Understanding Employer Tax Credits...Retirement distribution Up to $100,000 Pay back in 3 years...
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心在南方 1 談高大與中山之合併 南方壺 中山大學成立於民國 69 年，整整早高雄大學 20 年。如 果你今天還覺得高雄的建設落後北部甚多，那二十餘年前， 高雄被稱為文化沙漠，就不足為奇了。那時很多人都覺得高 雄是個很遙遠的地方。所以中山成立的初期相當艱辛，不論 延攬優秀教師，或吸引學生，都得更用心。中山是個有大志 的學校，而歷任校長的領導，也大致方向正確。由於一心想 與北部名校並駕其驅，當學術研究在國內大學中，還不是那 麼蔚為風尚時，中山算是比較早開始重視及鼓勵研究的大 學。經過二十餘年來的努力，中山不但發展出一些有特色的 研究領域，整體研究績效也頗令人刮目。僅舉數例。91 至 93 年度，教育部執行“推動研究型大學整合計畫＂，中山與 台大、清大、交大、成大、中央及陽明等七所大學，獲得經 費補助。之後教育部又推出為期五年的“頂尖大學及研究中 心計畫＂，獲得此計畫的，就是所謂研究型大學。中山也名 列 12 所之列。此計畫第二梯次僅 11 所大學獲得，中山仍在 其中。雖然表現亮麗，中山卻有些隱憂。如校地不足，及教 師人數較少。此二弱點，使中山的發展一直很受限。 當名列研究型大學中的各大學，無不致力於研究，這時 教師人數多寡，當然就成為影響整體表現之一重要因素。中 山校區總面積雖有 70 公頃，但很多是山坡地，可建築面積
Transcript of Understanding Employer Tax Credits...Retirement distribution Up to $100,000 Pay back in 3 years...
Understanding Employer Tax Credits
Wednesday, April 29, 2020
Professional Tax Planning, LLC&
Corporate Payroll Services
Legal Disclaimer
The information presented today is provided for educational purposes and should not be considered legal advice.
Professional Tax Planning, LLC
Parents were immigrants from Japan and Philippines
Parents owned Hiromi’s Oriental Restaurant
Chicago city – born & raised
2010 – Auditor for CPA firms, PwC in 2014
2016 to present – Shifted specialty
Tax return preparation for small businesses
Intuit TurboTax On-Demand CPA
Internal Auditor for a construction company
Freelanced as a CPA consultant
About Hiromi
About Ephrat BS in International Business
Joined Corporate Payrolls Services in 1999
Has held a variety of roles in
Operations
Management
Information Technology
About Corporate Payroll Services HR applications and payroll processing at exceptional prices.
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COVID-19Relief
Options
Employee Retention
Credit
Payroll Tax Deferral
Families First Tax Credits (FFCRA)
Sick Paid Leave
Family Paid
Leave
Tax FreePayments
Employee Retention Credit
Normal operations
Q1 2019
Fully or partially suspended business operations
March 2020
Gross receipts decreased by 50% compared to Q1 2019
Q1 2020
50% of wages per employee
Wages paid afterMarch 12,
2020
$10,000 max per
employee
Payroll Tax Deferrals
POSTPONE EMPLOYER SHARE
OF PAYROLL TAXES
MARCH 27, 2020 –DECEMBER 31, 2020
50% DUE 12/31/202150% DUE 12/31/2022
Self-EmployedPOSTPONE EMPLOYER
SHARE OF PAYROLL TAXESMARCH 27, 2020 –
DECEMBER 31, 202050% DUE WITH TAX RETURN
25% DUE 12/31/202125% DUE 12/31/2022
Family First Coronavirus Response Act (FFCRA)
50 - 500 employees
Required
Fewer than 50 employees exception
Sick Paid Leave Tax Credit
100% of employee’s pay 2 weeks
$511 per day
Family Paid Leave Tax Credit
2/3 of employee’s pay2 weeks
$200 per daySelf-
employedcount too!
PPP LOAN
EMPLOYEE RETENTION TAX
CREDIT
PAID LEAVETAX CREDITS
(FFCRA)Not on
the same wages
Tax-Free Payments COVID-19 payments
EIDL advance
PPP forgiven amount
Economic impact payments
$5,250 student loans
Disaster-related Funeral costs, sanitizers,
Lysol, handwipes, masks
Retirement distribution Up to $100,000
Pay back in 3 years
Qualified improvement property is 15 year property
Corporate AMT Credits harvest
Business interest deductions limits 30% to 50% EBITDA
Excess Business Losses limits lifted
US Senate – Tuesday, April 21, 2020
https://www.congress.gov/116/crec/2020/04/21/CREC-2020-04-21.pdf
PAGE 13 PPP – add $310 billion EIDL – add $10 billion
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Tax Planning & Savings
If there’s a problem or confusion, we’ll guide you.
Presenter
Presentation Notes
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How Corporate Payroll Services can help?Form 7200 to IRS?
Form 7200 will be transmitted to IRS for client.
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Form 7200
A Form 7200 will be generated for payroll clients when a refund is due.
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Presentation Notes
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Other Withholdings and LiabilitiesPayroll Report
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Form 7200 & Payroll Invoice
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Employer Social Security Tax Deferral& Payroll Invoice
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FAQ’S
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Questions? 1-on-1?
Taking appointmentscalendly.com/taxproplan
