2020 - Form 941 Changes and COVID-19 Tax Provisions

OVERVIEW
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.
LEARNING OBJECTIVES
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
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.
WHO WILL BENEFIT?
Business Owners
Managers,
Office Managers
Bookkeepers
CFOs
Controllers
Accountants
SPEAKER
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
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