Federally Declared Disaster Areas: Tax Provisions including COVID-19

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

Join expert Greg White, CPA, as he takes a deep dive into the Federal tax consequences of presidentially declared disasters under the Stafford Act, with detailed coverage of the Coronavirus (COVID-19) disaster declaration and Notice 2020-18.

Publication Date: March 2020

Topics Covered

  • Which taxpayers are covered by the relief?
  • Are estimated tax payments deferred?
  • Is the amount that can be deferred unlimited?
  • Is the time to fund IRAs and HSAs extended?
  • Are all taxes covered?
  • Do you still need to file extensions?
  • What happens if clients don't pay by the extended deadline?
  • Are there other ways to avoid interest and penalties, if you're not within the relief provided by the IRS Notice?

Learning Objectives

  • Calculate interest and penalties if tax isn't paid by the Notice 2020-18
  • Identify which clients are best served by filing early
  • Recognize the amount of taxes clients must pay by April 15
  • Identify which taxpayer COVID-19 postponements are unlikely to apply to
  • Recognize which filing acts were postponed due to COVID-19 legislation
  • Identify planning ideas from the stock market decline
  • Recognize when returns are due
  • Describe which IRAs can be funded now

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic understanding of federal taxation concepts.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $44.00

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