NEW FORM 941, FORM 7200, ERC, TAX CREDITS UNDER FFCRA, & OTHER PAYROLL UPDATES IN COVID-19

4.6 (1136)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Credits: 1.5 CPE | 1 CE

$15

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Maryland Tax Preparers

2 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

2 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

2 CE credit of Federal Tax Update for Oregon Tax Preparers

1.5 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Before starting this self study program, please go through the instructional document.

Overview

  • 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

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?

  • 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

Testimonial

4.6

(1136)
65%
29%
4%
1%
0%

HL

Very user friendly

PS

n/a

TJH

very good.

CH

I did not realize this webinar has been out for months. I will look for dates next time. One of the questions did not have a correct answer to choose. I believe it was number 7/8 which federal form is a quarterly form? choices are 940, 1040,4010 or 3500