How to Effectively Correct Forms W-2 and Amend Forms 941-Online Webinar

Wednesday, May 17, 2017 at 11:30AM - 2:30PM
Fremont, CA

Event Details

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. 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.

Objectives Of The Presentation
  • You will be able to describe the appropriate circumstances requiring that you issue a Form W-2C or Form 941-X
  • You will be able to discuss the corrected W-2 with your employee
  • You will be able to explain the necessary changes required to your supervisor
  • You will be able to identify which tax forms need to be amended
  • You will know the deadlines for minimizing penalties on late or incorrect W-2 Forms
  • You will know when to file Form 941-X to make interest free adjustments
  • You will understand how the statute of limitations applies to Form 941 Amendments
  • You will understand the difference between a Form 941 adjustment and a Form 941 claim for refund
  • You will know which certifications must be obtained from an employee in order to file an adjustment or claim for refund for overpaid tax
Why Should you Attend
A major task of 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. For 2016 W-2 Forms the due date for filing the forms with the Social Security Administration has been moved up to January 31, 2017. As a result, the IRS expects to see more errors on W-2 Forms and has changed the rules regarding de minimus corrections for returns filed after December 31, 2016. In addition, penalties for failure to file and failure to furnish timely correct W-2s.

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.

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.

Areas Covered
    W-2/W-3 Correction Basics
    • Statute of Limitations to Correct Forms
    • Timing to Provide Forms to Individuals and Submit to SSA
    • Which Forms to Use
    Correcting Errors on Current (2016) Forms
    • Issue a W-2C or a Corrected W-2?
    • Adjusting Payroll Tax Filings for 941 and 940
    • Timing to Furnish to Individuals and Report to SSA
    Correcting Common Errors for Prior Year Forms
    • Correcting Employee's Name
    • Correcting Employee's Address
    • Correcting Multiple W-2 Forms for an Employee
    • Correcting Entries in Box 12
    Correcting Federal Payroll Tax Forms
    • Form 941 - Underpayment of Taxes
    • Form 941 - Overpayment of Taxes
    • Correcting Form 940
    Other Considerations
    • Refunding of Overpaid FICA Taxes
    • Correcting State Tax Forms
    • Making Corrections to Local Taxes
Who will Benefit
  • Payroll Professional
  • Public Accountants
  • Internal Auditors
  • Tax Compliance Officers
  • Enrolled Agents
  • Employee Benefits Administrators
  • Officers and Managers with Payroll or Tax Compliance Oversight
  • Company / Business Owners
  • Managers/ Supervisors
  • Public Agency Managers
  • Audit and Compliance Personnel & Risk Managers.

For Registration


Organization Details

Online Compliance Panel (OCP) creates and delivers comprehensive industry relevant training sessions. These sessions are simple, interactive and cost effective. We are a predominantly web based information exchange forum. Live interactions on compliance training make the process holistic and effective. OCP largely emphasizes in offering regulatory compliance training to compliance professionals on varied topics. These primarily include risk management, quality management, corporate compliance and other regulatory compliances. Some of our primary areas of focus include advancement and updates in regulatory compliance, best practices and market trends.

We strive to incorporate high standards in developing a culture facilitating exchange of ideas resulting in functional excellence. OCP believes in nurturing ideas and thought processes through innovative e-learning methodologies. Our products and services are designed to offer customized solutions to industry and market. We bridge the gap between experience and knowledge thus delivering original and creative content.

Our objectives of employing interactive mediums ensure effective communication and mutual exchange of ideas. OCP closely follows best practices and regulatory trends in the global compliance scenario. We also observe and communicate trends witnessed in FDA, ISO regulations, process and design validation. All updates and additions to important laws can be accessed by our customers in real time.

Our mission is to empower compliance professionals through effective online training sessions. Our world class training methodologies stem from comprehensive understanding of client requirements. The content conforming to FDA and ISO standards is developed by well qualified and experienced industry leaders. Our offerings will exceed expectations and add value to your investment.

The content in various categories such as medical devices, pharmaceuticals and biotechnology will raise the bar in terms of quality already on offer .We hope to contribute to the creation of responsible organizations creating benchmarks in quality, integrity and transparency.

Online Event
38780 Tyson Lane, Apt 210
Fremont, CA 94536

Starts May 17, 2017 at 11:30AM - 2:30PM

Add to my calendar  

Contact Information

Organization: Online Compliance Panel LLC

Event Contact: OCP Panel

Phone: 15108575896