HOW TO MAXIMIZE THE IMPACT OF CARES ACT
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Course Details

Overview of Topics

  • NOL Adjustment: New 5-year NOL Carryback Regime5 mins
  • Qualified Improvement Property16 mins
  • What is Cost Segretion?26 mins
  • Corporate AMT34 mins
  • Captive Insurance39 mins

Course Description

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the attempt by Congress to reduce the economic dislocation caused by the current pandemic. Taxes play a key role in the Act, along with several economic stimulus policies. Normally a new tax law requires time to figure out all the details. The Tax Cuts and Jobs Act (TCJA) of 2017 is still looking for clarifications on several issues, some of which are addressed in the CARES Act. COVID-19 had pushed economic decline into overdrive. 

The tools given us by the Cares Act are the best we have had since 1986. Although the economic stimulus provisions such as the small business loans and payroll tax deferrals of the Coronavirus Aid, Relief, and Economic Security Act have received much of the publicity, there are other significant tax provisions which should not go unnoticed.

We will present an overview of the Cares Act that has nothing to do PPP, payroll taxes or loans. We will cover:

  • How taxes paid in prior years can be used to fund current operating or potentially add to the owners’ benefits.
  • Overview of excess loss cap that has been removed.
  • Tenant improvement property has been fixed move 39 year property to its correct Life
  • Overview of Business interest expense and corporate AMT

Webinar Qualifies for

  • 1 CPE credit of Taxes for all CPAs
  • 1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
  • 1 CE credit of Federal Tax for Oregon Tax Preparers
  • 1 CE credit of Federal Tax for Maryland Tax Preparers
  • 1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • Tax Cuts and Jobs Act taketh and the Cares Act giveth
  • Identify ways of maximizing your clients’cash flow
  • Identify ways of how to potentially increase your clients’benefits
  • Identify the plethora of required dates for implementation

About Presenter

Don Deans, CPA, PFS

Accounting Manager,Deans Consulting

ddeans@deansconsulting.net

Don has supported individual and corporate clients as a CPA for more than 40 years and as a registered representative for 18 years. Don has his BSIR and MBA from the University of North Carolina in Chapel Hill.

He began his career at Haskins & Sells in 1974 and was a partner at Deloitte Haskins & Sells from 1985-1990. Don is a nationally recognized speaker, published author, and thought leader in the accounting and finance communities. His guidance has been sought out by the Journal of Accountancy, Hartford Business Journal, and statewide CPA magazines in Connecticut, Georgia and North Carolina. Don is a member of the American Institute of Certified Public Accountants (AICPA), NC Association of CPAs (NCACPA), New York Society of CPAS (NYSSCPA), and the Georgia Society of CPAs (GSCPA). You can find his articles published by the Georgia Society of CPAs at www.gscpa.org.

Don resides in Charlotte, NC with his wife Kim and their three children, Will, James and Lauren. He also has three adult daughters, Mary Kathryn, Elizabeth, and Rebekah, as well as five grandchildren. Whether pursuing a thorough due diligence review before recommending a new product for a specific tax obligation, or dancing the night away at a Hornets game, Don Deans goes beyond what is comfortable to get the job done – all while enjoying life and the people he meets.

Deans Consulting is dedicated to helping businesses, professionals, and individuals navigate the complex world of tax strategies. We educate our clients through speaking, publishing, and consulting, and strive to provide creative solutions tailored to each client.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  1. The CARES Act amended section 172(b) (1) to provide for a new 5-year net operating loss carryback regime. It allows 5-year NOL carrybacks from tax years 2018, 2019 and 2020.
  2. Which one of the following is excluded from the definition of qualified improvement property?
  3. Which one of the following is true for Section 163 (j) carry forwards?
  1. Which one of the following is one of the provisions to consider while applying 5-year carry back considerations?
  2. Taxpayers could elect, under section 965(h) of the Code, to pay the transition tax in installments over _______ period.
  3. Which one of the following is the benefit that QIP provisions in the CARES act can provide?
  4. Congress intended for QIP to be bonus-eligible; however, the TCJA did not specifically include a 15-year recovery period for QIP. Therefore, after the tax reform dust settled, QIP was nonresidential real property with a recovery period of __ years, not eligible for bonus:
  5. CARES Act temporary repeals Section 461(l) for ____ year(s).

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

4.2
(1093)
47%
33%
16%
3%
1%
  • HW
    Herbert Wolfson , CPA
    Oct 19th 2020
    Useful information
JT
Joseph Tomczyk , CFP, EA, EA, CFP
LOVED IT!
SCP
Susan C. Payton , RTRP
great all the way around. Easy to understand.
TS
Tammy Soignet
Good info
JL
James Leito , CPA
Good
NS
Nate Stevens , CPA
Very great!

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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

CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
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
  • Cost FREE
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00255-20-S
  • CTEC Course ID 6273-CE-0263
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date September 16 ,2020
  • Who should attend? Tax Attorney Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Senior Accountant Accounts Director Entrepreneurial Accountant Tax Managers Accounting Managers Tax Preparer Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
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