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Form 941 Changes and COVID-19 Tax Provisions
- Overview of payroll-related COVID-19 relief provisions
- How deferral of employer-side Social Security tax works
- How the Employee Retention Credit Works
- How the Families First Coronavirus Response Act credit works
- How a PPP loan ties into all of this
- How the deferral and credits tie together
- The new Form 7200 for advance payment of the tax credits
- The re-designed Form 941 and how to fill it out
Overview of the webinar
This course will cover payroll-related COVID-19 changes. These changes include: 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; and a tax credit for paying mandatory sick leave under the Families First Coronavirus Response Act. In response, the IRS has released a new version of the Form 941 quarterly payroll report, to account for these deferrals and credits. The IRS has also released a new form called Form 7200 which can be used for claiming advance payments on the tax 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.
Who should attend?
- Business Owners
- Managers,
- Office Managers
- Bookkeepers
- CFOs
- Controllers
- Accountants
Why should you attend?
Congress has passed special provisions relating to COVID-19, including the ability to defer payment on employer-side Social Security tax, a tax credit for qualifying businesses called the “Employee Retention Credit,” and a tax credit for mandatory sick leave paid under the Families First Coronavirus Response Act. In response to these provisions, the IRS has released a new version of Form 941 for quarterly payroll filings, and a new form called Form 7200 for getting refunds of the tax credits. Learn about these changes and more in this webinar.
Faculty - Mr.Jason Dinesen
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses.
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.
He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credits, corporation and partnership taxation and other issues relating to the modern-day setting.
Jason always had a knack for speaking and news reporting. He is regularly featured as an anchor for Radio Iowa and Radio Minnesota, is a frequent Podcast Guest and hosts his own Podcast.
Credits
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org