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Tax Planning Under Tax Cuts & Job Act - 10 Tips to Reduce Taxes for Your Clients (Latest 2020)

4.5 (8)

Nicholas Preusch

Nicholas Preusch

  • AFSP
  • CPA (Canada)
  • CPA (US)
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

Published: July, 2020

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00186-20-S)

2 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0198)

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00186-20-S)

2 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00186-20-S)

2 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

  • Effective Dates for Individual Provisions
    17 mins
  • Overall Changes
    24 mins
  • Exemption Changes
    47 mins
  • Tax Credit Changes
    66 mins
  • Other Individual Changes
    69 mins
  • What Did Not Change
    74 mins
  • Corporate Tax Changes
    84 mins
  • Business Deductions
    87 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 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

Testimonial

4.5

(8)
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50%
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EC

Well done.

EC

Job well done

SS

The shared stories and personal experience of the instructor are super helpful and insightful.

WD

covered the subject matter