Families First Coronavirus Response Act and CARES Act:Strategic Tax and Business Planning (Currently Unavailable)

Author: Jennifer Kowal

The Families First Coronavirus Response Act and the CARES Act are momentously large stimulus bills intended to provide assistance to individuals and businesses impacted by the coronavirus. This webinar describes the grants, loans, expanded employee and unemployment benefits, and tax provisions designed to provide relief to impacted taxpayers, and considers case studies and examples for how the provisions in the legislation apply in a variety of scenarios. to help clients determine what they are eligible for and how to apply for or claim the benefits.

Publication Date: April 2020

Topics Covered

• Expanded FMLA and emergency paid sick leave provisions
• Employer tax credits for providing paid employee leave
• Direct grant payments to certain impacted industries, economic sectors, state and local governments, and institutions
• Small business relief - forgiveable loans
• Unemployment benefits expansion
• Employer payroll tax issues
• Use of retirement funds without penalty
• Income tax provisions

Learning Objectives

• Describe the key features of the Families First Coronavirus Response Act and the CARES Act that apply to businesses and individual taxpayers
• Recognize and explain how provisions of these acts apply in common factual scenarios
• Identify how to determine whether taxpayers are eligible for provided benefits under the Acts
• Recognize how Pandemic Emergency Unemployment Compensation applies
• Describe what happens to an EIDL loan received before April 3, 2020, for COVID-19 related purposes

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None