Join expert Greg White, CPA, as he takes a deep dive into the Federal tax consequences of presidentially declared disasters under the Stafford Act, with detailed coverage of the COVID-19 disaster declaration and Notice 2020-17.
CPAs preparing federal returns for clients
- Calculate interest and penalties if tax isn't paid by the Notice 2020-17
- Identify which clients are best served by filing early
- Recognize the amount of taxes clients must pay by April 15
- Which taxpayers are covered by the relief?
- Are estimated tax payments deferred?
- Are married taxpayers treated differently than single taxpayers?
- What's the maximum amount of taxes that an individual can defer?
- What's the maximum amount for corporations?
- Are all taxes covered?
- Do you still need to file extensions?
- What happens if clients don't pay by the extended deadline?
- Are there other ways to avoid interest and penalties, if you're not within the relief provided by the IRS Notice?
Basic understanding of federal taxation concepts