Federally Declared Disaster Areas: Tax Provisions including COVID-19
Author: Greg White
||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
- 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?
- 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
NASBA Field of Study
Taxes (1 hour)
Basic understanding of federal taxation concepts.