LIVE WEBINAR: COVID-19 Legislation and Guidance

Description

Highlights

This course will cover the three phases of legislation enacted in March 2020 to address the impact of the novel coronavirus and COVID-19 on the U.S., and subsequent guidance to date.  This legislation affects every client and small business owner as well as many tax return preparers.  This course is continually being updated.

Objectives

• Describe briefly the Coronavirus Preparedness and Response Supplemental Appropriations Act (Phase One).
• Explain the Families First Coronavirus Response Act (Phase Two) and how it applies to a client, including the Emergency Paid Sick Leave Act (EPSLA), Emergency Family Medical Leave Expansion Act (EFMLA), and payroll tax credits.
• Discuss the major provisions of the Coronavirus Aid, Relief, and Economic Security Act (Phase Three, CARES Act), including:
  • Free money to every small business owner and self-employed person (Paycheck Protection Program);
  • Rebate checks of $1,200 or more;
  • Penalty-free distributions from retirement plans;
  • Waiver of Required Beginning Date;
  • Above-the-line-deduction for charitable contributions;
  • Employer payment of student loans;
  • Employee Retention Credit (more free money);
  • New rules for net operating losses;
  • Modification of business interest expense rules;
  • Technical correction for qualified improvement property;
  • Delay in payroll tax deposits.
• Apply IRS guidance to date on:
  • Change in due dates for various returns;
  • Filing and payment options;
  • Contributions to IRAs and HSAs;
  • IRS People First Initiative program, including installment agreements, audits, Offers in Compromise, debt collection, and statute of limitations

Designed For

All tax practitioners