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Stimulus and Tax Bill (CARES Act): What Advisors Must Know

4.5 (106)

Robert Keebler, CPA, CGMA, CPA/PFS, AEP

Keebler & Associates LLP

Friday, April 10, 2020 | 03:00 PM EDT

2 Credits

$20

Subject Area

Taxes

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

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Practitioners
  • Tax Pros
  • Young CPA

Testimonial

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4.5

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