W-2 and Form 941 Corrections COVID Updates

Why Should You Attend:

A major task of the payroll department is providing W-2 Forms to employees and to the Social Security Administration. The Forms must be correct, complete, and filed on time or the employer may face stiff penalties.

Penalties are indexed for inflation and increase each year. Penalties are reduced when errors are corrected quickly. It is important for payroll professionals to understand the rules that reduce or mitigate penalties and to act within the time limitations for maximum benefit. Understanding how to compute and process corrections by correctly completing Form W-2c and Form 941-X is an essential skill

Learning Objectives:

• Describe circumstances when a Form W-2C or Form 941-X should be issued
• Discuss form W-2C with an employee
• Explain necessary corrections to your supervisor
• Identify tax forms which need correction or amendment
• Know the deadlines for minimizing penalties for late or incorrect W-2s
• Know when to file Form 941-X to make interest free adjustments
• Understand the difference between a Form 941 adjustment and a claim for refund or abatement and when each is used
• Know which employee certifications must be obtained when tax has been overpaid
• Understand how to use the Form 941-X worksheets

Areas Covered in the Webinar:

• Statute of Limitations to Correct Forms
• Which Forms to Use
• Correcting Errors using Current Forms
• W-2/W-3 Correction Basics
• Whether to Issue a W-2C or a Corrected W-2
• Timing to Furnish to Individuals and Report to SSA
• Correcting Common Errors for Prior Year Forms
• Correcting the Employee's Name
• Correcting Employee's Address
• Correcting Multiple W-2 Forms for an Employee
• Correcting Entries in Box 12
• Correcting Federal Payroll Tax Forms
• Updates to 2020 -2022 Forms 941 and 941-X
• Reporting sick and family leave payments
• Adjusting Payroll Tax Filings for 941
• Corrections for COVID-19 tax credits
• Form 941 - Underpayment of Taxes
• Form 941 - Overpayment of Taxes
• Refunding of Overpaid FICA Taxes

Who Will Benefit:

• Payroll Supervisors and Personnel
• Payroll Consultants and Service Providers
• Public Accountants and Enrolled Agents
• Internal Auditors
• Employee Benefits Administrators
• Officers and Managers with Payroll or Tax Compliance Oversight
• Company / Business Owners
• Managers/ Supervisors
• Public Agency Managers
• Audit and Compliance Personnel / Risk Managers

Patrick A Haggerty
Owner, Patrick A. Haggerty, Tax and Accounting Services

Patrick A. 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 tax payers 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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