In an attempt to offset the disastrous impact of the coronavirus on the American economy, Congress enacted the CARES Act, which includes substantial tax changes that impact both individuals and businesses. In this program, our panel of experts goes through key provisions of this new legislation, helping you understand what you need to know NOW to help your clients immediately. We will focus on items of most critical and immediate importance, and we will prepare you to discuss these changes with your clients and implement the CARES Act changes as required. Anyone preparing tax returns and dealing with individual and business clients cannot be without this useful, relevant, and timely information.
DESIGNED FOR
Any tax practitioner advising individual and business clients.
BENEFITS
- Understand new tax law changes contained in the CARES Act
- Implement new CARES Act changes that clients can benefit from immediately
HIGHLIGHTS
- Eligibility for the $1,200 rebate
- Waiver of the 10% tax for early retirement plan distributions
- RMD waiver for 2020
- Liberalized funding deadlines for IRAs and qualified plans
- Above-the-line charitable deduction and changes to the limits on charitable deductions
- Exclusion for eligible student loan repayments
- Employee retention credit
- Payroll tax payment delay
- Change in the rules relating to net operating losses and carrybacks
- Changes in the Sec. 461(l) loss limitation rules
- Corporate minimum tax changes
- Changes in the rules relating to the deduction of business interest
- Long-awaited technical correction dealing with bonus depreciation and QIP
- State and local government adoption of federal changes
- Additional tax agenda items awaiting adoption
COURSE LEVEL
Update
PREREQUISITES
Basic knowledge of individual income tax rules.
ADVANCE PREPARATION
None