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IRS Issues Informal Cares Guidance on IRAs And Qualified Plan

IRS Issues Informal Cares Guidance on IRAs And Qualified Plan

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00171-20-S)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0182)

1 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00171-20-S)

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00171-20-S)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Before starting this self study program, please go through the instructional document.

Overview

  • Rollovers in General
    3 mins
  • Coronavirus Related Distributions
    27 mins
  • Plan Loans
    31 mins
  • 2020 RMDs
    35 mins
  • 2019 IRA Contributions
    40 mins

Course Description

Whether you’re a lawyer, CPA, trust officer, or financial advisor you need to show your clients that you “CARE.” Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provides for certain penalty-free distributions and rollovers, and expands retirement plan loans. Many of these provisions, while helpful, are difficult to take advantage of with certainty. However, on May 5, 2020 the Service on its website pushed a “FAQ.”

In his exclusive LISI Webinar, Bob Keebler will analyze this informal guidance in order to help you understand how to help your clients. Specifically, Bob will analyze the following topics with case study examples:

  • Qualifying for the $100,000 penalty-free distribution
  • Recognizing income from the coronavirus-related distribution over three-years
  • Re-paying the coronavirus-related distribution
  • The relevance of Notice 2005-92
  • Outstanding loan repayment delay
  • Limitations increased for new loans made between March 27 and September 22
  • How the relief applies to employers
  • Reporting distributions & repayments
  • RMD relief for 2020
  • RMD roll-backs in 2020
  • Roth Conversions in a down market

Learning Objectives

  • To identify various guidelines issues by the IRS for the CARES Act.
  • To identify the impact of new guidelines issues by IRS on retirement plans
  • To identify various CARES Act provisions for coronavirus-related distributions and loans are optional for plan sponsors to adopt.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Attorney
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Young CPA

Testimonial

4.8

(8)
75%
25%
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SS

Great information in a fairly easy to understand format.

LH

Many of the final exam questions were unintelligible - i had to guess at what the question really was