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Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning techniques

3.8 (9)

Nicholas Preusch

YHB | CPAs & Consultants

Wednesday, July 08, 2020 | 01:00 PM EDT

  • AFSP
  • CFEs
  • CPA
  • CVA
  • EA
  • Tax Preparer
  • CTEC

2 Credits


Subject Area


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Course Description

On March 27, President Trump signed into law a massive bill, the Corona virus Aid, Relief, and Economic Security Act (CARES Act or Act), which is a $2 trillion relief package comprising a combination of tax provisions and other stimulus measures. The Act broadly provides tax payment relief and significant business incentives, and makes certain technical corrections to the 2017 Tax Cuts and Jobs Act (TCJA).  The Act included numerous key business tax relief provisions intended to ease the financial burden on many companies affected by COVID-19.

The CARES Act’s main feature was the PPP Loans that offered forgiveness for many people who took out these loans. However, the CARES Act has several business tax provisions that can help clients generate tax refunds all the way back to 2013. These tax changes brought about a handful of very detailed and complex IRS notices to help people discern and properly interpret the new laws. We will be doing an in-depth look at each tax provision and the related notices and rules the IRS has issued to properly calculate and amend client tax returns to get them the biggest bang for their buck. Outside of the Federal rules, we also have state issues where not all states have conformed to the rules set forth by Congress. We will look at what to do in such situations and help to get state returns out correctly. This is even more important now as states are short on funds and scrutinizing returns more.

Learning Objectives

  • To identify key tax provisions of the CARES Act
  • To identify the underlying notices and rule making related to the CARES Act provisions
  • To identify various ways of applying these new rules to client returns
  • To identify when state issues may arise related to the CARES Act
  • To identify how to successfully process state returns to include CARES Act amendments Type a message

Who Should Attend?

  • Accountant
  • Accounting Firm
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA


    [no_of_record] => 9
    [average] => 3.7778




Overall, the presentation was good and covered key points from the first round of changes for 2020. However, based on tax legislation passed in December, the program was already outdated in several respects. I'd recommend an updated version to colleagues.