The new Form 941 has undergone significant modifications over the past years to incorporate all the COVID-19 credits, posing a considerable challenge to employers. Despite these changes, IRS deadlines have remained the same. Some employers discovered their errors only after missing the deadline, leading them to ask, "How do I fix my mistakes?"
Additionally, due to the complexity introduced by the American Rescue Plan Act of 2021, more employers must complete Form 941-X for retroactive adjustments from 2020. The latest 2024 updates to Form 941-X have raised further questions among employers about processing these updates correctly.
Form 941-X (Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund) is used to correct any errors made on Form 941. If you identify an error on a previously filed Form 941, you must fix it using Form 941-X.
The following information is required when filing Form 941-X:
A tax payment must accompany the form if you file Form 941-X for underreported taxes. For overreported taxes, you can claim a refund or an abatement on your next return.
This online webinar by Dayna Reum will cover the most recent updates for Form 941-X in 2024 and guide employers on correctly processing it. We will also address any lingering concerns from 2021 for those still needing to process the 941-X. Join us to stay informed on the latest updates and ensure compliance with the current IRS requirements.
View more IRS-Approved CE Courses for continuing professional education.
Specialist, Ann & Robert H. Lurie Children's Hospital of Chicago
Dayna currently is the director of payroll operations at a major medical center in Chicago and has been heavily involved in the payroll field for more than 20 years.
She started as a payroll clerk at a small Tucson company but moved on to be a payroll team leader at Honeywell Inc.
During her time at Honeywell Inc., she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. Dayna has also received several merit awards for customer service and acquisitions, and divestiture.
She also serves on the National American Payroll Association on the national Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee), and received a citation of merit for her service along with being a gold pin member of the APA.
Dayna is also a CPP (Certified Payroll Professional) through the APA and certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
CS
Good power point slides
DB
The 941 X as it related to the ERC was not really addressed. The speaker was very quiet and I sometimes missed her words.
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