COVID-19 Employment Tax Changes for Employers and Self-Employed (Completed)

Date: Tuesday, September 1, 2020
Instructor: Annette Nellen
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

Among many tax changes in the Families First Coronavirus Response Act (FFCRA) and CARES Act are a few providing employment tax relief for many employers and some for self-employed individuals. This webinar explains the basics of the paid leave credits of the FFCRA and the employee retention payroll tax credit and payroll tax deferral of the CARES Act. The payroll tax deferral of the August 8 presidential memo is also covered. Interaction of these provisions with other rules, as well as documentation requirements, reporting and open issues are addressed. Examples and planning considerations are addressed throughout. Possible future changes are also presented.

Topics Covered

  • Inventory of COVID-19 changes to employment taxes
  • Basics of the FFCRA paid leave tax credits
  • Operation of the Employee Retention Credit of the CARES Act
  • Operation of the employment tax deferral provision of the CARES Act
  • What we know about the payroll tax deferral of the August 8 presidential memo
  • How the COVID-19 employment tax provisions interact with other rules
  • Documentation requirements
  • Reporting and Form 941 changes and new forms
  • Open Issues
  • Planning Issues
  • Examples
  • Looking Ahead

Learning Objectives

  • Identify employment tax relief for employers and self-employed individuals in the FFCRA and CARES Acts
  • Describe the key requirements to qualify for and compute these tax benefits.
  • Recognize how the COVID-19 payroll tax relief interacts with other COVID-19 and general tax provisions

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None

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