Introduction

There may not be any major changes to the small business tax code in 2020, but there are some important things to keep in mind. In 2018, Congress passed major adjustments to business tax law, including a lower corporate tax rate, new rules for pass-through businesses and a tax break for some industries.

The IRS recently released a new version of Form 941 for the second quarter of 2020. This revised form will account for COVID-19 related tax credits, including the employee retention credit (ERC) and tax credits under the Families First Coronavirus Response Act. We will cover the new Form 7200 for claiming advance payment of the tax credits, and how to reconcile on the Form 941.

Learning Objectives

  • Why file a Form 1099? & Who must issue a 1099?
  • Identify the rules requiring W-9 documentation and 1099 reporting for various types of forms.
  • To recall the new Form W-4 and proper way to process a federal W-4
  • To identify what to do with current employees who already have a W-4 on file
  • Review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA

Why should you attend?

Any business – regardless of its structure (sole proprietor, corporation, etc) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. Form 1099-MISC compliance is a surprisingly complicated compliance requirement for businesses and accountants. The requirements are always changing, and answers are seldom clear-cut. employee. This session includes the latest update on  Form 1099-NEC which is being Resurrected by IRS & it will be used to report payments made to independent contractors

Who Will Benefit

  • Accounting Firm
  • Accountant 
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

ENROLLMENT OPTIONS

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Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals Know More

Mr. Jason Dinesen