Form 941 Revisions and other COVID-19 Tax Changes for Businesses


Jason Dinesen is a keynote speaker of Compliance Key. 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 a variety of clients and industries. 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.

Overview

This presentation will focus primarily on payroll changes related to COVID-19. Specifically we will cover the Employee Retention Credit and the tax credits available under the Families First Coronavirus Response Act, the ability of employers to defer payment on part of their payroll tax liability, how to claim credits using the new Form 7200, and how to reconcile everything on the revised Form 941. The presentation includes a case study with filled-out forms to help make the concepts clearer.

Why should you attend this webinar?

Congress has approved two new payroll-related tax credits because of COVID-19: the Employee Retention Credit and tax credits under the Families First Coronavirus Response Act. Businesses can claim these credits by filing a new form called Form 7200, or by claiming the credits on the quarterly Form 941. Either way, a business must reconcile everything on the Form 941. The Form 941 has been substantially changed for the second quarter of 2020 to account for this reconciliation. This course will cover the tax credits in depth, as well as how to claim credits on the Form 7200, and all of the changes on the Form 941. We will use a case study of a business that qualifies for one of the credits and how the business will claim the credits. The case study includes filled-out forms, including filled-out Form 7200s and a filled-out Form 941 for the quarter.

Areas Covered in the Session:

  • Deferral of employer-side Social Security tax
  • The Employee Retention Credit
  • The Families First Coronavirus Response Act and associated tax credits
  • How the popular Paycheck Protection Program loans affect these tax provisions
  • Overview of the new Form 7200
  • Overview of changes to the Form 941
  • Case study including filled-out forms

Who can Benefit:

  • Payroll professionals
  • Office managers
  • CFO's
  • Managers
  • Human resources professionals
  • Accountants



Webinar Id: CKJD001

Training Options:

Duration: 90 mins

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 $189 (Single Attendee)  $409 (Unlimited Attendee)

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