Payroll Tax Returns Deluged with Change

Author: Bradley Burnett

Employment tax returns have been pummeled by a flood of Congressional pandemic relief over and over and over again. Dripping with change after change after change, how do we push through and go on? This course will wash you employment tax clean.

First, it was deferral of employer OASDI until 2021 and 2022. Next, sick pay and family leave to employees under FFCRA offset by all fed employment taxes (ET). PPP then blitzed America with intricate employment tax interplay. Then, the President allowed deferral of employee OASDI. Next, the employee retention credit (ERC) burst on the scene to retroactively co-exist alongside PPP loans and forgiveness, but not on the same wages. Next, Congress changed the ERC/ET interplay prospectively. After all of that, IRS weighed in (well, sort of).

How do all of the above compete for the same wages and soak against the other?

Publication Date: June 2021

Topics Covered

• Failure to deposit penalty relief — Sometimes
• Payroll Tax Returns — Grand Central Station
• Advance payments — Form 7200
• COVID Relief — Many roads lead to payroll tax returns
• Rescue Act — FFCRA Credits Expanded and Extended
• Employee Retention Credit (ERC)
• Aggregation of employers
• PPP vs. ERC
• Substantiation and statute of limitations
• How to claim COVID on employment tax credits

Learning Objectives

• Recognize how much money payroll tax credits can save for you and your clients
• Identify ERC and FFCRA credits and PPP forgiveness wage absorption
• Recognize what is not one of the 2Q 2021 Form 941 changes
• Identify the minimum credit provided on Form 7200
• Identify what the family leave maximum was expanded to what amount, based on the Rescue Act
• Describe how to claim COVID on employment tax credits

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None