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

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 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.

Additional New Webinars on COVID-19:

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COVID-19: The New Legal Landscape for Employers and Employees Webinar (1.5 Hours)

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

Employee Retention Tax Credit: A Hands-On Guide to Maximizing the Latest Tax Benefit (1 Hour)

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

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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)

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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)

State And Local Taxation (SALT) Update & the Impact of COVID Relief Programs, including PPP, ERC, et al. (3.5 Hour Webinar)

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

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
Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
3.00
NASBA Field of Study: 
Taxes