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

Nicholas Preusch, CPA

YHB | CPAs & Consultants

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

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

Overview

  • Legislations in response to COVID-19
    10 mins
  • Other Major Tax Provisions
    23 mins
  • What will happen Post COVID?
    50 mins
  • Stimulus Check Benefits
    53 mins
  • What can we do to help this?
    58 mins
  • Big Tax Changes expectations
    59 mins
  • Types of IRC 139 Payments
    63 mins
  • COVID-19 qualified as a Qualified Disaster
    65 mins
  • Payroll Tax Deferral availability conditions
    67 mins
  • Information about Employee Retention Credit
    68 mins
  • Details about changes in SECURE Act
    71 mins

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

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