Tax Updates Latest (Business & Payroll)

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • HRCI
  • ORTP
  • SHRM
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

There may not be any major changes to the small business tax code in 2020, but there are some important things to keep in mind. In 2018, Congress passed major adjustments to business tax law, including a lower corporate tax rate, new rules for pass-through businesses and a tax break for some industries.

Session 1 

Any business – regardless of its structure (sole proprietor, corporation, etc) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. employee.  This session includes the latest update on  Form 1099-NEC which is being Resurrected by IRS & it will be used to report payments made to independent contractors. This session would cover : 

  • What constitutes a reportable transaction ?
  • What are the rules regarding paying and IRS reporting on Independent Contractors?
  • How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway? 
  • What are the best practices for handling our information reporting obligations?
  • How can we minimize risk of improper exemption claims by our payees and vendors? 
  • Different due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
  • This webinar is recommended for everyone professional in Accounting industry including Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, IT Managers, Compliance Managers, Risk Managers or every profesional & team member in accounting practice.

Session 2

On May 31, 2019, the Internal Revenue Service (IRS) released a draft of the 2020 W-4 form and on December 5, 2019, released the final 2020 Form W-4, Employee’s Withholding Certificate that radically changes the way employee paychecks are calculated. Before changes, the Form W-4 was a critical form that all companies have to obtain from employees and has had special processing requirements. The form includes major revisions, including several new input elements for federal income tax withholding calculations, which will require significant reprogramming of payroll systems. This session will prepare the payroll professionals to understand the changes to the Form W-4 for 2020 and to review the recently released draft of the 2020 W-4 Form. We will also discuss the IRS specific laws around the processing of Form W-4 and how they should be handled will be discussed. Apart from that, this webinar would cover : 

  • The layout of the new Form W-4 and its requirements
  • Withholding using 2020 Forms W-4 vs withholding using pre-2020 forms
  • What to do with existing, "old" W-4s filled out by employees?
  • How to handle moving expenses?
  • Form 1099-NEC for reporting of independent contractors
  • 2020 IRS Draft Form 1099-MISC Review

This webinar will prepare your staff for this filing year, improve your employee reporting set-up and maintenance practices, and reduce your risk of complaints from the IRS.

Session 3:

The IRS recently released a new version of Form 941 for the second quarter of 2020. This revised form will account for COVID-19 related tax credits, including the employee retention credit (ERC) and tax credits under the Families First Coronavirus Response Act. We will cover the new Form 7200 for claiming advance payment of the tax credits, and how to reconcile on the Form 941. The session will also review the ERC and FFCRA credits, as well as the ability to defer employer-side Social Security taxes. We will tie everything together with a case study that includes filled out forms. This session will cover payroll-related COVID-19 changes including:

  • The ability to defer payment on employer-side Social Security taxes.
  • A tax credit for employers who meet the requirements for the Employee Retention Credit.
  • A tax credit for paying mandatory sick leave under the Families First Coronavirus Response Act.
  • New form 941 of Quarterly payroll filings, to account for these deferrals and credits
  • A new form called Form 7200 which can be used for claiming advance payments on the tax credits for qualified sick leave wages, qualified family wages and employee retention credits
  • We will talk about how all of these provisions and forms tie together. We will also discuss how Payroll Protection Program (PPP) loans enter into the mix on this.

Session 4 :

Tax laws are constantly changing. Tax and financial professionals need to stay current to understand the impact of these changes and to minimize taxes. The Tax Cuts and Jobs Act changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding, such as small and mid-size business owners. Among other reforms, the new law revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued certain deductions. This webinar would focus on business tax updates related to the CARES Act, including: 

  • Treatment of net operating losses
  • Changes to certain depreciation rules
  • Update of pending tax legislation and other developments
  • Payroll Updates
  • Qualified Business Income(199A)
  • Payroll Updates
  • Paycheck Protection Program

This practical webinar provides a comprehensive update and an instant working knowledge of all key tax provisions. This session will get you up to speed on the latest developments related to individual, partnership, S corp, and C corp returns for 2020.

Session 5: 

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income.  While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary. The focus of these two CPE hour course is on Schedule C of Form 1040 (sole proprietorship tax returns). Schedule C is applicable to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040.

Major Topics Covered :

  • SSN or EIN
  • Accounting Methods
  • Constructive Receipt
  • Prepaid Expenses & Advance Payments
  • Issuing 1099s
  • Health Insurance
  • Retirement Accounts
  • QBI Deduction
  • Net Operating Losses
  • Connect with us as our world-class tax instructors share knowledge in a high – energy, using real-life experiences, which helps you understand complex topics in an easy manner.

Tax Expert Jason Dinesen has been very vocal on COVID-19 and has garnered great reviews for providing his insights to attendees. He has educated more than 10000 professionals so far on COVID-19 related topics. This 8 hour CPE webinar is going to be insightful experience for all the attendees

Learning Objectives

  • Why file a Form 1099? & Who must issue a 1099?
  • To identify the rules requiring W-9 documentation and 1099 reporting for various types of forms.
  • To recall the new Form W-4 and proper way to process a federal W-4
  • To identify what to do with current employees who already have a W-4 on file
  • Review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 8 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0264)
  • 8 CPE Credit for Certified Fraud Examiner (CFE)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CPE Credit for Certified Valuation Analyst (CVA)
  • 8 CE Credit of Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00256-20-O)
  • 8 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 21-V4335)
  • 8 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00256-20-O)
  • 8 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00256-20-O)
  • 8 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

Presenter

About Presenter

Jason Dinesen, EA, LPA

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.

Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.

He has presented over dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.

Moreover, Jason is known to be producing every other webinar/course a little different and updated from the previous one. No wonder, he is a top ranked presenter whose webinars and self-study course materials are very well received by the audience. 

He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics. 

Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. To reinvent this aptitude, he has recently started his own series of podcasts on myCPE ‘The Jason Show’, an edutainment podcast series that also provides continuing credits to the listeners.

Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 5 cats and 3 dogs. Jason holds season tickets to University of Iowa football, and enjoys using his chainsaw. Topmost item in his 2022 bucket list is to learn how to properly ‘nose & taste’ whisky. 

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.3

122 Ratings

Excellent

58

Very Good

47

Average

16

Poor

0

Terrible

1

MM

Michael Moore, EA

Jan 2nd, 2021

It was an outstanding webinar with some great content. Every practitioner needs to see this type of discipline in webinar and practice. Learned the importance of discipline. It was very detailed. Thank you MyCPE.

DM

Drew Mcneish, CPA (US)

Dec 31st, 2020

The presenter’s number of value-added ideas to assist clients to achieve their goals and aspirations was the most important and interesting thing I have ever had. I am glad I joined MyCPE.

JR

Jennie Randolph, CPA (US)

Apr 15th, 2022

Great course. I rated that I wouldn’t use this course in my job because I’m not a tax preparer.

FR

Frank Ruggieri, CPA (US)

Jan 1st, 2022

Knowledge reinforced

KS

Kinjal Sachde, CPA (US)

Apr 20th, 2022

Great

Tax Updates Latest (Business & Payroll)

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8 Credits

Subject Area

Taxes

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