IRS Form 940 and Unemployment

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Learning Objectives

To discuss who and which earnings are subject to unemployment taxes.
To summarize COVID-19 Legislative updates and how to manage them.
To review the FUTA tax rate and tax deposition.
To discuss Form 940 changes and common errors made.
To examine how FUTA & SUTA interact and their importance.
To discuss the status of the state unemployment system and how it will affect your job in the coming years.
To summarize details of the FUTA Credit Reductions.
To discuss what is the SIDES program and its impact.
To discuss how to reduce and maintain your SUI rates.

Course Description

For years the only changes payroll professionals had to worry about were normal rate changes for state unemployment each year. But in recent years the IRS has made updates to the federal Form 940 and states are in a much different position financially regarding unemployment benefits. Because several states are faced with depleted funds, changes are occurring in payroll unemployment taxes. With COVID-19 legislation and all the extensions, FUTA and SUTA taxation has been an area that has become more complicated for both employees and employers.

This CE webinar for CPAs will review the necessary updates on where our unemployment system is and how this will affect the way payroll professionals will do their jobs now and in the future.

Key topics covered in this CE webinar for Tax professionals:

Updates to the Federal Form 940 and common errors committed
How the updates impact the jobs of payroll professionals
Extension of FUTA and SUTA taxation for both employees and employers
How to reduce and maintain your SUI rates
What are the SIDES program and its impact

Click here to access CPE/CE courses on PDC/RCH Courses.

Webinar Qualifies For

1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
1 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01802-23-O)
1 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-01802-23-O)
1 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 23-VNSUF)
1 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 650543)
1 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1443)
1 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01802-23-O)
1 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01802-23-O)
1 CE Credit of Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01802-23-O)
1 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
1 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Dayna Reum

Specialist, Ann & Robert H. Lurie Children's Hospital of Chicago

Dayna currently is the director of payroll operations at a major medical center in Chicago and has been heavily involved in the payroll field for more than 20 years.

She started as a payroll clerk at a small Tucson company but moved on to be a payroll team leader at Honeywell Inc.

During her time at Honeywell Inc., she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. Dayna has also received several merit awards for customer service and acquisitions, and divestiture.

She also serves on the National American Payroll Association on the national Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee), and received a citation of merit for her service along with being a gold pin member of the APA.

Dayna is also a CPP (Certified Payroll Professional) through the APA and certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.

Additional Information

Duration

1 Hour

Course Level

Intermediate

Instructional Method

Group Internet Based

Pre-requisites

Basic Knowledge Of Payroll Taxes And Related Forms

Advance Preparation

None

FAQ’s

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IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Ratings and Review

4.2

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Sid Packer, CPA (US)

I appreciated the brevity of it. Not much more could have been added.

Stefanie Steinhofer, EA

Good information. Would have liked more state specific info

Vernon Walker, CPA (US)

The content was very good. However, the speaker talks with a vocal fry and it was driving me crazy to listen to hear. Funny thing is that she spoke that way about 80% of the time during the presentation. The other 20% was very clearly spoken. That is to say she really need to practice not speaking with a vocal fry. It sounds so unprofessional. Also practice not saying "you know" so much. It's okay to be silent when transitioning to another thought.