DESCRIPTION
Is there a new Form 7200? What does it have to do with your quarterly tax form?
If you're an employer who must file employment tax such as Form 941, 943, 944, or CT-1, you may also file Form 7200 to request an advance payment of the tax credit for qualified sick, family leave wages, and the ERC (employee retention credit).
Although the Form 7200 was introduced last year, in 2021, the IRS forbids filers from using its previous versions. Now we have a new version to use for quarters 3 and 4, which comes with most important changes. In this webinar, you will get instructions on how you can file 7200 and exclude the errors you make in this form with the help of your employment tax form.
We'll have a detailed discussion on ERC, the tax credit available for leave paid under the Families First Coronavirus Response Act (FFCRA), changes to the Form 941, optional payroll tax deferrals, and the interaction between the ERC, COBRA Premium Subsidy, and Paycheck Protection Program (PPP) loans. In particular, we will do a deep dive into the ERC!
With the quarter 4 deadlines for Form 941 and Form 7200 right around the corner, it's to explain to the employers how they can report both the refundable and the non-refundable portions of the employment tax credits for qualified sick and family leave wages, and integration payroll tax credits and deferral opportunities available under the Coronavirus Aid, Relief, and Economic Security Act (CARES) and FFCRA.
We will also discuss how and when you can use Form 941-X to make retroactive credit claims, along with discussing the role of Form W-2 and its relation with the recent payroll changes.
Join our taxation expert Jason Dinesen, EA, LPA to learn about these tax credits plus any "late-breaking" news relating to the Forms 7200 and 941 and other provisions.
Learning Objectives:
- 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, qualified family leave wages.
- To describe how a PPP loan ties into all of this.
- To discuss how deferral of employer-side Social Security tax works.
Area Covered in this Session:
- The ability to defer payment on employer-side Social Security taxes.
- Employee Retention Credit (ERC) deep dive into the recent changes and beyond
- Form 7200: preparation, discussion, and errors
- 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
- Form I-9: temporary COVID-19 procedures
- 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.
Who Should Attend?
- Accountant
- Accounting Firm
- 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
- Tax Firm Tax Managers
- Tax Practitioners
Pioneer Educator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
