Tax Aspects of the "Coronavirus Aid, Relief & Economic Security (CARES) Act" Webinar (3 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 new 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.
 

Additional New Webinars on COVID-19:

Accounting for Debt Restructuring during Uncertain Financial Times Webinar (2 Hours)

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Cybersecurity in a Business World Impacted by COVID-19 Webinar (1.5 Hours)

Exploring the Long-Term Economic Impact of COVID-19 Webinar (1 Hour)

Financial Leadership during the COVID-19 Crisis: An Expert Panel Discussion Webinar (1 Hour)

Impact of COVID-19 on Complying with SEC Requirements, including ICFR Compliance Webinar (1 Hour)

Impact of COVID-19 on Financial Reporting & Disclosures Webinar (4 Hours)

International Cash & Treasury Management in a COVID-19 Business World Webinar (1.5 Hours)

Lease Modifications: ASC 842 & COVID-19 Impact Webinar (1.5 Hours)

Managing Global Contracting during the COVID-19 Crisis Webinar (1 Hour)

Paycheck Protection Program: An Update on Loan Forgiveness Calculation Webinar (2 Hours)

Recent Developments at the FASB & IASB in Response to COVID-19 Webinar (1.5 Hours)

Recent Developments in Transfer Pricing, including the Impact of COVID-19 Webinar (1 Hour)

Sales Tax Strategies during the Economic Disruption of the COVID-19 Outbreak Webinar (2 Hours)

Tax Planning for 2020/2021 & Beyond: Biden Agenda, PPP Forgiveness & More (3-Hour Webinar)
 

 

 

 

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

 

Bottom
Prerequisite: 

Working knowledge of federal income taxes.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
3.00
NASBA Field of Study: 
Taxes