Tax Updates Latest (Business & Payroll)

4.4 (24)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Thursday, December 17, 2020 | 08:00 AM PST

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • SHRM
  • AFSP

Credits: 8 CPE | 8 CE

$80

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax for Maryland Tax Preparers

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

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

8 CE credit of Federal Tax Update for Oregon Tax Preparers

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Additional Dates

Jan 28, 2021 | 10:00 AM EST Register

Course Description

There may not be any major changes to the small business tax code in 2020, but there are some important things to keep in mind. In 2018, Congress passed major adjustments to business tax law, including a lower corporate tax rate, new rules for pass-through businesses and a tax break for some industries.

Session 1 

Any business – regardless of its structure (sole proprietor, corporation, etc) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. employee.  This session includes the latest update on  Form 1099-NEC which is being Resurrected by IRS & it will be used to report payments made to independent contractors. This session would cover : 

  • What constitutes a reportable transaction ?
  • What are the rules regarding paying and IRS reporting on Independent Contractors?
  • How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway? 
  • What are the best practices for handling our information reporting obligations?
  • How can we minimize risk of improper exemption claims by our payees and vendors? 
  • Different due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
  • This webinar is recommended for everyone professional in Accounting industry including Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, IT Managers, Compliance Managers, Risk Managers or every profesional & team member in accounting practice.

Session 2

On May 31, 2019, the Internal Revenue Service (IRS) released a draft of the 2020 W-4 form and on December 5, 2019, released the final 2020 Form W-4, Employee’s Withholding Certificate that radically changes the way employee paychecks are calculated. Before changes, the Form W-4 was a critical form that all companies have to obtain from employees and has had special processing requirements. The form includes major revisions, including several new input elements for federal income tax withholding calculations, which will require significant reprogramming of payroll systems. This session will prepare the payroll professionals to understand the changes to the Form W-4 for 2020 and to review the recently released draft of the 2020 W-4 Form. We will also discuss the IRS specific laws around the processing of Form W-4 and how they should be handled will be discussed. Apart from that, this webinar would cover : 

  • The layout of the new Form W-4 and its requirements
  • Withholding using 2020 Forms W-4 vs withholding using pre-2020 forms
  • What to do with existing, "old" W-4s filled out by employees?
  • How to handle moving expenses?
  • Form 1099-NEC for reporting of independent contractors
  • 2020 IRS Draft Form 1099-MISC Review

This webinar will prepare your staff for this filing year, improve your employee reporting set-up and maintenance practices, and reduce your risk of complaints from the IRS.

Session 3:

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 session 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. This session 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.

Session 4 :

Tax laws are constantly changing. Tax and financial professionals need to stay current to understand the impact of these changes and to minimize taxes. The Tax Cuts and Jobs Act changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding, such as small and mid-size business owners. Among other reforms, the new law revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued certain deductions. This webinar would focus on business tax updates related to the CARES Act, including: 

  • Treatment of net operating losses
  • Changes to certain depreciation rules
  • Update of pending tax legislation and other developments
  • Payroll Updates
  • Qualified Business Income(199A)
  • Payroll Updates
  • Paycheck Protection Program

This practical webinar provides a comprehensive update and an instant working knowledge of all key tax provisions. This session will get you up to speed on the latest developments related to individual, partnership, S corp, and C corp returns for 2020.

Session 5: 

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income.  While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary. The focus of these two CPE hour course is on Schedule C of Form 1040 (sole proprietorship tax returns). Schedule C is applicable to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040.

Major Topics Covered :

  • SSN or EIN
  • Accounting Methods
  • Constructive Receipt
  • Prepaid Expenses & Advance Payments
  • Issuing 1099s
  • Health Insurance
  • Retirement Accounts
  • QBI Deduction
  • Net Operating Losses
  • Connect with us as our world-class tax instructors share knowledge in a high – energy, using real-life experiences, which helps you understand complex topics in an easy manner.

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 8 hour CPE webinar is going to be insightful experience for all the attendees

Learning Objectives

  • Why file a Form 1099? & Who must issue a 1099?
  • Identify the rules requiring W-9 documentation and 1099 reporting for various types of forms.
  • To recall the new Form W-4 and proper way to process a federal W-4
  • To identify what to do with current employees who already have a W-4 on file
  • Review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA

Who Should Attend?

  • Tax Attorney
  • Tax Practitioners
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • Tax Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Accounting Practice Owners
  • Senior Accountant
  • Accounts Director
  • Cloud Accountants
  • Chief Accounting Officer
  • Entrepreneurial Accountant
  • Tax Managers
  • Accounting Managers
  • Tax Preparer

Testimonial

4.4

(24)
58%
29%
8%
0%
4%

HW

The presenter was very knowledgeable about the payroll product and his presentation was superb! I loved that he took the time to answer so many questions.Jason was well organized, clearly explained, very good presentation. thank you very much.