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New Form 941 and Other Important must know Payroll updates in Covid-19

4.5 (283)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Wednesday, June 10, 2020 | 10:00 AM EDT

  • CPA
  • EA

2 Credits

FREE

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00166-20-O)

2 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0178)

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00166-20-O)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-U-00166-20-O)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

Course Description

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 course 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.

CARES Act and Stimulus packages have thrown a lot of incentives and money on the table for small business. CPA, Accountants, Tax Professionals, and Advisors have to look into all the aspects to serve their clients or advise their company. In the noise of PPP and it's a forgivability lot of other things have been overlooked, which could bear a very significant impact on your clients.

Among the many tax provisions included in the CARES Act, crafted to provide liquidity for businesses suffering the effects of the COVID-19 outbreak, is one that postpones the employer portion of certain payroll taxes imposed in 2020 and gets tax credits. In this webinar, we shall highlight some of the overlooked aspects of these changes

This webinar 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.
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 new webinar is going to be insightful experience for all the attendees

Learning Objectives

  • Review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA
  • Overview of revisions to the Form 941
  • How to claim credit in Families First Coronavirus Response Act for qualified sick leave wages, qualified family leave wages
  • How a PPP loan ties into all of this
  • How deferral of employer-side Social Security tax works

Who Should Attend?

  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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    [no_of_record] => 283
    [average] => 4.5053
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4.5

(283)
62%
30%
6%
0%
2%

HW

Jason presented timely and useful information on Form 941. He simplified a very complex subject into bite size pieces then pulled it all together for the big picture view. Highly recommended to all accounting professionals.

TC

Even with some sound issues, this was a strong and informative webinar. Thank you Jason for sharing the information on form 941!

GK

Very happy to see draft forms of 941 and have instructions for form 7200...I have been looking

PA

This was the most informative of all webinars and It was very helpful. I feel that I understand the changes to the 941 form, the new FORM 7200, and I will be able to navigate filling it out for my clients.

ME

Thank you Jason for sharing the information on 941 form !! The program he put together was very effective and the slides are great resources for all of us with second quarter payroll clients. Thank you very much.

HN

Thank you Jason for giving us the knowledge of form 941 and we all appreciate myCPE for providing us the Free ethics courses in this difficult time. You are the best!