Payroll Tax Returns Deluged with Change (Completed)

Date: Friday, June 25, 2021
Instructor: Bradley Burnett
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

Employment tax returns have been pummeled by a flood of Congressional pandemic relief over and over and over again. Dripping with change after change after change, how do we push through and go on? This course will wash you employment tax clean.

First, it was deferral of employer OASDI until 2021 and 2022. Next, sick pay and family leave to employees under FFCRA offset by all fed employment taxes (ET). PPP then blitzed America with intricate employment tax interplay. Then, the President allowed deferral of employee OASDI. Next, the employee retention credit (ERC) burst on the scene to retroactively co-exist alongside PPP loans and forgiveness, but not on the same wages. Next, Congress changed the ERC/ET interplay prospectively. After all of that, IRS weighed in (well, sort of).

How do all of the above compete for the same wages and soak against the other?

Topics Covered

  • Amended return mania can put serious cash right back into your pocket
  • How Form 941 and 941-X doubled overnight in size and scope
  • Employee retention credit (ERC) — The ET credit masquerading as a tax credit
  • Planning cash flow involving employment tax deposits and refunds
  • Examples of various scenarios, filled out forms and backup records
  • ERC and FFCRA (and veteran's employment, WOTC, R&D and §45S) credits and PPP forgiveness wage absorption all on display
  • Do it yourself or manage the outside payroll vendor? (How to prevent being slain)
  • How ERC employment tax credits interact with income tax returns (let the M-1 adjustment good times roll)
  • Planning, planning and planning to get every dollar you can get

Learning Objectives

  • Recognize how much money payroll tax credits can save for you and your clients
  • Identify ERC and FFCRA credits and PPP forgiveness wage absorption

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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