IRS Form 941 Reporting Update

• Overview

Gain a better understanding of what does and doesn't belong on a 941, the information you need to complete it properly, and how to self-review before an official review happens.The IRS form 941 is the quarterly reconciliation form that reconciles taxable wages with deposits made during the calendar quarter. Simple, right? Depending on the complexity of your compensation structure, benefits, departmental decentralization and other factors, the 941 just might be a quarterly red flag for an IRS audit. Use this material as a basis to review your knowledge of what does and doesn't belong on a 941, the information you need to complete it properly, and how to self-review before an official review happens.

Authors

Agenda

941 Basics

• Purpose of Form

• Due Dates

• What It Does and Does Not Do

• New for 2019

941 Line by Line

• An In-Depth Look at Parts I-IV

• Where to Get Additional Information

Deposit Schedules

• How to Determine If You Are on the Right Deposit Schedule

• Consequences of Late Depositing

• How Deposits Reconcile to 941

• Handling Late Deposits

IRS Additional Instructions

Taxable Wages

Common Errors and Form 941X