In response to the COVID-19 economic emergency, the Senate was quick to respond by passing the $2 trillion bill intended to provide relief to Americans affected by the pandemic and the economy. This Part II presentation of the COVID-19 tax series provides a detailed discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
DESIGNED FOR
CPAs working in public practice and members in industry
BENEFITS
Upon completion of this course, you will be able to:
- Understand and apply the latest tax developments as they relate to the COVID-19 relief legislation.
- Advise both individual and business clients on how these new developments will impact their 2019 and 2020 returns.
HIGHLIGHTS
- Recovery rebates - advance refunds to individuals
- Payroll tax advance refunds and payroll tax delays
- Employee retention credit
- Retirement plan distributions
- Charitable deductions
- Net operating loss deductions
- Repeal of excess loss limitations
- Immediate write-offs for depreciable real estate
- Refundable corporate AMT credits
- Health plan changes
- Other provisions in the legislation and IRS pronouncements related to these developments
COURSE LEVEL
Intermediate
PREREQUISITES
Basic working knowledge of federal taxation for businesses and individuals
ADVANCE PREPARATION
None