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Filing IRS forms requires a lot of diligence
08 March 2017
Forms 940, 941 and the W-2 are important filings that need to be done with the Internal Revenue Service (IRS). Any lapse on the part of the organization filing these payroll forms can lead to confusion, and on top of it, to IRS notices. One of the factors that add to the confusion about these IRS forms is that they keep changing, at least to some degree, from year to year.
A basic understanding of the filing of IRS forms 940, 941 and the W-2
IRS Form 940
IRS Form 940 is for organizations that are not exempt from unemployment taxes, and needs to be filed annually.
IRS Form 941
Form 941 needs to be filed by tax-exempt organizations on a quarterly basis. A few kinds of small business owners can file annually in the form of Form 944, rather than through the quarterly period interval. To do this, instructions for filling out IRS Form 944, available with the IRS, need to be adhered to.
IRS Form W-2
IRS Form W-2 must contain the following:
o The total wages, as well as any other compensation that an employer paid to an employee, including that which is not withheld;
o The allocation of the total wages to Medicare taxes and social security, along with any allocated tips, if relevant;
o All the part of pay that is subject to deductions for the purposes of income tax, Medicare and social security;
o The full advance payment made towards Earned Income Credit (EIC).
The IRS specifies that in each of these cases, the deadline for the tax-exempt organization to distribute the W-2 IRS form to each of its employees is January 31 of the covered year. It also specifies that the Forms W-2 that employers provide to employees have to be clear. At the time of filing IRS forms, tax-exempt organization must provide to each employee who received any wage during the filing year, copies of Form W-2, Wage and Tax Statement.
IRS forms and Obamacare
The Patient Protection and Affordable Care Act (PPACA) popularly called the ACA or Obamacare, has introduced a new element into the IRS forms. A lot of new types of forms need to be filled for 2017. So, it is very important to understand the ways of doing this through a proper and professional trainings session.
This is what a webinar from TrainHR, a highly popular provider of professional trainings for the HR industry, will teach. At this webinar, Dayna Reum, Payroll Tax Manager at PetSmart Inc., will impart learning on how to handle filing of IRS forms 940, 941 and the W-2 with diligence and care.
Payroll Professionals, Compensation Professionals, HR Professionals and Benefit Professionals, who want to benefit from this webinar, can register for it by visiting http://www.trainhr.com/control/w_product/~product_id=701665? rubyconnection-seo .
This webinar activity has been approved for 1 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI).
Best practices for filing IRS Forms 940, 941 and W-2
At this webinar, Dayna will give an understanding of the best practices for IRS forms filing. The changes that need to be incorporated into the filings on a quarterly and annual basis will be taught. Also, Dayna will do a review of the three IRS forms under discussion, namely the 940, 941 and the W-2 as they relate to prescribed changes for 2017. She will also offer a brief overview of the new ACA forms, which she will include for participants for reference. In addition, the ways of handling an IRS dispute, should it arise, will also be taught.
Dayna will cover the following areas of IRS forms 940, 941 and W-2 during this webinar:
Quarterly Tax Reporting-Form 941
o Form Reporting Requirements
o Deadlines and Penalties
o Important Points
Annual Employee Reporting-Form W-2
o Box by Box overview
o Common Mistakes
Annual FUTA Reporting-Form 940
o Basics of Form 940
o Changes to Form 940
o Common Mistakes
Handling an IRS Dispute.