2020 Form 941 - Q4 & AMENDED Q2 & Q3 AND 2021 Q1 & Q2 - A NEW & UPDATED COURSE BASED ON THE 2021 APPROPRIATIONS ACT

CREDITS: 2

CATEGORY: Taxation

SPEAKER: Karen Davis, EA

DATE: (Tentative Date - Awaiting IRS Guidance) Wednesday February 3, 2021 or On-Demand Archive (NO CPE CREDIT for On-Demand )

TIME: 12:00 P.M. - 2:00 P.M. Eastern

LOCATION: Webinar Rebroadcast

NOTE: There will be an opportunity to receive answers from the instructor in real-time by submitting your questions in the Q&A forum on the webinar page!

The new Covid relief legislation signed into law on Dec. 27 contains provisions retroactive to the effective date of the CARES Act - including changes to the Employee Retention Credit:

(1) Having received a PPP loan does not make the employer ineligible for the Employee Retention Credit, only that you cannot have paid the qualifying wages with forgiven funds is all. There may be opportunities to amend 2Q and 3Q Forms 941 to pick up this credit as appropriate. This change in PPP rules would also impact 4Q Form 941 due 1/31/2021. The 2021 changes would not impact Form 941 until the April 30 due date.

(2) The ERC has been extended and made more generous for 2021, with these changes through June 30, 2021: Instead of 50% of wages up to $10,000, the credit is 70% Decline in gross receipts triggering eligibility for this credit declines from 50% to only 20% decline. Eligible wages of $10,000 are per quarter, not per year.

This is still very new and we are awaiting guidance from IRS about revised Forms 941 and 941-X as follows:

1. 2020 Form 941-X (amended for new law coordinating ERC with PPP).

2. 2021 Form 941 - with more generous ERC rules effective for 1Q and 2Q 2021. 

3. IRS has not yet updated its ERC FAQ's to reflect the new legislation.

Tony Nitti wrote a very informative two-part article in Forbes on ERC, including highlighting areas where we need guidance from SBA and/or IRS -

Topics & Learning Objectives Include:

  • DETAILED TOPICS WILL BE POSTED WHEN THE IRS RELEASES GUIDANCE

Click On The Video Below To View A Demo of Karen Davis

Karen Davis is one of the most knowledgeable tax lecturers in the nation. She has the ability to simplify the most complex tax rules. Bring in all your tax questions and get a CORRECT answer.

  • Program Level: Overview
  • Prerequisites: Basic Knowledge of Individual Taxation
  • Advance Preparation: None Required
  • $115.00 $89.00
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