Top Federal Tax Issues for 2021 CPE Course: Module 2 (Currently Unavailable)
Author: Greg White, Jennifer Kowal, Annette Nellen
| CPE Credit: |
6 hours for CPAs
6 hours Federal Tax Related for EAs and OTRPs
6 hours Federal Tax Law for CTEC |
Top Federal Tax Issues Module 2 discusses the federal tax consequences of presidentially declared disasters under the Stafford Act, with detailed coverage of the coronavirus (COVID-19) disaster declaration and IRS Notice 2020-18. It describes the grants, loans, expanded employee and unemployment benefits, and tax provisions designed to provide relief to impacted taxpayers, and considers how the provisions in the legislation apply in a variety of scenarios to hep clients determine what they are eligible for and how to apply for or claim the benefits. This module also explains the paid leave credits of the FFCRA and the employee retention payroll tax credit and the delay for depositing payroll and self-employment taxes.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: October 2020
Designed For
CPAs, Tax Professionals
Topics Covered
- Notice 2020-18
- Taxpayer extension
- Refunds
- Taxpayer relief
- Payments after July 15
- Planning ideas
- Developments
- State-by-state rules
- Expanded unemployment benefits
- Business Tax Provisions
- Individual Tax Issues
- Employee benefit and retirement plan provisions
- Extension of tax filing deadlines
- Changes to bankruptcy law
- Federal student loan payments deferred
- Loans available for businesses
- Employee retention credit
- FFCRA tax credits for paid leave
- Planning opportunities
- COVID-19 legislation and administrative overview
- Paid leave refundable credits for small employers and self-employed individuals
- CARES Act payroll tax benefits
- Example, summary charts, and resources
- Sampling of payroll-related COVID-19 legislative proposals
- Related state and local laws
Learning Objectives
- Calculate interest and penalties if tax is not paid by the Notice 2020-18 due date
- Identify which clients are best served by filing early
- Recognize the amount of taxes clients must pay by April 15
- Describe the key features of the Families First Coronavirus Response Act and the CARES Act that apply to businesses and individual taxpayers
- Recognize 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
- Identify employment tax relief for employers and self-employed individuals in the FFCRA and CARES Acts
- Compute the employee retention credit with and without the employer OASDI tax deferral provision
- Recognize how the payroll/self-employment tax relief interacts with other COVID-19 and general tax provisions
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (6 hours)
Program Prerequisites
None
Advance Preparation
None
