This course reviews components of the traditional Form 941 and incorporates changes to reporting related to the employee retention credit for 2020 and 2021, including filing Form 941-X when an employer is eligible for ERC but failed to claim it on the original 941.  A case study highlights the difference between the nonrefundable and refundable portions of the employee retention credit.

Learning Objectives

  • Understand the components of traditional Form 941.
  • Effectively use IMPROVED Compass employee retention credit (ERC) Excel worksheet to determine eligibility and credit amount for 2020 and 2021.
  • Calculate ERC and prepare 2nd and 3rd Qtr 2020 Form 941-X for case study.
  • Calculate ERC and prepare original Form 941 for case study for 1st Qtr 2021.

Education Information

Length: 50 minutes

Prerequisite: None

Advanced Preparation: None

Program Level: Basic

IRS Program Number for Self-Study On-Demand Webinar: NMVBP-T-00195-21-S 

Delivery Method: Self-Study

Field of Study: Federal Tax (IRS)

Credit hours: 1 IRS CE

Instructor: Geri Bowman, CPA, EA, USTCP Click here to learn more about the instructor

All continuing education credit is provided through Gregory & Associates, Inc. which is doing business as Compass Tax Educators. Click here for more information regarding our education policies.

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