Opportunities for Small Business in the CARES Act of 2020 (Completed)

Date: Wednesday, May 27, 2020
Instructor: Russell W. Sullivan, Harold Hancock, Nancy Strelau, Radha Mohan, Reese Goldsmith
Begin Time:  11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time
CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC

The CARES Act provides assistance to small businesses impacted by the coronavirus: grants, loans, employee benefits, and accelerated tax attributes. Congress did not, however, provide one-size-fits-all eligibility rules. Instead, small businesses must determine whether they are eligible for each provision. This webinar outlines the provisions in the legislation so that you help your clients determine what they are eligible for and how to apply for or claim the benefits.

Topics Covered

  • Liquidity Measures:
    • Deferred Employer Payroll Taxes
    • Treasury-Backed Small Business Interruption Loans
  • Employee Retention Programs
    • Deferred Employer Payroll Taxes
    • Treasury-Backed Loans
  • Employee Benefits:
    • Short-Time Compensation Arrangements
    • Paid Sick Leave
    • Paid FMLA
    • Access to Defined Contribution Retirement Funds
    • Exclusion of Employer Payments of Student Loans
  • Accelerated Tax Cuts
    • Carryback of Net Operating Losses
    • Acceleration of Corporate Alternative Minimum Tax Credits
    • Increased Deduction for Interest Expense
    • Accelerated Depreciation of Qualified Improvement Property
    • Other Provisions

Learning Objectives

  • Recognize how to understand liquidity measures
  • Identify employee retention strategy
  • Recognize and apply employee benefits for small businesses
  • Identify and master how to accelerate tax cuts from the TCJA

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None

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