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Legislative Updates: Employee Retention Credit, Paycheck Protection Program, and the federal COVID-19 Response - Shared screen with speaker view
Russell Jacobs
17:16
Welcome everyone. We will start in three minutes.
Russell Jacobs
18:32
Welcome everyone. We will start in one minute.
Russell Jacobs
27:30
Have questions? Please enter them with the Q&A feature.
Lynne Farrar
51:28
What IRS form needs to be filed to determine tax credit?
Natalie Thornton
56:40
What if you have staff positions that are funded through grants, and those grant funds did not change? Does any of this apply to any positions like that or would we have to return the funds to the original grant donor, such as VOCA funds?
Dixie Pond
01:10:26
For Form 941-X deadline, see the Form 941-X instructions. From instructions: Generally, you may correct overreported taxes on a previously filed Form 941 if you file Form 941-X within 3 years of the date Form 941 was filed or 2 years from the date you paid the tax reported on Form 941, whichever is later. You may correct underreported taxes on a previously filed Form 941 if you file Form 941-X within 3 years of the date the Form 941 was filed. We call each of these time frames a "period of limitations." For purposes of the period of limitations, Forms 941 for a calendar year are considered filed on April 15 of the succeeding year if filed before that date.
National CASA-GAL Webinars
01:13:16
For Form 941-X deadline, see the Form 941-X instructions. From instructions: Generally, you may correct overreported taxes on a previously filed Form 941 if you file Form 941-X within 3 years of the date Form 941 was filed or 2 years from the date you paid the tax reported on Form 941, whichever is later. You may correct underreported taxes on a previously filed Form 941 if you file Form 941-X within 3 years of the date the Form 941 was filed. We call each of these time frames a "period of limitations." For purposes of the period of limitations, Forms 941 for a calendar year are considered filed on April 15 of the succeeding year if filed before that date.
Russell Jacobs
01:19:45
The lost revenue calculation for state and local governments is a comparison of revenue losses due to the pandemic relative to revenue collected in "the most recent full fiscal year" of the state and local government.