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
     
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 tax-
          payers 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