Morgan Lewis – Claiming COVID-19 Tax Credits and Deferrals with the IRS How To Complete the Redesigned Form 941

Charged with administering new payroll tax relief programs created by the FFCRA and CARES Act, the IRS recently released a redesigned version of Form 941 (Employer Quarterly Tax Return) through which employers can now claim entitlement to FFCRA qualified sick/family leave tax credits, CARES employee retention credits, and CARES payroll tax deferrals.

As the July 31 deadline to file the redesigned Form 941 for the second quarter of 2020 approaches, questions about the technical mechanics of reporting COVID-19 payroll tax credits and deferrals to the IRS have proliferated.

Join us for a webinar addressing the following:

• Reporting of CARES payroll tax deferment, FFCRA qualified sick/family leave tax credits, and CARES employee retention tax credits
• Offsetting FFCRA and CARES tax credits against other payroll tax types
• Substantiation best practices and other payroll tax audit preparedness techniques
• Interaction with advanced tax credits claimed on Form 7200
• How to claim a refund or credit on Form 941-X