Form 941 and COVID-19 Related Tax Credits

With so many new rules and regulations related to COVID-19, organizations may be overwhelmed or sifting through conflicting information. This 60-minute webinar is perfect for anyone from payroll, accounting or HR departments to learn the tips, techniques and strategies involved in understanding the IRS requirements in claiming credits, filling out Form 941 and Form 7200 and other important information regarding COVID-19 and related tax credits under the FFCRA and the CARES Act.

Additionally, this webinar will help managers, business owners, payroll, accounting and HR understand the importance of accuracy in the filing of the forms to protect the organization in case of an audit. Record retention requirements that are unique to FFCRA and the CARES Act and other COVID-19 related laws will also be covered. What is considered an “eligible” employer and how do you define “qualified health expenses?” How can you ensure your organization doesn’t incur a failure to deposit penalty? Learn the answers to these important questions and more with this informative webinar proven to cut the time, frustration and uncertainty of tracking information for filing Form 941, Form 7200 and COVID-19 related tax credits.

• Which specific credits can be claimed related to the FFCRA (Families First Coronavirus Response Act).
• The basic rules and regulations governing claiming of credits under the FFCRA and how to correctly determine the amount of credits allowed.
• Tracking requirements through the payroll, accounting and HR departments to prove compliance with when the time was taken vs. when the payments were made.
• How to fill out Form 941 correctly to claim tax credits without error.
• How and when Form 7200 can be used to receive monies in a timelier fashion.
• Definitions of terms as outlined under the FFCRA and CARES Act, such as: “qualified sick leave wages”, “qualitied family leave wages” and more.
• Creating a record retention method that can prove compliance during an audit.
• The protocol for making deposits in a timely fashion under the credit allowance guidelines so as not to incur a “failure to deposit” penalty.
• Confidence that you have complied with all applicable rules and regulations allowed to your organization for the credits.
• Knowledge in dealing with outside governmental auditors that you can prove a pattern of compliance with all government rules and regulations with proper documentation and recordkeeping.

Payroll and HR professionals, business managers, controllers, tax consulting firms, payroll processing firms and anyone who has Form 941 duties and responsibilities.