Session 1 - State unemployment insurance & The Federal Unemployment Tax Act (FUTA) Unemployment Form 940 update
Speaker - Dayna J Reum | Duration - 60 Min
For years the only changes payroll professionals had to worry about was normal rate changes for state unemployment each year. But in recent years the IRS has made updates to the federal Form 940 and states are in a much different position financially regarding unemployment benefits. Because several states are faced with depleted funds, changes are occurring on payroll unemployment taxes. With COVID-19 legislation and all the extension, The Federal Unemployment Tax Act (FUTA) and The State Unemployment Tax Act (SUTA) taxation has been an area that has become more complicated for both employees and employers.
This webinar will review the necessary updates on where our unemployment system is and how this will affect the way payroll professionals will do their jobs now and in the future.
Webinar Agenda
- Form 940 basics and how to properly complete
- Form 940 changes
- FUTA and how to properly calculate
- FUTA and SUTA and how they interact
- Experience Ratings and how they work
- SUI tips and tricks to keep costs down
Webinar Highlights
- Understanding who and what earnings are subject to unemployment taxes
- COVID-19 Legislative updates and how to manage them.
- A review of FUTA tax rate and tax depositing
- Discuss Form 940 changes and common mistakes made
- How FUTA & SUTA interact and why it is important to understand
- Discussion on the status of the state unemployment system and how it will affect your job in the coming years
- Details of the FUTA Credit Reductions
- What is the SIDES program and what its impact will be
- How to reduce and maintain your SUI rates
Session 2 - New Form 941X For Q-2 2021: The Latest Changes Including Covid Credit Updates
Speaker - Dayna J Reum | Duration - 60 Min
The new Form 941 released for Q2 2021 to include all the COVID-19 credits was a huge challenge to employers, but deadlines with the IRS remained the same. Some employers found out after they filed to make the deadline that they did it wrong. Now employers are asking how I fix my mistakes. To expand on this complexity due to the American Rescue plan Act of 2021 that was signed into law more employers are finding themselves needing to complete 941X for 2020 retro’s. And the newest 941x update has made employers question how to process updates. Join this webinar to know more about these changes.
Webinar Agenda
- By Form 941X Basics
- Deadlines for Filing Form 941X
- Form 941X Line by Line Review
- COVID-19 updates and how to fix for the update credits
Webinar Highlights
- Line by line detail of the new Form 941X
- What are the legal deadlines for completing the 941X
- Review of the COVID-19 Credits and how to fix them with the 941X
- How to know properly claim underreported taxes or over reported taxes.
- Does the 941X always accompany a W-2C and how to know the difference
- Retro 941X and what needs to be completed because of the ARP Act
