Hot Tax Topics for 2021: The Disaster Relief Edition
Taxing planning for 2021 looks a little different from previous years. Since the onset of the COVID-19 pandemic, legislation focusing on relief efforts has been enacted. This six-course bundle covers the latest updates on disaster loan forgiveness, plus tax planning tips for individuals and businesses.
This course provides an opportunity to stay on top of developments that directly and indirectly affect your clients and practice. The focus is on key guidance from legislation, tax agencies and the courts that represent new interpretations, as well as guidance on new laws.
If your clients have received PPP loans, the planning has just begun. We’ll cover crucial issues related to the recently passed Paycheck Protection Flexibility Act and how to maximize debt forgiveness based on the most current information issued by the SBA:
News-making disasters affect your clients’ tax returns. Relief is available to taxpayers who’ve suffered these losses, but achieving that relief requires understanding and applying the applicable rules. There are also significant developments with the IRS in the area of casualty losses and getting those losses properly reflected on Form 4684. Taxpayers who have suffered losses in declared disaster areas may have opportunities to generate immediate cash savings as well as reduce current tax liabilities. This requires fully understanding the definitions of and rules surrounding casualty losses and properly applying them. These rules are complex and documentation is difficult, especially when many clients have lost all their records.
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.
The pandemic has triggered many changes in tax rules and tax professionals need to take action to optimize the tax picture for their business clients. This one-hour CPE session will provide and update on critical year-end tax steps for businesses.
The pandemic has triggered many changes in tax rules and tax professionals need to take action to optimize the tax picture for individual clients. The SECURE Act, the CARES Act, and other legislation have affected your clients and there are many questions that still need to be sorted out for future planning purposes.
Total: 6 courses (12 CPE hours)