to use in Box 12 alone. If your compensation structure includes benefits, are subject to FMLA, grant a myriad of cafeteria plan benefits, have employees who work in more than one state, etc…. This form is far from simple. There are changes almost every year to one sort or another, and even the most well maintained of payroll systems can miss some important edits. This can result in the forms being kicked back, which results in penalty and interest assessed on EACH W-2 filed late. Further, if what’s on them doesn’t match your employees’ tax returns, they face penalties and even audits. Because no payroll system runs perfectly, reconciliation and corrections of W-2 information is crucial.

Form 941s have their own complexities. Correct payroll information doesn’t come in timely, resulting in incorrect paychecks. If done so in prior quarters, you must file 941-X Forms for those quarters. There have been recent changes to Covid -19 tax credits and others, resulting in critical changes to the 2024 Forms and beyond.

So join us with Mark Schwartz in this informative webinar – and you will be able to accurately complete these critical correction forms – you may even be able to avoid penalties!

What will You Learn:

Form W-2 C and Form W-3 C

• General Guidelines W-2C - When to file and format.
• Common problems with W-2s and W-2 Cs
• New for 2024-2025: Electronic filing requirements and more.
• General Instructions for W-2C and W-3C – Purpose and Format
• Specific instructions for W-2C
  • Corrections
  • Backpay
  • Employee recommendations and information
  • Other corrections
  • Filing and Format
  • Box by box instructions
• Specific instructions for W-3C
  • Filing and Format
  • Box by Box instructions.

Form 941-X

• General Guidelines – Format and Filing
• Common 941 problems – Incorrect entries, Penalty waivers
• New for 2024-2025
  • Statue of limitations
  • Specific changes to form
  • Covid-19 discontinuations
• Reminders from IRS
  • Blank Lines
  • Small business credits
  • Other corrections
• 941-X specific instructions- Part by Part, Line by Line

Why you should Attend:

We all make mistakes. Conducting payroll is prone to them. As hard as we try to calculate paychecks, record information such as wages and deductions, deposit taxes, complete quarterly and yearly forms, etc – we all fall short. That is why the 941-X and W-2 C exist. But there have been recent changes to the W-2 and 941 filing requirements that have necessitated increased usage of these correcting forms.

Who should Attend:

• Auditors
• Payroll Managers and Staff
• Dept or Functional Managers
• Accountants and Finance Personnel
• Executives
• Hiring and other HR personnel
• Companies with complex payroll structures, compensation arrangements, fringe benefit and expense reimbursement structures, etc.