0
| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 21 ||| Word Count: 16,091 ||| Review Questions: 17 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $29.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1819 |
| Description : | The Families First Coronavirus Response Act was signed by President Trump on March 18, 2020. Later on March 27, 2020, he signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with a $2.2 trillion price tag. These Acts have been supplemented by pronouncements from the Treasury Department and Internal Revenue Service. These emergency coronavirus provisions are intended to limit the spread of the pandemic, support relief efforts, and stabilize the economy. This course is an overview and summary of tax provisions contained in the above legislation and government pronouncements. It provides a reference to selected individual, business, retirement, employment, filing, and charitable tax provisions adopted. The resulting major tax impact carries special meaning to the tax practitioner and return preparer. The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes. |
| Usage Rank : | 10000 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Coronavirus Tax Relief
|
| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 24-May-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 1819 |
| Keywords : | Taxes, Coronavirus, Tax, Summary, Mini, Course, 3 hour, version, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Families First Coronavirus Response Act paid leave requirements * Modified income tax filing & payment dead-lines * CARES & ARPA Act tax provisions
2. Recognize the tax provisions of the CARES, CAA & ARPA Acts including recovery rebates, above-the-line charitable contributions, deferral of payroll tax, loan forgiveness, employee retention credits, remote medical services, business losses, COBRA, and unemployment benefits. |
| Course Contents : | Chapter 1 - Coronavirus Tax Summary High-Deductible Health Plans Families First Coronavirus Response Act Employee Paid Sick, Family & Medical Leave Employer Tax Credits Paid Sick Leave (EPSLA) Credit Paid Family & Medical (EMFLEA) Credit Payment for the Cost of Providing Leave Self-Employed Individuals Small Business Exemption Effective Date Federal Gift & GST Tax Filing & Payment Deadline (3/20/20) Income Tax Filing & Payment Deadline (3/20-21/20) Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Rebate/Credit (Economic Impact Payments) Eligibility Identification Number Backward Calculation Advance Refund Noticing Requirement Phaseout Retirement Funds - Early Withdrawal Tax & Loan Limits Distributions & 10% Penalty - §72(t)(1) Coronavirus Related Distribution Repayments of Coronavirus-Related Distributions Loan Limits Temporary Waiver of RMD Rules Application Charitable Deductions $300 Above-the-Line Charitable Deduction Qualified Charitable Contribution Individual Cash Contribution Limit During 2020 Qualified Contributions Corporate Cash Contribution Limit During 2020 Contribution Of Food Inventory During 2020 Repayment of Employee Student Loans Eligible Student Loan Repayments Employee Retention Payroll Tax Credit Penalty Relief Eligible Employers Household Employers Self-Employed Individuals Partial Business Suspension Reduction in Quarterly Gross Receipts Wages Employers With Less Than 100 Employees Employers With More Than 100 Employees Refundable Credit Employer Payroll Tax Delay Applicable Date Estimated Tax Payments Net Operating Losses Loss Limitation For Noncorporate Taxpayers Business Interest Limitation Qualified Improvement Property Paycheck Protection Program & Loan Forgiveness Who Could Apply? Eligible Debt Forgiveness Definitions Unemployment Benefits Advancing of Credits for Paid Sick & Family Leave High Deductible Health Plans & Telehealth Services Section 1031 & Rollover Periods Consolidated Appropriations Act (CAA) COVID-related Tax Relief Act of 2020 (COVIDTRA) Additional (Second) Recovery Rebate - §6428A Eligibility Advance Payments Changes to CARES Economic Impact Payments (EIPs) - §6428(c)&(g) Educator Expense Deduction Expanded to PPE - §62 Deduction Of Expenses Paid With Forgiven PPP Debt - §61 & §162 Deduction Of Expenses Paid With Forgiven EID Loans & Grants Debt Discharge Reporting Waived - §6050P Authority To Share SSI & SSDI Information - §6103(k)(15) Information for Educational Institutions - §6103(l)(13) American Opportunity & Lifetime Learning Credits - §25A Money Purchase Plan Virus-Related Distributions - §401 Net Operating Farming Loses - §172 Economic Aid to Hard-Hit Small Businesses, Nonprofits, & Venues Act Paycheck Protection Program Round 2 (PPP-2) Eligibility Section 501(c)(6) Not-For-Profit Organizations Loan Amount Maximum Time to Spend Loan Proceeds (Covered Period) Use of Loan Funds Qualifying for Forgiveness Taxation Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR) Medical Expense Percentage Limit - §213 Energy Efficient Commercial Property Deduction - §179D Unified Phaseout for AOTC & Lifetime Learning Credit - §25A Higher Education Tuition Deduction - §222 New Markets Tax Credit - §45D Work Opportunity Tax Credit (WOTC) - §51 Residential Mortgage Debt Relief - §108 Motorsports Entertainment Complexes - §168(i)(15) Special Film & TV Production Expensing - §181 Family & Medical Leave Credit - §45S Employer-Provided Educational Assistance - §127 Renewable Energy Production Tax Credit - §45 & §38 Deductible Mortgage Insurance Premiums - §163 Residential Energy-Efficient Improvements & Property - §25C Credit For Fuel Cell Vehicles - §30B Alternative Fuel Vehicle Refueling Property - §30C Plug-in 2-Wheeled Electric Vehicles (Motorcycles) - §30D(g) Credit for Energy New Efficient Homes - §45L Personal Solar Property Credit - §25D American Rescue Plan Act Of 2021 Recovery Rebates Income Limitations Qualified Taxpayers Child Tax Credit - §24 Phaseout Advance Payments Earned Income Tax Credit (2021 Only) - §32 Dependent Care Tax Credit - §21 Unemployment Benefits Exclusion of Forgiven Student Loans - §108 Paycheck Protection Program (PPP) Paid Sick and Family Leave Credits Employee Retention Tax Credit Limit on Excess Business Losses - §461(l) $1 Million Compensation Limit - §162(m) Retirement Plan Funding COBRA Coverage Assistance Refundable Payroll Tax Credit Notices Tax Treatment of COVID-19 Relief Glossary |
Login/Register
The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)