2020 Federal Tax Update for Businesses

Author: Bradley Burnett

CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

This seminar delivers up-to-the-day changes in federal tax law affecting businesses. The course, delivered at a brisk pace and with humor, is designed to meet the needs of the tax planner and return preparer by identifying and responsibly exploring recent important tax developments affecting businesses.

Publication Date: October 2020

Designed For
Return preparers, tax planners and taxpayers desiring to keep up with late breaking business related tax developments.

Topics Covered

  • Major provisions of recently enacted (and newly effective) federal tax legislation
  • Recent important court cases, regulations, rulings and related developments affecting businesses operated by C and S corporations, partnerships, businesses and estates and trusts
  • Effect of Congressional and IRS pandemic relief on businesses
  • Income and employment taxes
  • Quiet year in the federal tax law? There's no such thing anymore
  • IRS activity impact on planners and preparers

Learning Objectives

  • Recognize and apply relevant new federal tax developments affecting businesses
  • Identify which IRS forms to use
  • Identify a loss limitation hurdle post-TCJA
  • Identify the threshold amount in 2020 for tax payers
  • Recognize components of covered nonpayroll costs with respect to PPP
  • Identify a cost that is not forgivable under PPP
  • Identify steps in computing a drop in headcount
  • Recognize relief programs available
  • Identify the maximum repayment time period for a loan taken against a retirement plan for individuals impacted by COVID-19
  • Identify the average loan size under the PPP

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $83.00

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