CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

Update in Payroll Tax Forms (2021)

Update in Payroll Tax Forms (2021)

8 Credits

$80

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

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

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 PDC credit for SHRM Certified Professionals (Approval No. 21-73YN4)

8 RCH credit for HRCI Certified Professionals (Approval No. 564635)

8 RCH credit for Fundamental Payroll Certification (FPC) (Approval No. 21CPE011)

8 RCH credit for Certified Payroll Professional (CPP) (Approval No. 21CPE011)

8 CE credit of Federal Tax for Oregon Tax Preparers

8 CE credit of Federal Tax for Maryland Tax Preparers

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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

Overview

  • Employee Retention Credit
    3 mins
  • ERC 2021
    32 mins
  • COBRA
    56 mins
  • 2021 Form 7200
    74 mins
  • Laws That Affect or Influence The Employment Relationship
    97 mins
  • Worker Classification Procedures
    122 mins
  • Claiming Exemption From Withholding
    153 mins
  • Show Up & Call Back Pay
    178 mins
  • Who are you paying - Identifies your payees as potential:
    208 mins
  • W-9 Guidelines - Perjury Signature
    248 mins
  • Filing Season Action Plan
    302 mins
  • Telephone Number Employer Verification
    355 mins

Course Description

On account of the COVID-19 situation and law changes on its account, and changes in the administrative policies, there have been updates in the payroll tax form. This package covers key updates in form 941, Fair Labor Standards Act changes in the payroll laws, independent contractors and tax collection updates to form 1099, and IRS changes to form W-4 and W-2. 

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.

It covers:

  • New Form 7200 for claiming advance payment of the tax credits and how to reconcile on Form 941.
  • Review the ERC and FFCRA credits, as well as the ability to defer employer-side Social Security taxes

The IRS has changed the rules in regulatory reporting once again.  At all such instance, it is required to: 

  • Review the current law and regulations regarding the filing of Forms W-2. 
  • Review the current Forms W-4 and W-2 and related issues to prepare you for a smooth reporting season. 
  • Prepare your staff for the filing year.
  • Improve your employee reporting set-up and maintenance practices.
  • Get practical guidance in the areas that have become the subject of increasing IRS scrutiny.

Though the IRS has struggled with independent contractors and tax collection. And the situation has not changed very much. In assessing opportunities to close the tax gap – that is taxes due but not reported or paid - one of the greatest opportunities comes from expanding the information reporting on taxpayers by payers –1099. 1099 has become a time-consuming reporting obligation and however, it can be streamlined in a number of ways.

The key topics covers:

  • What are the rules regarding paying and IRS reporting on Independent Contractors? 
  • How do I avoid the IRS CP-2100 (B-Notices)? 
  • What if my vendor claims exemption; must I obtain a W-9 anyway? 
  • What are the best practices? 
  • How can I minimize the risk of improper exemption claims by my vendors? 
  • Other related questions to reduce your risk of huge penalties from the IRS

The Fair Labor Standards Act is the granddaddy of all payroll laws. You are surprised at all the interesting things to do and how important this role is to the success of the company. 

  • A quick briefing on the basic laws affecting payroll. 
  • Where to find authoritative rules to support your policies and procedures. 


This webinar covers the requirements of the modern-day tax professionals in a payroll compliance function with key updates presented by Miles Hutchinson and Jason Dinesen.


Click to access more webinars on SHRM & HRCI Courses | Leadership and Management Package for SHRM | Business Credit Package for HRCI Professionals

Learning Objectives

  • To review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA
  • How to claim credit in Families First Coronavirus Response Act for qualified sick leave wages, qualified family leave wages
  • Overview of revisions to the Form 941
  • How a PPP loan ties into all of this
  • How deferral of employer-side Social Security tax works
  • To identify the worker classifications under the Fair Labor Standards Act and other IRS worker classification and recognize who should be treated as an employee and independent contractor
  • To recall New salary thresholds for salaried exempt status effective 1/1/2020
  • To identify what constitutes compensable travel time under the Portable Act and who is entitled to Overtime Pay - including an update on federal actions to change the rules
  • To recognize the best set up an independent contractor in the vendor payment system to ensure compliance with the IRS reporting rules
  • To identify the protocols for setting up new vendors (ICs)
  • 1099 Reporting, whom/for what you pay determines whether you must report 
  • To recognize when to file Form W-9 and the best way to test the accuracy of the W-9 information with the IRS’s records – for free!
  • To review legal and regulatory changes for the reporting year and summary of the impacts of the Tax Credits and Jobs Act
  • To report the cost of employer-sponsored health coverage – which employers are affected, when employers must begin reporting, what to report, valuation methods, etc.
  • To identify an efficient way to handle expense reimbursements made to employees - reportable/taxable?
  • To recognize the best way to efficiently execute an electronic W-4 program and update forms including the new form W-4  (no longer based on exemption allowances)

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Testimonial

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