Form 941 for 2021: The Information You Need to Know


March 23, 2021


Vicki M. Lambert

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 90 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


Form 941 is the IRS tax records which all the payroll professionals have to maintain in the records. Systematic record administration of the form is very important, if you don’t want notice from the IRS knocking your door with penalties and interest that accompany. The Schedule B is also very important form employers as the Form 941 and Schedule B should match every single line as per the IRS guideline. 

Reconciliation of the form 941 has to be done with W2 forms before submitting each form. Penalties can be levied if the reconciliation is not done by the IRS and Social Security Administration. The reconciliation has become very important in last few years. 

This webinar covers the IRS Form 941 and its accompanying Form Schedule B for 1st Quarter of 2021.  It discusses what is new for the latest version form in 2021 including all changes recently made by the Consolidated Appropriations Act of 2021 as well as the requirements for completing each form line by line. It includes the filing requirements and tips on reconciling and balancing the two forms. The webinar also covers the forms used to amend or correct the returns.

  • The IRS released a draft of updated instructions for Schedule R of Form 941
  • The instructions reflect that deferrals of the employer and employee portions of Social Security tax were not extended to 2021

Learning Objectives:

  • For the attendee to understand the requirements for completing the 2021 Form 941 correctly line by line.
  • To ensure that the attendee has the basic knowledge to complete the Form Schedule B according to the IRS regulations and to ensure that it reconciles down to the penny with the Form 941 prior to submission. 
  • To ensure the attendee knows when a Form 941-X is required and provide the attendee with the basic knowledge of how to complete Form 941-X. 
  • To demonstrate to the attendee the reconciliations needed under IRS and Social Security Administration regulations.

This Presentation will cover:

  • The draft instructions were updated to include changes to Form 941 regarding the expiration of Social Security tax deferral provisions
  • Draft instructions for Form 941-SS also were released
  • Line by line review of the 2021 Form 941
  • Tips for completing the Schedule B—liability dates vs. deposit dates
  • Tips to balance Form 941 and Schedule B to the penny—as required by the IRS
  • Form due dates
  • Who should sign the Form 941
  • Reporting third party sick pay, group term life insurance and tips correctly
  • How to reconcile the Forms 941 with the Forms W-2
  • What to do if you discover an error in deposits for the quarter when completing the Form 941
  • Using the 941X form to correct the Form 941

Who Will Benefit:

  • Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
  • Human Resources Executives/Managers/Administrators
  • Accounting Personnel
  • Business Owners/Executive Officers/Operations and Departmental Managers
  • Lawmakers
  • Attorneys/Legal Professionals
  • Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues

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