Compass Tax Educators

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.