CPAR Taxes

CPAR - 2020/December, Seg. 4 - OASDI Employee Tax Deferral, Multiple Employers in 2020 and More

On August 8, 2020, a Presidential Memorandum was issued, directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the withholding, deposit, and payment of certain payroll tax obligations. In response to the Presidential Memorandum, Treasury and the IRS issued Notice 2020-65 on August 28, 2020, which was updated on October 29, 2020. Barbara Weltman, president of Big Ideas for Small Business, discusses the deferral of employees' social security tax, the new guidance and how to handle the deferral on Forms W-2 and W-2c.

Learning Objectives:

  • Identify steps to be taken by employers on W-2 and W-2c reporting on social security tax deferrals;
  • Understand the purpose of self-certification and the new reasons added by the IRS under Rev. Proc. 2020-46;
  • Determine the annual retirement plan limits for 2021, announced by the IRS; and
  • Recognize the FICA and FUTA exemptions available for wages to family members.


Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.


Speaker / Author:

Barbara Weltman
A nationally recognized expert in taxation, Barbara Weltman has built her reputation around providing timely advice and accurate analysis on business tax matters. As a tax and business attorney, Barbara has the up-to-the-minute knowledge that business managers need to get - and to stay - ahead. She is the top-selling author of numerous books on taxation and finance, including J.K. Lasser’s Small Business Taxes. Business executives also know Barbara from her appearances on Financial Management Network, from her popular radio show and as publisher of “Idea of the Day.” By subscribing to “This Week in Business Taxation,” you can share Barbara Weltman’s insights into recent business tax developments 20 times each year.

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Price (USD)

Standard: $69.90

Details

Course Code : CPAR1490-FM

Release Date : 01/11/2021
Expire Date : 02/19/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes


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