The 941 is a common form known to any employer. However it is anything but simple.

Because it records all subject payments to employees, and provides credits for things such as the Employee Retention Credit, employers and 3rd party payroll processors have to keep track of updates every year.

The most recent credits are for the ERC, and have been available for several years. But this is ending, so find out how to claim free money before it is too late.What You'll Learn:The bigger the business you are, the more complex your compensation structure, and whether or not you use a third party, you should know about the details of this form. It's difficulty makes it easy to make mistakes. Mistakes are easily caught by the IRS.

So ask yourself the following questions:

• Does my payroll system adequately record all taxable compensation to all workers - especially esecutives, traveling worker's expenses, fringe benefits, etc?
  
• Are deposits accurate and on time?
  
• Do you take advantage of credits available to you for the "Emergency of the Year" that applies to you.
  
• How frequently are 941x's required for your business.?
  
• Would it be beneficial to use a 3rd party in order to avoid "red flags" that can mean audits or reviews?