slide2Friday’s workshop “Forms 941 and 941-X: Reporting Requirements” had Congress-goers hitting the books to stay updated on important payroll information.

Speakers Jim Medlock, CPP, Payroll Compliance Educator at Medlock & Associates, and Ronald Gilson, CPP, HR/PR Product Owner at Caselle, led the way for attendees to stay compliant with the latest information pertaining to the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and more.

“We want to provide insights into these legislative changes caused by the COVID-19 legislation in the past year,” Medlock said. “We are also explaining how payroll professionals can use these forms to contribute to their organizations’ bottom lines by ensuring the reimbursements through the IRS’ tax credits are reported correctly,” Medlock said.

In the webinar chat, attendees shared their own experiences pertaining to Forms 941 and 941-X.

"We file 941s manually and it's a nightmare. They are processing late but allowing late letters to go out FIRST," said Melanie Bratton, CPP, in the chat. 

In one poll question, "Does completion of Worksheet 1 help you understand the difference between refundable and nonrefundable tax credits?", the chat blew up in laughter over one answer: I never try to understand what the IRS does, there is no logic to it! 

"[That] is how I feel, but payroll is never that easy lol," said Amanda Beth Riley, CPP, in the chat. 

Attendees learned in the workshop that Forms 941 and 941-X are assets that payroll professionals need to stay compliant and meet best practices.

“We’ve found that many organizations’ payroll professionals were not aware of how the tax credits were reported on Form 941,” Medlock said. “If the tax credits were not originally reported on that form, the credits can still be taken on Form 941-X. We want you to understand that those tax credits can still be reimbursed for the payments and health benefits.”