New IRS Form 7200 & Form 941: 2021 Quarter 3 COVID-19 ERC, ARPA, FFCRA Tax Credits and COBRA Premium Assistance

Outline

Is there a new Form 7200? What does it have to do with your quarterly tax form?

If you're an employer who must file employment tax such as Form 941, 943, 944, or CT-1, you may also file Form 7200 to request an advance payment of the tax credit for qualified sick, family leave wages, and the ERC (employee retention credit).

Although the Form 7200 was introduced last year, in 2021, the IRS forbids filers from using its previous versions. We now have a newer version to use for quarters 3 and 4, which comes with major changes. In this training, you will get instructions on how you can file 7200 and omit the errors you make in this form with the help of your employment tax form.

We'll have a detailed discussion on 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, COBRA Premium Subsidy, and Paycheck Protection Program (PPP) loans. In particular, we will do a deep dive into the ERC!

With the quarter 3 deadlines for Form 941 and Form 7200 right around the corner, it's to explain to the employers how they can 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 Act (CARES) and FFCRA.

We will also discuss how and when you can use Form 941-X to make retroactive credit claims, along with discussing the role of Form W-2 and its relation with the recent payroll changes.

Join our taxation expert to learn about these tax credits plus any "late-breaking" news relating to the Forms 7200 and 941 and other provisions.

What You Will Learn

-Employee Retention Credit (ERC) deep dive into the recent changes and beyond
-Form 7200: preparation, discussion, and errors
-What's different in Form 941 and how to report it without errors?
-How can you use Form 941-X to make retroactive credit claims?
-Interaction between ERC and PPP
-FFCRA recent changes review
-COBRA subsidies/tax credit (recent update)
-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 do these relief programs interact with other relief provisions

Why You Should Attend

If your federal employment taxes don’t cover the payments, you can request an advance of the credits using Form 7200, Advance Payment of Employer Credits Due to COVID-19. This training will provide a guideline on the timelines of Form 7200 and your quarterly employment form to pay the qualified wages. We'll also discuss how you can account for the advance amounts while filing your employment tax form.

Since 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.

So let's throw the myths and confusions out of the door and learn this all in detail!

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.