Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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?
Publication Date: June 2021
Topics Covered
- Failure to deposit penalty relief — Sometimes
- Payroll Tax Returns — Grand Central Station
- Advance payments — Form 7200
- COVID Relief — Many roads lead to payroll tax returns
- Rescue Act — FFCRA Credits Expanded and Extended
- Employee Retention Credit (ERC)
- Aggregation of employers
- PPP vs. ERC
- Substantiation and statute of limitations
- How to claim COVID on employment tax credits
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
- Recognize what is not one of the 2Q 2021 Form 941 changes
- Identify the minimum credit provided on Form 7200
- Identify what the family leave maximum was expanded to what amount, based on the Rescue Act
- Describe how to claim COVID on employment tax credits
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Bradley Burnett
Bradley Burnett, J.D., LL.M., is a practicing tax attorney, licensed in Colorado, with 38 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank, and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.
Mr. Burnett has delivered more than 3,400 presentations on U.S. tax law throughout all 50 states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 45 CPE courses. Mr. Burnett served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and taught IRS practice and procedure. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.