TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
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Course Details

Overview of Topics

  • Legislation5 mins
  • Regular Tax Planning12 mins
  • Stimulus Checks24 mins
  • Lending Programs28 mins
  • What do we do?42 mins
  • Big Tax Changes49 mins
  • IRC 13954 mins
  • Accounting for 139 Payments64 mins
  • Payroll Tax Defer65 mins
  • Employee Retention Credit69 mins
  • Emergency Paid Sick Leave Credit71 mins
  • Other Major Tax Provision73 mins

Course Description

Typically in election years, we do not see much in terms of tax law changes. However, 2020 has been a very different year. From the passage of the SECURE Act to the CARES Act there has been a multitude of highly important tax changes. These changes come in two forms: 

  • Amendments that you can work on right now to get cash into your client’s pockets.
  • Changes that will impact future years that require proper planning.

As Corona virus wreaks economic havoc, Congress and IRS have acted swiftly through the tax law in response. These relief efforts cut much deeper and wider than first meet the eye. By now, we’re 3 rounds of legislation and many rounds of IRS (and Labor) guidance into this thing. With all the talk about the PPP loan program, these changes have flown under the radar. This webinar will look at the changes and what you can do to best position clients to take advantage of these clients. With revenues down for most accounting firms, we will also discuss how these changes can help drive additional revenues to make up for other short-falls. Please join us for insights on what’s happened so far and a look ahead to what organizations can do to stay ahead of the curve.

Webinar Qualifies for

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

Learning objectives

  • To identify the major changes in the SECURE Act
  • To identify the major changes in the CARES Act
  • To recall the state legislation that impacts COVID
  • To identify other COVID related legislation
  • To align work projects related to these acts with actionable items to help drive revenues

About Presenter

Nicholas Preusch, CPA

Tax Manager,Nicholas Preusch, CPA

npreusch@pbmares.com

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).


Review Questions

  • Question 1 : 00:10
  • Question 2 : 00:20
  • Question 3 : 00:35
  • Question 4 : 00:50
  • Question 5 : 01:00
  • Question 6 : 01:15
  1. Which of the following was not a lending program in the CARES Act
  2. Married taxpayers with an AGI over what do not get a stimulus payment?
  3. IRC 139 would all for tax free payments for all of the following EXCEPT
  4. IRC 163(j) business interest limitation changed from 30% to:
  5. The cost of the CARES Act was:
  6. The IRS was able to extend due dates due to:
  1. Under the CARES Act, QIP has a depreciable life of:
  2. Stimulus checks were:
  3. PPP Loans can be spent on:
  4. Single filers with an AGI Above what do not get a stimulus payment:
  5. PPP loans are:
  6. For tax year 2026, Bonus depreciation is
  7. EIDL amounts when received with the PPP Loan
  8. IRC 139 only applies when:
  9. Excess business losses are now:
  10. Employee retention credit is

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.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • 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.

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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

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register
Excel Accountant: Beyond VLOOKUP
Friday, July 24, 2020 View Details/Register
  • Cost $20
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-U-00185-20-S
  • CTEC Course ID 6273-CE-0197
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date July 28 ,2020
  • Published Date July 28 ,2020
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA Tax Director (Industry) Tax Managers Tax Preparer
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register
Excel Accountant: Beyond VLOOKUP
Friday, July 24, 2020 View Details/Register