The CARES Act: What to Implement Now (Completed)

The CARES Act was signed in to law March 27 has sweeping changes to the tax law that will affect almost all tax practitioners. In this program Greg White will discuss the key provisions of this new legislation, helping you understand what you need to know NOW to help your clients immediately. Anyone preparing tax returns and dealing with individual and business clients cannot be without this useful, relevant, and timely information.

Who Should Attend
Any tax practitioner advising individual and business clients.

Topics Covered

• Eligibility for the $1,200 rebate
• The loan programs available under the CARES Act
• Employee retention credit
• The payroll tax payment delay
• Retirement plan provisions including waiver of the 10% tax for early retirement plan distributions and RMD waiver for 2020
• Above-the-line charitable deduction and changes to the limits on charitable deductions. Exclusion for eligible student loan repayments
• Change in the rules relating to net operating losses and carrybacks
• Changes in the Sec. 461 (I) loss limitation rules
• Changes in the rules relating to the deduction of business Interest
• Long-awaited technical correction dealing with bonus depreciation and QIP

Learning Objectives

• Recognize how to compute the employee retention credit
• Identify factors to consider when selecting between the PPP loans and the employee retention credit
• Recognize how to determine which years are covered under the new rules
• Describe how to compute the amount of bonus depreciation available to "qualified improvement property"

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None