2020 Tax Legislation Economy vs. Pandemic: How Congress Continues to Respond (Currently Unavailable)

Author: Bradley Burnett

Covid strikes the U.S. economy. Congress strikes back giving away tax breaks and other money by the bushel baskets. Covid hits again. Congress strikes back. Treasury, SBA and IRS weigh in. The result? Chaos on top of chaos like we’ve never seen. And, it keeps coming.

Layer upon layer upon yet more layers. How to sort it all out, choose well and move forward? We’ve knocked it down for you.

Publication Date: September 2020

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

Topics Covered

• Economic stimulus payments of various shapes and sizes
• The undoing, modification and reversal of various TCJA loss limitation rules
• How the revamped NOL rules can really toss you into the swamp
• PPP loan outbreak and how it affects income taxes
• Qualified improvement property (QIP) gets a high maintenance retroactive fix
• Why the revamped §163(j) business interest expense rules cannot be ignored by anyone ever
• IRA and retirement plan draws and plan loans turned upside down on their heads
• Medical reimbursement plans will never be the same again
• Employment taxes become busy like a swarm of bees
• CARE Act jumbles up §461(l) excess business loss rules retroactively
• The next round of relief and the next and the next
• CARES vs. HEROES vs. HEALS
• Coronavirus and Health Savings Accounts
• 2020 Payroll Taxes and Families First Response Act
• Sick Pay for Quarantine
• Family and Medical Leave
• What If One Is Merely Suspected of Having Coronavirus?
• SECURE Act
• Paycheck Protection Program (PPP)
• Post Flex Act Burning Question: Must One Wait 24 Weeks to File Forgiveness App?
• Drop in Pay (Salary or Hourly Rate)
• Drop in Headcount Ground Rules
• Choosing Covered Period: 24 Week vs. 8 Week

Learning Objectives

• Identify tax related money Congress is throwing at the pandemic
• Describe Economic stimulus payments
• Recognize the reversal of various TCJA loss limitation rules
• Describe the CARES Act and who it's available to
• Identify a loss limitation subsequent to the Tax Cuts and Jobs Act
• Identify the threshold amount in 2020 for single tax payers when determining excess business losses
• Identify the Social Security wage base for 2020
• Recognize which nonpayroll PPP costs is allowed forgiveness
• Describe the HEALS Act
• Recognize the Rubio Collins Senate Bill and what it provides
• Describe the PPP Flex Act and what it provides
• Identify the five reduction exceptions related to a drop in headcount

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None