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
To review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA
To explore 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
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.
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
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.
About Presenter
Jason Dinesen, EA, LPA
Advisor, Dinesen Tax & Accounting, P.C.
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.
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.
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.
Testimonial
4.6
(3308)
66%
29%
4%
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MB
Marsy Bassari, CPA
Nov 20th 2020
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
Phyllis Woods,
Nov 19th, 2020
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
Penn Thomas, CPA
Nov 19th, 2020
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
Mark Conrad, CPA
Nov 19th, 2020
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
Ted Funke, CPA
Nov 19th, 2020
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
Amanda Saladiner, EA
Nov 18th, 2020
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.
