COVID-19 Employment Tax Changes for Employers and Self-Employed
Author: Annette Nellen
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
Among several tax changes in the Families First Coronavirus Response Act (FFCRA) and CARES Act are a few providing employment tax relief for many employers and self-employed individuals. This webinar explains the paid leave credits of the FFCRA and the employee retention payroll tax credit and the delay for depositing payroll and self-employment taxes. These rules interact with other credits and tax rules as well. Examples, documentation and planning considerations are also covered.
Publication Date: June 2020
Topics Covered
- COVID-19 Legislative and Administrative Overview
- Payroll tax relief in FFCRA and CARES Acts
- Paid leave credits — employers and self-employed
- Employee retention payroll tax credit
- Delay for payment of employment taxes for employers and self-employed individuals
- Relevance to other provisions
- Examples, documentation, open issues and planning considerations throughout
Learning Objectives
- Identify employment tax relief for employers and self-employed individuals in the FFCRA and CARES Acts
- Compute the employee retention credit with and without the employer OASDI tax deferral provision
- Recognize how the payroll/self-employment tax relief interacts with other COVID-19 and general tax provisions
- Recognize true statements regarding the employee retention credit (ERC)
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A basic understanding of tax preparation.
Advance Preparation
None
