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. 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. 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. 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.

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. 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.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.