SECURE Act and CARES Act and Stimulus packages have thrown a lot of incentives and money on the table for small businesses. CPAs, 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 its 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 SECURE and 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 online continuing education course, we shall highlight some of the overlooked aspects of these changes

This  webinar covers payroll-related COVID-19 changes including the following Key Topics:

• 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 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.

• To review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA.
• To recall revisions to Form 941.
• To determine how to claim credit in Families First Coronavirus Response Act for qualified sick leave wages, and qualified family leaves wages.
• To describe how a PPP loan ties into all of this.
• To discuss how deferral of employer-side Social Security tax works.

The IRS recently released a new version of Form 941 for the second quarter of 2022. 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 Form 941. This 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 filling out forms.

• Accountant
• Accounting Firm
• California Registered Tax Professional
• Certified Financial Planner
• Certified Payroll Manager
• CPA – Large Firm
• CPA – Mid Size Firm
• CPA – Small Firm
• Enrolled Agent
• HR Professionals
• Human Resources Manager
• Maryland Tax Preparers
• Oregon Tax Preparers
• Payroll Compliance Practitioner
• Tax Accountant (Industry)
• Tax Director (Industry)
• Tax Firm
• Tax Managers
• Tax Practitioners
• Tax Preparer
• Tax Pros
• Young CPA

Note: You will get access to the Recording link and E-Transcript; in your account and at your registered email address.