Form 941 for 2015: Quarterly Questions, Cautions and Tips Every Employer Must Know

Why Should You Attend:

The greatest area of revenue collected by the IRS each year is from employment taxes. Form 941 and other related forms are crucial to the administration of the IRS's employment tax collection system. Employers bear much of the administrative burden of reporting this information. An employer's failure to understand and comply with its obligations can result in IRS assessments, audits and penalties. This webinar will help participants understand the employer's obligations under the employment tax collection system.

Some of the key areas that will be addressed in this presentation include:

• Reporting wages, tips and other compensation
• Deadlines for filing Form 941
• Employees not covered under Form 941
• Other compensation subject to Social Security or Medicare Tax
• Entering taxable tips
• Total taxes after deposits
• How to avoid overpayments
• What to do if your business has closed
• How to file the required forms

Areas Covered in the Webinar:

• Employers required to complete Form 941
• Quarterly reporting requirements
• How to avoid overpayment
• Which employees may already be covered by law
• Notice and demand tax due on unreported tips
• Tips for seasonal employers
• How to assign a third-party designee

Who Will Benefit:

• Accountants and CPAs
• CFOs
• Controllers and tax managers
• Presidents and vice presidents
• Chief risk officers (CROs) and chief compliance officers (CCOs)
• Payroll professionals, bookkeepers and enrolled agents

Instructor Profile:

Betty J. Jackson, Senior Professional in Human Resources (SPHR), is president and chief career strategist at B J Magnum & Associates, a management consulting firm. She has been recognized as a top-rated speaker at numerous conferences including Global Tower Partners (American Tower), SHRM-HR Florida Leadership Conferences, The Orange County Bar Association, The Florida Diversity Council’s Conferences and many others. Ms. Jackson speaks regularly on influence factors for HRD professionals, strategic HR and professional development topics. Her corporate training career spans more than two decades. As a skilled online learning professional, she has equipped hundreds of educators and support staff to effectively deliver public education in a virtual environment through webinars and internet-based programs. She is an industry insider who keeps abreast of key strategies to help HR professionals, job seekers and career changers to unlock the doors to the careers of their dreams. In 2012, she helped more than 1,000 energy industry professionals make effective career transitions from the 3rd largest petroleum refinery in the Western Hemisphere.

Betty Jackson is also a seasoned journalist who contributes regularly to the HR Florida Review, The Diversity First Newsletter, The Bar Briefs, and Examiner.com (an affiliate of CBS), and served as director of public relations for the HR Florida State Council which is an affiliate of the Society for Human Resource Management, SHRM. She chaired the Education Committee for the Florida Diversity Council and for 20 years has served as a duly-sworn trustee of the Orange County Bar Association’s Legal Aid Division. Ms. Jackson has also served as vice president of membership for the Central Florida Chapter of ASTD and is founder of the Monarch Career Repair Workshops. She is a member of National Speakers Association and Central Florida Chapter of the National Speakers Association. Ms. Jackson is a graduate of San Francisco State University, San Francisco, California.

Topic Background:

Form 941 is a critical form that links employers to the IRS's employment tax collection system. This form is important because it forms the connection between your payroll records and IRS tax records. Form 941 is therefore an essential compliance area that every payroll department must address, monitor and document in a timely manner.

If your organization is out of compliance with Form 941, the penalties may include fines and possible fraud allegations. Proper and timely submission of Form 941 will help you avoid IRS notices with the accompanying penalties and interest.

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