Federally Declared Disaster Areas (Currently Unavailable)
Author: Greg White
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC |
In accordance with the Stafford Act of 1988, the Federal Emergency Management Agency (FEMA) must coordinate administrative support and assistance to all 50 states for federally declared disasters. This comes with postponements, tax relief, deferrals, and other tax-related changes. For CPAs and professional tax preparers, CCH® CPELink offers a Federally Declared Disaster Areas course that can help provide an understanding of tax provisions for presidentially declared disasters, including the COVID-19 pandemic. This comprehensive federal disaster tax course covers a range of new developments in federal disaster taxation and Notice 2020-18 and how they apply to taxpayers, deadlines, interest, penalties, and more.
About the Course
This self-study course takes a close look at how COVID-19 has changed the world of tax filing. It includes a detailed exploration of the COVID-19 disaster declaration and the related federal tax consequences. It is designed for CPAs, tax preparers, and other financial professionals with a basic understanding of federal taxation law and concepts. The course covers the following topics:
- Which taxes and taxpayers are covered by disaster relief
- Tax payment deferrals, their limits, and where they apply
- Revised timelines for funding IRAs and HSAs
- Filing extensions under COVID-19
- Extended deadlines and consequences for failure to pay
- Tips and advice for avoiding interest and penalties for individuals outside of the relief provided by Notice 2020-18
Learning Objectives for Federally Declared Disaster Areas
The Federally Declared Disaster Areas self-study course was designed by
Greg White, CPA. He has many years of experience as an instructor and adjunct professor at Golden Gate University and was named one of the Top 50 IRS Representation Practitioners by CPA Magazine. Informed by his experience, White provides a comprehensive explanation of federal disaster taxes under COVID-19.
Under White’s guidance, you will learn how to calculate the total tax your clients must pay, including any interest and penalties that will apply if payments are not made paid before the Notice 2020-18 deadline. You will also explore COVID-19 postponements, which filing acts they apply to, how they impact due dates for returns, and which taxpayers can benefit. The course also includes an overview of early filing, tips for effectively planning around the stock market decline, and more.
By the end of the three-hour course, you will have developed a working understanding of how the novel coronavirus (COVID-19) has impacted tax law and filing processes. This knowledge will help you become better prepared to assist your clients with tax preparation and filing during the pandemic and other presidentially declared disasters.
Benefits of Self-Study
With its convenient, online format, Federally Declared Disaster Areas offers a more flexible approach to learning. Each student has a full 365 days to complete the course from their registration date. In that time, they can download materials to study offline and at their own pace. Students are given unlimited attempts to complete the exam, which is graded instantaneously. You have the freedom to study on your own time and in your own way.
Upon passing the final exam for Federally Declared Disaster Areas, you will receive a certificate of completion that can qualify for continuing professional education (CPE) credits in the following amounts:
- 1 hour for CPAs
- 1 hour Federal Tax Law Updates for EAs and OTRPs
- 1 hour Federal Tax Updates for CTEC
Publication Date: March 2020
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Basic understanding of federal taxation concepts.
Advance Preparation
None
