Tax Aspects of the "Coronavirus Aid, Relief & Economic Security (CARES) Act" Self-Study Webinar (4 Hours)

Overview: 

To minimize significant financial damages caused by the Coronavirus (COVID-19) pandemic, the US Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on Friday, March 27th, 2020. With a price tag of $2T (10% of US GDP), the CARES Act marks one of the biggest US Federal economic stimulus packages in recent history. This legislation was designed to be “fast, big, and simple.” In this critical self-study webinar, we will:

  • Cover the significant tax aspects of the CARES Act
  • Provide tax-planning tips on how to manage working capital in a challenging economic environment
  • Discuss tax provisions for businesses and individuals
Objective: 

To provide CPAs, financial professionals and tax practitioners with a complete understanding of the tax provisions in the newly passed CARES Act, which provides economic relief and support for businesses and individuals impacted by the Coronavirus pandemic.

Emphasis: 

High Level Overview of CARES Act

  • Direct relief
  • Loans and grants
  • Medical
  • Public transit

Business Tax Provisions

  • Delay of:
    – Estimated tax payments for
       corporations
    – Payment of employer payroll
       taxes
  • Modifications to:
    – Net operating losses
    – Limitation on business interest
  • Technical amendments regarding qualified improvement property
  • Restoration of limitation on downward attribution of stock ownership in applying constructive ownership rules

Individual Tax Provisions

  • 2020 recovery rebates for individuals
  • Delay of certain deadlines
  • Special rules for use of retirement funds
  • Charitable contribution deduction changes

Bringing It All Together

  • Interaction between CARES Act loan program and related tax provisions
  • The Stafford Disaster Relief and Emergency Act—what it means for tax purposes

• Identify the characteristics of specified pre-CARES Act legislation related to the pandemic

• Identify the result of Notice 2020-18 on the deadline for specified federal income tax payments and filing of tax returns

• Recognize the expenditure categories of the CARES Act and their relative prominence

• Recognize the primary characteristics and opportunities available with the Paycheck Protection Program of the CARES Act

• Recognize the Act’s changes to the charitable deduction limitation for corporations

• Identify the employer’s opportunities and limitations within the employee retention credit

• Identify the payment delay for the employer’s portion of social security payroll taxes

• Recognize the new NOL rules under the Act

• Identify the Act’s provisions regarding qualified improvement property

• Identify the dollar amounts and mechanics of the Act’s direct payments to households

• Recognize the specific taxpayer-friendly retirement plan changes made under the Act

• Recognize the Act’s changes to the charitable contribution rules for individuals

Bottom
Price: 
$129.00
Prerequisite: 

Working knowledge of federal income taxes.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
4.00
NASBA Field of Study: 
Taxes