Form 941 and Other Payroll Updates, 2021

COVID-19 relief laws brought a series of payroll changes, new obligations and tax credits. This 90-minute webinar reviews those changes as they applied for 2021 and how Form 941 was revised to reflect them.

You'll cover the expansion of the Employee Retention Credit for 2021 and retroactive claims for 2020, mandatory sick leave under the Families First Coronavirus Response Act, the Presidential Memorandum deferral of employee-side Social Security tax and the CARES Act deferral of employer-side Social Security tax.

The session also explains Form 7200 for advance credit claims, changes to Form 941, using Form 941-X for retroactive credit claims and the legislative updates available when it was recorded.

• Explain the 2021 Employee Retention Credit changes and retroactive 2020 claims
• Describe mandatory sick leave under the FFCRA
• Distinguish the employee-side and employer-side Social Security tax deferrals
• Use Form 7200 for advance credit claims
• Identify the changes made to Form 941
• File Form 941-X for retroactive credit claims

• Employee Retention Credit expansion for 2021 and retroactive claims for 2020
• Mandatory sick leave under the Families First Coronavirus Response Act
• Presidential Memorandum deferral of employee-side Social Security tax
• CARES Act deferral of employer-side Social Security tax
• Form 7200 for advance credit claims
• Form 941 changes
• Using Form 941-X for retroactive credit claims
• Legislative updates at the time of recording

The COVID-19 payroll rules created obligations and credits that employers had to report correctly on Form 941 and, for retroactive claims, Form 941-X. Understanding how they worked helps when reviewing or correcting filings from that period.

This session suits business owners, managers, office managers, bookkeepers, CFOs, controllers and accountants.

• Business owners
• Managers
• Office managers
• Bookkeepers
• CFOs
• Controllers
• Accountants

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College