Before starting this self study progarm, please go through the Instructional Document.
DownloadCourse Details
Overview of Topics
- Refresher of COVID-19 tax provisions4 mins
- New Form 720039 mins
- Revised Form 941 for 2nd Quarter47 mins
- A Case Study to Tie it All Together80 mins
- Other COVID-19 tax-related updates93 mins
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
Webinar Qualifies for
- 2 CPE credit of Taxes for all CPAs
- 2 CE credit of Federal Tax Update for Oregon Tax Preparers
- 2 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )
- 2 CE credit of Federal Tax Law Update for CRTPs (CTEC Approved-6273)
- 2 CE credit of Federal Tax for Maryland Tax Preparers
- 1.5 General Educational credit for Tax Professionals/Bookkeepers/Accountants
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
About Presenter
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College.
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.
Review Questions
- Question 1 : 00:15
- Question 2 : 00:30
- Question 3 : 00:45
- Question 4 : 01:05
- Question 5 : 01:25
- Who can take benefit under deferral of social security tax?
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- For deferred Social Security Tax, the deferred taxes are due:
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- The ERC is what percentage of qualifying wages:
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- Who is exempted from filing form 941?
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- Who can make Good faith certification for PPP?
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- Which form is used for claim credit refund?
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- What is the full form of PPP?
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- What are the requirements to avail employee retention credit?
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- The new worksheet on the revised Form 941 is:
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- Which form is there for amend and claim the credit?
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- What is the due date for filing form 7200?
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- Which form is used for Quarterly federal tax return?
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- Who are not required to provide leave for family members with COVID-19?
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FAQ
- myCPE self-study courses are online.
- The self-study format allows you to access the material online 24/7 and study at your own pace.
- As per NASBA guidelines, you have one year from date of registration to complete each program.
- Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
- Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
- Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
- These are Live recorded presentations converted into Self Study (On-Demand Videos).
Refund/Cancellation Policy
- For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
- Please email to help@my-cpe.com in case of any self study program queries.
Reviews
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LSLeah Stout , QBA, ACCT./BK, AFSPJun 12th 2020He introduced the new 941 in a very easy to understand format, by demonstrating with the actual forms, and with the ever changing "interim final rulings", it's been creating some anxiety, I feel I can tackle them head on. Thanks so much!
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.
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
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.
On-Demand Webinars
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/RegisterTax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/RegisterBEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
- Cost $15
- CPE Credits 1.5
- CE Credits 1
- IRS Course ID GEHNZ-U-00166-20-S
- CTEC Course ID 6273-CE-0178
- Subject Area Taxes
- Course Level Basic
- Instructional Method QAS Self Study
- Prerequisites None
- Advanced Preparation None
- Recorded Date June 22 ,2020
- Published Date June 22 ,2020
- Who should attend? Enrolled Agent Tax Practitioners CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Managers Tax Preparer
- Handout Material Download
- Key Terms Download
On-Demand Webinars
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/RegisterTax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/RegisterBEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/RegisterPay Invoice
Registration Payment
