Speaker: Patrick Haggerty
Speaker Designation: Owner, Tax and Consulting Services
Penalties for late filing or filing incorrect W-2 Forms are on the rise. In addition, penalties for incorrect information of Form 941 can also be costly.
The penalties are also indexed for inflation and will continue to 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 is an essential skill.
This webinar will discuss methods for avoiding or correcting errors on Forms 941 and W-2 with a focus on how to make corrections where required so that penalties are eliminated, or minimized. The webinar will also discuss how to properly prepare and file Forms 941-X and W-2c correctly and how and when to file the corrections.
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.
Corrections to W-2 Forms frequently require that Forms 941 also be corrected. Similarly, a correction to a prior year Form 941 may require that Prior year W-2 Forms also be corrected. It is important for payroll professionals to understand the relationship between Form 941 and the W-2 Forms and to know to correct errors on Form 941 and how to correctly prepare Form 941-X.
This webinar will discuss the common and not so common errors and adjustments that affect Forms W-2 and actions you can take now to reduce or prevent filing problems and errors, special reporting situations, and what to do when errors are discovered. It will also cover the changes under the new filing deadlines.
Correcting or amending returns for the 2020 and 2021 COVID-19 tax credits and tax deferrals will be covered.
After completing the webinar:
W-2/W-3 Correction Basics
Correcting Errors on Current Forms
Correcting Common Errors for Prior Year Forms
Correcting Federal Payroll Tax Forms
Other Considerations
Pat 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 taxpayers 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, information returns, and accounting.
