This webinar will cover the use of Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, claim additional allowable Employee Retention Credits or Sick and Family Leave Credits due to COVID. It will cover the qualification requirements for the credits and how to claim and correction of previously reported amounts where eligible credits were under reported.
During to the COVID-19 pandemic, Congress provided payroll tax credits for employers to provide relief to employers for payment of qualifying sick and family leave wages and employee retention wages. As the pandemic stretched out, there were extensions and changes to the tax credit eligibility requirements, maximum amounts, and affected taxes. In response to those changes, Form 941 and the related worksheets when through several major revisions. While the tax credits have expired, employers may still file retroactive claims for unclaimed eligible credits and correction of previously reported amounts.
This webinar discusses the methods employers may use to claim or adjust these tax credits.
• Changes to the definition of qualifying wages throughout 2020-2021.
• Changes to the definition of qualifying employers and employees.
• Which taxes are used to claim the credits.
• What constitutes wages for purposes of computing the credits
• Amounts that may be claimed in addition to wages.
• Interaction of PPP loans and COVID tax credits.
• Claiming credits on Form 941-X - line by line.
• How to use the worksheets from Form 941-X and Form 941 to compute the credits.
As a result of this session, you should:
• Know how to prepare for 941-X to claim an adjustment or refund for COVID tax credits
• Know how to use Form 941-X worksheets to compute eligible wages and taxes
• Identify eligible wages
• Know the filing due dates for Forms 941-X
The rules for claiming the COVID tax credits changed several times during 2020-2021. Some employers may have missed claiming credits they were entitled to claim. This webinar covers the changes and the process for correcting errors or claiming unused credits.
• Payroll Supervisors and Personnel
• Public Accountants and Enrolled Agents
• Internal Auditors
• Tax Compliance Officers
• Officers and Managers with Tax Compliance Oversight
• Company / Business Owners
• Managers/ Supervisors
• Public Agency Managers
• Audit and Compliance Personnel / Risk Managers
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, and information return reporting.
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