Tax Planning for 2020/2021 & Beyond: Biden Agenda, PPP Forgiveness & More Self-Study Webinar (4 Hours)

Overview: 

On December 27, 2020, a $900B economic stimulus package was passed into law. Included in this bill were extensions to current provisions, such as the PPP for small businesses. What’s more, the incoming Biden administration promises sweeping changes to the existing tax code. In this self-study webinar, an expert will provide you with guidance on how to minimize your 2020 tax bill and plan for 2021 and beyond. You’ll also gain important insights into what changes are in store for 2021—and what legislation is likely to remain unaltered. Topics include:

  • Detailed analysis of Biden tax agenda
  • Comparing Biden Tax Proposals to existing laws
  • The future of COVID-19 relief
  • Recent changes to PPP, including the second draw
  • A sneak preview of upcoming legislation
  • Strategies for 2020 year-end tax planning and preparing for 2021 and beyond
Objective: 

To provide tax and other financial professionals with an update on the most recent stimulus bill, as well as guidance for dealing with the uncertainty of new tax provisions under the Biden Administration.

Emphasis: 
  • Paycheck Protection Program
    – Overview of the PPP
    – Eligible expenses
    – Loan forgiveness
    – Deductibility of covered expenses
    – What should taxpayers do?
    – PPP loans—the sequel
       – New legislation passed on December 27, 2020
       – Deductibility and expenses of forgiven loans
       – A new round of loans taxpayers can apply for
       – Second draws: qualifications for a second loan
       – Loan forgiveness clarification
       – Expansion of allowable expenses
       – Other new PPP rules
  • Specifics of the Biden Tax Plan
    – Overview
    – Individual changes
    – Increase in social security taxes
    – Tax benefits for individuals and families
    – Retirement  tax credit
    – Corporate and other provisions
    – Business proposals
    – Real estate
  • Comparison of Biden Tax Plan to Current Laws
  • Tax planning ideas for Year-End 2020 and beyond
    – Acceleration of income
    – Bonus planning
    – Section 199A
    – Investment income
       – Taxpayers whose income is over $1M
    – Cash basis example
    – Itemized deduction planning
    – Other individual tax suggestions
    – PPP loan forgiveness and estate planning under Biden
    – Corporate tax planning

Recognize the allowable uses of funds borrowed through the Paycheck Protection Program (PPP)

Identify the changes made to the PPP under both the Payroll Protection Flexibility Act and the Consolidated Appropriations Act 2021

Identify the time period for which a loan recipient must disburse the borrowed funds

Identify the interest rate loan recipients will owe on a PPP loan not forgiven

Recognize the tax treatment of forgiven loan proceeds from the PPP as legislated in the Consolidated Appropriations Act 2021

Recognize specified eligibility requirements to receive PPP “Second Draw Loans”

Recognize PPP loans for which Congress has specified as eligible for streamlined forgiveness

Identify specified changes to individual taxation under Biden’s tax plan

Identify specified changes to corporate taxation under Biden’s tax plan

Identify specified changes to estate taxation under Biden’s tax plan

Recognize recommended tax planning appropriate today in anticipation of pending changes in tax legislation
 

Bottom
Price: 
$129.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
4.00
NASBA Field of Study: 
Taxes