Understanding the FUTA Credit Reduction Computations

Icon_Webcast
Webcast
Icon_Level
Update
Credits
CPE Credits
1 Credits: Taxes

Course Description

This presentation James C. Count II (CPA, CTFA) will take you through using the FUTA credit formula to understand what may happen for your state in regard to a loan from the Department of Labor for paying employee benefits to your state workers. There are three formulas, and this class will take you through each of them, how to use them, and how they come into play.  You can follow along using your numbers for your state, but this class will use California numbers to demonstrate the formulas and as a general example on how they may impact employers.

Learning Objectives

Upon completing this course, participants will understand:

  • California UI Fund Solvency During 2020 Until Now
  • FUTA Normal Credit
  • FUTA Additional Credit
  • FUTA Wage Base
  • FUTA Additional Credit Reduction
  • California Schedule of Possible Credit Reductions
  • Computations for 2.7 Add-on and BCR Add-on Credit Reductions
  • Annual Basic Credit Reduction
  • Estimated FUTA Tax California Employers Could Pay
  • FUTA Credit Reduction Possible Payoff of California Loan
  • Credit Reduction Relief- Avoidance
  • Credit Reduction Relief- CAP
  • Unless Something Is Done This Will Occur
  • Possible Solutions to UI Fund

Course Specifics

Course ID
WC1822281429
Revision Date
April 6, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01994-22-O
IRS Federal Tax Update Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1731
CTEC Federal Tax Update Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

James Counts, CPA, CTFA

Sole Proprietorship since 1987, CPA since 1982. Extensive experience in income tax preparation, representation of clients before tax agencies in audits. Experienced in assisting fiduciaries and serving as a trustee. Work with tax practitioners representing their clients before tax agencies.Specialties: Individual and business tax returns, California Employment Development audits, issues and representations, IRS and California Franchise Tax Board audit representation, CTFA – Certified Trust and Financial Advisor

Understanding the FUTA Credit Reduction Computations

Expert Instructors
CPE CREDITS
1 Credits: Taxes

$49.00


Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.

Icon_Webcast
Webcast
Icon_Level
Update
Credits
CPE Credits
1 Credits: Taxes

Course Description

This presentation James C. Count II (CPA, CTFA) will take you through using the FUTA credit formula to understand what may happen for your state in regard to a loan from the Department of Labor for paying employee benefits to your state workers. There are three formulas, and this class will take you through each of them, how to use them, and how they come into play.  You can follow along using your numbers for your state, but this class will use California numbers to demonstrate the formulas and as a general example on how they may impact employers.

Learning Objectives

Upon completing this course, participants will understand:

  • California UI Fund Solvency During 2020 Until Now
  • FUTA Normal Credit
  • FUTA Additional Credit
  • FUTA Wage Base
  • FUTA Additional Credit Reduction
  • California Schedule of Possible Credit Reductions
  • Computations for 2.7 Add-on and BCR Add-on Credit Reductions
  • Annual Basic Credit Reduction
  • Estimated FUTA Tax California Employers Could Pay
  • FUTA Credit Reduction Possible Payoff of California Loan
  • Credit Reduction Relief- Avoidance
  • Credit Reduction Relief- CAP
  • Unless Something Is Done This Will Occur
  • Possible Solutions to UI Fund

Course Specifics

Course ID
WC1822281429
Revision Date
April 6, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01994-22-O
IRS Federal Tax Update Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1731
CTEC Federal Tax Update Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

James Counts, CPA, CTFA

Sole Proprietorship since 1987, CPA since 1982. Extensive experience in income tax preparation, representation of clients before tax agencies in audits. Experienced in assisting fiduciaries and serving as a trustee. Work with tax practitioners representing their clients before tax agencies.Specialties: Individual and business tax returns, California Employment Development audits, issues and representations, IRS and California Franchise Tax Board audit representation, CTFA – Certified Trust and Financial Advisor

Understanding the FUTA Credit Reduction Computations

Expert Instructors
CPE CREDITS
1 Credits: Taxes

Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.

$49.00