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On 7th September, the Treasury Department and the IRS issued Notice 2021-53 for Employers to guide them report on Form W-2 the amount of qualified sick and family leave wages paid to employees for leave taken in 2021.
The update provides guidance under recent legislation, including: the Families First Coronavirus Response Act (FFCRA), as amended by the COVID-Related Tax Relief Act of 2020, and the American Rescue Plan Act of 2021.
So the September guidance requires the Employers to report these amounts to employees either on Form W-2, Box 14, or in a separate statement provided with the Form W-2.
It is to provide employers with model language to use as part of the Instructions for Employee for the Form W-2 or on the separate statement provided with the Form W-2.
The wage amount that the notice requires employers to report on Form W-2 will provide employees who are also self-employed with the information necessary to determine the amount of any sick and family leave equivalent credits they may claim in their self-employed capacities.
Now, it is important to know the IRS' take before we discuss the approach for ERC.
-What are ERC and FFCRA?
-Step-by-step through the ERC, from qualifying to calculating the credit
-What new approaches this IRS guidance bring?
-How to claim ERC on Form 941, Form 7200, and Form 941-X?
-What is FFCRA?
-How to claim FFCRA?
-How PPP loans interact with ERC and FFCRA?
-COBRA credits, restaurant revitalization fund, and shuttered venues operators grants: how it all ties together with ERC and PPP
-Reporting on tax returns
This training session will cover the latest with the employee retention credit and the Families First Coronavirus Response Act (FFCRA). ERC has changed multiple times since its inception, and continues to change, with 3 pieces of IRS guidance released in August and September of 2021. New guidance recently came out about FFCRA reporting for 2021 as well.
-Business owners
-Tax professionals
-Office managers
-Payroll professionals
-Controllers
-Bookkeepers
-Managers
-CFOs
-Accountants
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. Jason prepares over 200 tax returns every year and deals with a variety of situations ranging from individual taxes to business taxes. He has been presenting since 2012.
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