Form 941 Changes and COVID-19 Tax Provisions

Global Wizdom is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP or SHRM-SCP. This program is valid for 1.5 PDCs for the SHRM-CP or SHRM-SCP.

Key Take-Away:
Multiple new tax credits and other benefits are available through payroll, and Form 941 has changed; this webinar will cover all of those topics.

Overview:
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.

Why Should You Attend:
This course will cover payroll-related COVID-19 changes. These changes include the ability to defer payment on employer-side Social Security taxes; 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 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.

Areas Covered in the Session:
•  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

Speaker: Jason T. Dinesen
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. 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. He started his practice in 2009.