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COVID-19 Payroll Updates 2021: ERC, ARPA, Tax Credits Under FFCRA and Changes to Form 941 Including COBRA Premium Subsidy

Outline

On 25th May 2021, the IRS introduced a few changes to Form 941 for employers to use beginning with Q2’s tax filings. According to ARPA, the 2021 Form 941 has 23 new (or adjusted) lines. These changes relate to the new COBRA Subsidy Premium, as well as changes relating to the Employee Retention Credit and Families First Coronavirus Response Act (FFCRA).


This webinar includes the Employee Retention Credit (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 and Paycheck Protection Program (PPP) loans. In particular, we will do a deep dive into the ERC!


With the quarter 2 deadline right around the corner, employers need to learn how to report both the refundable and the non-refundable portions of the employment tax credits for qualified sick and family leave wages and reconciling payroll tax credits and deferral opportunities available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Families First Coronavirus Response Act (FFCRA).


We will also cover how and when you can use Form 941-X to make retroactive credit claims, along with discussing the role of Form I-9 and Form W-2 and their relation with the recent payroll updates.


Join our taxation expert to learn about these tax credits plus any "late-breaking" news relating to the 941 and these provisions.


What You Will Learn

-Employee Retention Credit (ERC) deep dive into the recent changes and beyond
-Interaction between ERC and PPP
-FFCRA recent changes review
-COBRA subsidies/tax credit (recent update)
-Changes to Form 941 and how to report it without errors
-Using Form 941-X to make retroactive credit claims
-Form I-9: temporary COVID-19 procedures
-Form W-2 reporting of optional payroll tax deferrals
-Other relief programs (restaurant revitalization fund, shuttered venues operators grants, economic injury disaster loans)
-How these relief programs interact with other relief provisions


Why You Should Attend

Since March last year, 4 pieces of legislation have passed from Congress about COVID-19: FFCRA, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Taxpayer Certainty, and Disaster Relief Act, and the American Rescue Plan Act (ARPA). Each of these laws either created new relief programs or changed existing relief programs. Many of these relief programs for businesses run through payroll. In this webinar, we will cover all of these business-related/payroll provisions and recent updates.


With the recent May update issued by the IRS, it is crucial to understand the new draft before you can file your Form 941.


Who Will Benefit?

-Office managers
-Payroll professionals
-Accountants
-Employers
-Tax professionals
-CFOs
-Business owners
 

You may ask your Question directly to our expert during the Q&A session.

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