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

4.6 (3329)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Monday, July 13, 2020 | 03:30 PM EDT

  • AFSP
  • CPA
  • CVA
  • EA
  • HRCI
  • Tax Preparer
  • SHRM
  • CTEC
  • CFE

2 Credits

FREE

Subject Area

Taxes

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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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    [average] => 4.5969
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4.6

(3329)
66%
29%
4%
0%
0%

MB

Mr. Jason delivered a comprehensive review of all aspects of Form 941, and this is a timely topic since there have been several Covid-19 updates. This Form is vitally important for employers since it tells the IRS info about your employees. He stressed the need to ensure that Social Security and Medicare taxes balance on the form and urged caution about signers and designees. Other topics covered were reporting requirements, signing requirements, due dates for quarterly filings, and an in-depth Form 941 line-by-line review. Finally, he reviewed Form 7200, Sch B for Form 941, and reminded us that the 941 & W-2’s must reconcile at year’s end.

PW

Jason was a very good instructor, clear and thorough for the the time allotted, plus effectively mentioned handout and IRS Instruction locations for further reference. I followed along with, and notated, a blank 941 form with her important reminders and key points.

PT

Examples use in the webinar, help clarify doubts that arise from the related reading material that have been publish by the IRS and i'm sure it will become of great help in providing assistance to our clients. This was an extremely well-organized webinar that was all business, very important business.

MC

It was a timely and valuable webinar. At the end I couldn't see or enlarge the Forms 941 or 7200. That would have been helpful. I got a bit lost with completing the forms at the end, however, I'm sure I can figure it out when I prepare them. Thanks

TF

I came away with a better understanding how to report and pay payroll taxes and effects of COVID-related credits on tax filings, I really appreciated this description of how the IRS 941 is changing due to the stimulus provisions and the walk through the new form. Thanks!

AS

The seminar was informative. It was enlightening to see how the calculation of this and possibly other credits, can open a revenue stream and show our clients that the calculation of various credits can be quite time consuming, but ultimately very valuable and a great tax savings for them.