Payroll: How to Effectively Correct Forms W-2 and Amend Forms 941

Patrick Haggerty is Keynote Speaker at ComplianceKey. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars a........


A major task of Payroll departments 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. The due date for filing the forms with the Social Security Administration is currently January 31. This accelerated due date no longer allows time for employees to advise employers of errors so that corrections can be made before the forms are filed with the Social Security Administration.

In addition, penalties for failure to file and failure to furnish timely correct W-2s increased significantly and are now indexed for inflation and will continue to increase each year.

Penalties are reduced or eliminated 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 how to correctly prepare Form 941-X to correct errors on Form 941.

This webinar will discuss the common and not so common errors and adjustments that affect w-2 Forms 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.

Why should you attend this webinar?

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 and when to file the corrections.

Areas Covered in the Session:

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 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 can Benefit:

Webinar Id: CIFPAH017

Training Options:

Duration: 90 mins

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 $167 (Single Attendee)  $599 (Unlimited Attendee)

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