The IRS Form 941 – simplicities, complexities, specialties and instructions for this quarterly form; as well as new changes due to the OBBB.

Description

The 941 is a common form known to any employer. However, it is anything but simple. Because it records all subject payments to employees, and provides credits for things such as the tips, employers and 3rd party payroll processors have to keep track of updates every year. The Earned Retention Credit has now ended, and the 2026 941 has significant changes, including adjustments from the One Big Beautiful Bill. So join Mark Schwartz in this detailed look at the 941. Review your payroll system to ensure compliance, completeness, and inclusivity of all information.

Areas Covered in the Session:-

• Origin and Purpose
  • Meant to be a reconciliation form for quarterly wages and deposits
  • Payments and taxes to be recorded
  • Special rules and exceptions
• Deposits and Schedules
  • Frequency of Deposits
• Social Security and Medicare tax requirements
  • Subject and exempt
• FICA/FIT requirements
  • Subject and exempt
• March 2026 Revision changes
  • New requirements
  • Reminders
  • Special Circumstances
• 941 Section by Section
• Common Errors

Why Should You Attend:-

The bigger the business you are, the more complex your compensation structure, and whether or not you use a third party, you should know about the details of this form. It’s difficulty makes it easy to make mistakes. Mistakes are easily caught by the IRS.

So ask yourself the following questions:

• Does my payroll system adequately record all taxable compensation to all workers – especially executives, traveling workers’ expenses, fringe benefits, etc?
• Are deposits accurate and on time?
• Do you take advantage of the credits available to you for the “Emergency of the Year” that applies to you?
• How frequently are 941x’s required for your business?

Would it be beneficial to use a 3rd party in order to avoid “red flags” that can mean audits or reviews?

Who Will Benefit:-

Payroll and HR Processors and managers. Accountants. Financial Reporters, third-party payroll processors.