Form 941 for 2016: All You Need to Know

Instructor: Vicki M. Lambert
Product ID: 703804
  • Duration: 90 Min

recorded version

1x Person - Unlimited viewing for 6 Months
(For multiple locations contact Customer Care)
Recorded Link and Ref. material will be available in My CO Section

Training CD

One CD is for usage in one location only.
(For multiple locations contact Customer Care)
CD and Ref. material will be shipped within 15 business days

Customer Care

Fax: +1-650-963-2556


Read Frequently Asked Questions

This webinar will review the IRS Form 941 and its accompanying Form Schedule B for 2016. It will discuss what is new for the form in 2016 and will detail the requirements for completing each form. The webinar instructor will specify filing requirements and offer tips on reconciling and balancing the two forms.

Course "Form 941 for 2016: All You Need to Know" has been pre-approved by HRCI as eligible for 1.5 credits towards a participant's recertification upon full completion.
“The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program”.

Why Should You Attend:

This 90-minute presentation will help attendees:

  • Understand the changes made to Form 941 for 2016
  • Guide them in completing the Form 941 properly to ensure compliance with IRS requirements
  • Ensure that the accompanying Form Schedule B is also completed correctly and balances to the penny with the Form 941
  • Gain an understanding of the basic requirements to correct a previously submitted Form 941 or Form Schedule B
  • Understand the necessary reconciliations that must be performed to ensure compliance with both IRS and the Social Security Administration’s regulations
  • List the forms used to amend the returns

Areas Covered in the Webinar:

  • What’s new for 2016
  • Line by line review of the 2016 Form 941
  • Tips for completing the Schedule B—liability dates vs. deposit dates
  • Tips to balance Form 941 and Schedule B to the penny—as required by the IRS
  • Form due dates
  • Who should sign the Form 941
  • Reporting third party sick pay, group term life insurance and tips correctly
  • How to reconcile the Forms 941 with the Forms W-2
  • What to do if you discover an error in deposits for the quarter when completing the Form 941
  • Using the 941X form to correct the Form 941

Who Will Benefit:

  • Payroll professionals
  • Human resources
  • Accounting personnel
  • Business owners
  • Lawmakers
  • Attorneys
  • Any individual or entity that must complete and submit the IRS Form 941 and/or the accompanying Form Schedule B

Instructor Profile:

Vicki M. Lambert, CPP, is president and academic director of The Payroll Advisor™ a firm specializing in training payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States as well as served as an in-house trainer for businesses such as Sun Microsystems, Fox Studios, Disney, County of Riverside, and the City of Hesperia. Ms. Lambert currently produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country.

Ms. Lambert is an adjunct faculty member at Brandman University in Southern California and is the creator of and instructor for their Practical Payroll Online program, which is approved for recertification hours by the APA.

Topic Background:

The Form 941 is the link between your payroll records and the IRS tax records. It is one of the most important compliance areas that the payroll department must navigate and it must be done correctly down to the penny. Proper administration of this vital form is critical if you want to avoid IRS notices and the penalties and interest that accompany them. The Schedule B is also a crucial form for many employers. The IRS demands that the Form 941 and the Schedule B match to the penny every single time without fail. And in recent years, with all the changes to the form that has become more difficult.

Not only must the Form 941 be reconciled to the Schedule B it must also be reconciled to the Forms W-2 submitted to the Social Security Administration or penalties, fines and interest again can be assessed. Often, the benefits an employer offers make completing the form correctly an extremely difficult task. Third party sick pay is a perfect example of such a benefit. Knowing how to report the wages and taxes withheld or paid is crucial to completing the form correctly. Whether the employer pays the wages and withholds the taxes directly, has an insurance company who is their agent handle this for them, or the third party sick pay is handled by an insurance company that is not the employer’s agent determines not only the taxation of wages but the reporting on Form 941. Group term life insurance is also another benefit that affects completing the form. If an employer has employees who are no longer on the payroll but are still covered under the group term life insurance plan accounting for the employee share of the FICA taxes has its own requirements. For employers with tipped employees the form becomes even more complicated. These employers must know how to adjust for uncollected FICA taxes.

It has always been a requirement that the Forms 941 be reconciled with the Forms W-2 prior to submitting each form. But this reconciliation has become even more critical these past few years. The IRS and the Social Security Administration can both assess penalties if the employer fails in this reconciliation.

Follow us :
ComplianceOnline Banking Summit 2016 | Risk Management and Data Security - 80390SEM
21 CFR Part 11 Compliance for SaaS/Cloud Applications - 80202SEM

Product Reviews

This product hasn't received any reviews yet. Be the first to review this product! Write review

Best Sellers
You Recently Viewed