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
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