STIMULUS AND TAX BILL (CARES ACT): WHAT ADVISORS MUST KNOW
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Course Details

Overview of Topics

  • How Will This Information Help You10 mins
  • Payment Deadline Extension12 mins
  • Deadline Extension13 mins
  • Tax Credits to Fund Paid Sick Leave16 mins
  • Paycheck Protection Program19 mins
  • Partnership Loan Basis38 mins
  • Emergency EIDL Grants39 mins
  • Bankruptcy Provisions69 mins
  • Individual Tax Relief72 mins
  • Business Tax Relief80 mins
  • Key Issue Summary86 mins

Course Description

Coronavirus Aid, Relief, and Economic Security (CARES) Act is of the most massive stimulus bill passed in American history. The CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system suffering the impact of the COVID-19 coronavirus in the United States. Even though the program passed as a $2.2 trillion program, the impact is closer to $7 trillion based on direct relief, grants, and government-supported loans.

The “CARES Act” is the U.S. Government’s key legislation that is designed to provide loans and loan forgiveness, tax incentives, credits and deductions to Americans and American businesses. The bill will inject $2 trillion into the American economy, and includes a range of tax rebates expanded unemployment benefits and a variety of business tax relief provisions designed to bolster individual, family and business finances.

MAJOR TOPICS COVERED:

  • A massive emergency SBA nonrecourse loan program for small businesses with generous forgiveness provisions.  
  • Income Tax-Free SBA loan forgiveness along with key tax Incentives designed to stimulate the U.S. economy
  • Deferral of the Employer side of Social Security Taxes Until 2021 and 2022
  • $1,200 checks to many Americans plus $500/child that will be phased out based on income widely believed to be $75,000
  • Employment Tax Credits to 100% Finance Sick Leave for Small Business
  • Expansion of NOL Carrybacks and Carryforwards
  • Waiver of 2020 RMDs from Qualified Retirement Plans
  • Waiver of 2020 RMDs from IRAs
  • Delayed Filing Dates for Some Returns and Not Others
  • Delayed Payment Dates
  • Retirement Plan and IRA Penalty-Free Distributions – with Repayment Plans over Several Years
  • Retirement Plan Loan Expansion & Relief
  • Delayed IRA and Plan Contribution Dates
  • New Charitable Tax Breaks – Including an above-the-line deduction and Percentage Limitation Rollback 
  • Significantly Delay on the Payment of Employment Taxes
  • 461(l) Excess Loss Limitation Relief
  • Deductible Business Interest Expense Relief

Join us for this CPE Webinar to understand the key elements of the CARES Act, including eligibility for specific government programs and how the support will be provided.

Learning objectives

  • To recognize when & how the new tax laws will take effect.
  • To identify how the new tax provisions will work for taxpayers.
  • To recognize ways your organization can mitigate risks and leverage opportunities.
  • To identify the details of the new tax benefits available for taxpayers.
  • To identify various business tax-relief provisions designed to bolster individual, family and business finances

About Presenter

Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals, and he has received more than 200 favorable private letter rulings including several key rulings of “first impression”. He is the author of over 100 articles and columns and is the editor, author or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference and the Heckerling Estate Planning Institute.


At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:03
  • Question 5 : 01:15
  • Question 6 : 01:25
  1. What are Under payroll protection program, restaurants with how many numbers of employees qualify for loans?
  2. What are the points which needs to be considered under Good Faith Certification Payroll Protection Program?
  3. Loan forgiveness amount under Payroll Protection Program is reduced when:
  4. From the below mentioned points what holds true for Suspension of Required Minimum Distributions (RMDs)
  5. Under temporary suspension of limit on deductions for cash contributions (CARES Act §2205) C Corps – may deduct cash charitable contributions up to 15% of taxable income (up from 10%) in 2020 to public charities. This statement is True or False?
  6. What does EIDL stand for and what is the basic eligibility criteria for EIDL?
  1. Select from the options mentioned below which holds true for Employee retention credit for employers subject to closure due to coronavirus who continue to pay employees wages during closure
  2. C-Corporations can defer up to what amount in tax due?
  3. Payroll costs includes:
  4. Payroll costs do not include:
  5. Tax credit for self-employed is equivalent to
  6. From the below mentioned options, which one holds true for Loan Forgiveness Taxability (Act §1106)
  7. What are the different attributes of Loan program to any business, non-profit, veterans or tribal business with 500 or < employees under Payroll Protection Program?
  8. The CARES Act excludes from the definition of payroll costs any employee compensation in excess of annual salary of $100,000. The exclusion applies to all employee benefits of monetary value including:
  9. For years beginning > 12/31/17, deduction for business interest expense (BIE) cannot exceed sum of:
  10. For years beginning in 2019 and 2020, CARES increased 30% of Adjusted Taxable Income (ATI) limit to:

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.5
(111)
59%
32%
7%
1%
1%
  • JW
    Jill Whitman
    Jun 6th 2020
    Great course
GH
Gregory Hammes , CPA, Attorney
It was very well organized.
AS
Ashley Smith , CPA
N/a
JG
James Geswein , EA
Good presentation, knowledgeable instructor.
HB
Helen Batson , EA
I knew I needed more information on the subject, I was familiar with the instructor and the price was right. A lot of information and was well presented. Glad I took it. Thank You for the opportunity.

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MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

On-Demand Webinars

WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
FUNDAMENTALS OF INCOME TAXATION OF TRUSTS & FORM 1041 PLANNING: WHAT EVERY ADVISORS NEEDS TO KNOW
Wednesday, October 21, 2020 View Details/Register
ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register
  • Cost $20
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-U-00131-20-S
  • CTEC Course ID 6273-CE-0143
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date April 15 ,2020
  • Who should attend? Enrolled Agent Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Accounting Practice Owners Accounting Managers
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
FUNDAMENTALS OF INCOME TAXATION OF TRUSTS & FORM 1041 PLANNING: WHAT EVERY ADVISORS NEEDS TO KNOW
Wednesday, October 21, 2020 View Details/Register
ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register