COVID Stimulus Bills and Tax Reform: What's Passed and What May be Coming (Half-Day Webinar) (Completed)

Date: Wednesday, January 27, 2021
Instructor: Jennifer Kowal
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

As the Coronavirus Pandemic and its economic destruction continued, late in 2020 Congress passed the Consolidated Appropriations Act, a 2.4 trillion legislative package to fund the federal government through the end of the fiscal year, provide further COVID-19 economic relief, and extend certain expiring tax provisions. This webinar reviews which provisions of the CARES Act have been extended, renewed and modified, describes new coronavirus relief provisions, and reviews tax extenders and new tax provisions in the new relief legislation, considering realistic examples for how the provisions in the legislation apply in a variety of scenarios. The webinar will also describe potential areas of tax reform in a new Presidential administration.

Topics Covered

  • Employer tax credits for providing paid employee leave
  • Direct grant payments to certain impacted industries, economic sectors, state and local governments, and institutions
  • Small business relief - forgivable loans
  • Unemployment benefits expansion
  • Employer payroll tax issues
  • Use of retirement funds without penalty
  • Income tax provisions

Learning Objectives

  • Describe the key features of the Consolidated Appropriations Act that apply to businesses and individual taxpayers
  • Recognize and explain how provisions of these acts apply in common factual scenarios
  • Identify how to determine whether taxpayers are eligible for provided benefits under the Act
  • Describe potential areas of tax reform under new administration

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None

 Chat — Books Support