The American Rescue Plan Act (ARPA) provide tax credits for Employers who provide voluntary Emergency Paid Leave the ARPA extends availability of the tax credits to those employers who qualify and voluntarily provide employees with EPSL and/or EFML through September 30, 2021. Now that Employers can receive tax credits for these benefits, many are looking on how to calculate these tax credits to ensure they receive the amount of tax credits and ensure accuracy.
Completing the IRS 941 form and the 941-X is the necessary process to collect the tax credits. Many Employers are familiar with the form 941 but not all are able to complete it with confidence with the so many steps. Add the fact that there have been many reported errors, it is an additional concern to complete the 941-X corrections appropriately to ensure compliance and avoid fines, penalties and criminal sanctions.
Why you should Attend
Employers need to complete the 941 and make corrections by completing form 941-X. Compliance best practice is for Employers to learn how to mitigate the processes that impact their company. From payroll employees to payroll providers, it is critical that Employers utilize all resources to ensure they follow the necessary protocols to complete these IRS forms. This training will provide Employers and professionals insight into how to complete the forms to ensure you maximize the tax credits offered by the ARPA and give the employees the confidence and transparency.
Areas Covered in the Session
- What are the changes from the Family First Coronavirus Response Act (FFCRA)
- What has the American Rescue Plan Act (ARPA) removed and added for Employers during COVID-19
- What other tax credits are available under the ARPA
- How are the Employee Retention tax credits a benefit for Employers and employees
- How Can Employers communicate the necessary changes to their employees
- Why is it important for Employers to understand how to complete the 941 form and if necessary, the 941-X
- What are the steps to completing form 941 effectively and error free
- What are the steps to take when completing the 941 form and the 941-X form
- What mistakes can be corrected by form 941-X
- How should Employers coordinate with their payroll provider to ensure accuracy and compliance
Who Will Benefit
- Payroll professionals
- Payroll managers
- HR professionals
- HR executives
- HR directors
- HR managers
Margie Faulk, a senior level human resources and compliance professional with over 14 years of HR management and compliance experience. A current Compliance Officer/Advisor for HR Compliance Solutions, LLC. Margie has worked as an HR and Compliance advisor for major corporations and small businesses in the small, large, private, public and Non-profit sectors.
This includes Federal Contracting in the defense, military, anti-Terrorism and Apache Helicopter Training Simulations with Federal Acquisition Regulations (FAR), Federal Sentencing Guidelines (FSG) and Office of Federal Contract Compliance Program (OFCCP). Margie is bilingual (Spanish) fluent and Bi-cultural.
Margie's focus has expanded to Global Workplace Compliance in International, multi-state, multi-National, state and local workplace compliance which includes workplace compliance in other countries like the UK, Canada, France, Brazil, China, Africa, Mexico and India, just to name a few. Margie has created and presented seminars/webinars for many compliance institutes. These national training providers, offer compliance training to HR professionals, business owners and companies interested in having their company compliant with workplace and industry regulations.
Margie holds professional human resources certification (PHR) from the HR Certification Institution (HRCI) and SHRM-CP certification from Society for Human Resources Management. Margie is a member of the Society of Corporate Compliance & Ethics (SCCE).