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Don Farmer’s Review of Recent Tax Legislation and IRS Tax Relief Due to Coronavirus (COVID-19)

Description

Farmer/Nunnallee Tax Seminars is offering a webcast reviewing the massive tax changes affecting practitioners and their clients in response to the Coronavirus (COVID-19). The purpose of this webinar is to help practitioners get their arms around the various tax benefits (including tax refunds from prior years) and obligations contained in recent legislation, etc.

    • IRS’s new People First initiative which 1) Postpones a long list of tax-related deadlines from April 15, 2020 to July 15, 2020 and the effect of this postponement on other time-sensitive acts, and 2) Postpones numerous enforcement actions until July 15, 2020.
    • CARES Act (Coronavirus Aid, Relief, and Economic Security Act, H.R. 748) signed into law on March 27, 2020 which includes: Rebates up to $1,200 for Individuals ($2,400 for joint filers) and $500 for Qualifying Children; Employee Retention Credits for certain employers experiencing economic hardship due to the Coronavirus pandemic; Penalty Relief for Coronavirus-related distributions from retirement plans; Delay of RMDs; Increased deduction limits for charitable contributions; Retroactive NOL carrybacks; Delay of employer payroll tax payments; Retroactive delay of the Excess Loss Limitation for individuals (‘461(l)); Retroactive acceleration of refundable corporate AMT credits; Increased deduction limits for business interest expense (‘163(j); Qualified Improvement Property Fix; Limited income exclusion for employer payments on employee student loans; and more.
    • Families First Coronavirus Response Act (H.R. 6201) enacted on March 18, 2020 that: Requires employers with fewer than 500 employees to make Qualified Sick Leave Payments and Qualified Family Leave Payments for a range of employees who can’t work because of the Coronavirus; Provides Offsetting refundable payroll tax credits for employers that make these payments; and Provides refundable tax credits for Self-Employed individuals who cannot work because of the Coronavirus.

This course also contains a prominent segment on the Paycheck Protection Program Loans (PPP).

Major Topics
  • People First initiative
  • CARES Act
  • Families First Coronavirus Response Act
  • Payroll Protection Program
Provider
Don Farmer, CPA, PA
Course Level
Basic
Professional Area of Focus
Tax
CPE Field of Study
Taxes
4
Instructor(s)
Walter Nunnallee
Prerequisites

None

Advanced Preparation

None

Location
Online
Event Information
When
Apr 10, 2020
8:00 am - 11:30 am EST
Location
Online
Total CPE Credits
4
Format
Live Webcast

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Don Farmer’s Review of Recent Tax Legislation and IRS Tax Relief Due to Coronavirus (COVID-19)


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