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.
