Coronavirus Tax Summary - Mini Course (3 hour version) (Course Id 1819)

The Families First Coronavirus Response Act was signed by President Trump on March 18, 2020. Later on March 27, 2020, he signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act,  with a $2.2 trillion price tag. These Acts have been supplemented by pronouncements from the Treasury Department and Internal Revenue Service. These emergency coronavirus provisions are intended to limit the spread of the pandemic, support relief efforts, and stabilize the economy.

This course is an overview and summary of tax provisions contained in the above legislation and government pronouncements. It provides a reference to selected individual, business, retirement, employment, filing, and charitable tax provisions adopted. The resulting major tax impact carries special meaning to the tax practitioner and return preparer. The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes. 

NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 1819

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

At the start of the materials, participants should identify the following topics for study:
* Related Treasury & IRS notices and pro-nouncements
* Families First Coronavirus Response Act paid leave requirements
* Modified income tax filing & payment dead-lines
* CARES & ARPA Act tax provisions

After reading the materials, participants will be able to:
1. Identify permissible HSA payments, allowable FFCRA payroll tax credits and paid leave, postponement of tax filing and payment deadlines, and the Stafford Act.
2. Recognize the tax provisions of the CARES, CAA & ARPA Acts including recovery rebates, above-the-line charitable contributions, deferral of payroll tax, loan forgiveness, employee retention credits, remote medical services, business losses, COBRA, and unemployment benefits.

Chapter 1 - Coronavirus Tax Summary

High-Deductible Health Plans

Families First Coronavirus Response Act

Employee Paid Sick, Family & Medical Leave

Employer Tax Credits

Paid Sick Leave (EPSLA) Credit

Paid Family & Medical (EMFLEA) Credit

Payment for the Cost of Providing Leave

Self-Employed Individuals

Small Business Exemption

Effective Date

Federal Gift & GST Tax Filing & Payment Deadline (3/20/20)

Income Tax Filing & Payment Deadline (3/20-21/20)

Coronavirus Aid, Relief, and Economic Security (CARES) Act

Recovery Rebate/Credit (Economic Impact Payments)

Eligibility

Identification Number

Backward Calculation

Advance Refund

Noticing Requirement

Phaseout

Retirement Funds - Early Withdrawal Tax & Loan Limits

Distributions & 10% Penalty - §72(t)(1)

Coronavirus Related Distribution

Repayments of Coronavirus-Related Distributions

Loan Limits

Temporary Waiver of RMD Rules

Application

Charitable Deductions

$300 Above-the-Line Charitable Deduction

Qualified Charitable Contribution

Individual Cash Contribution Limit During 2020

Qualified Contributions

Corporate Cash Contribution Limit During 2020

Contribution Of Food Inventory During 2020

Repayment of Employee Student Loans

Eligible Student Loan Repayments

Employee Retention Payroll Tax Credit

Penalty Relief

Eligible Employers

Household Employers

Self-Employed Individuals

Partial Business Suspension

Reduction in Quarterly Gross Receipts

Wages

Employers With Less Than 100 Employees

Employers With More Than 100 Employees

Refundable Credit

Employer Payroll Tax Delay

Applicable Date

Estimated Tax Payments

Net Operating Losses

Loss Limitation For Noncorporate Taxpayers

Business Interest Limitation

Qualified Improvement Property

Paycheck Protection Program & Loan Forgiveness

Who Could Apply?

Eligible Debt Forgiveness

Definitions

Unemployment Benefits

Advancing of Credits for Paid Sick & Family Leave

High Deductible Health Plans & Telehealth Services

Section 1031 & Rollover Periods

Consolidated Appropriations Act (CAA)

COVID-related Tax Relief Act of 2020 (COVIDTRA)

Additional (Second) Recovery Rebate - §6428A

Eligibility

Advance Payments

Changes to CARES Economic Impact Payments (EIPs) - §6428(c)&(g)

Educator Expense Deduction Expanded to PPE - §62

Deduction Of Expenses Paid With Forgiven PPP Debt - §61 & §162

Deduction Of Expenses Paid With Forgiven EID Loans & Grants

Debt Discharge Reporting Waived - §6050P

Authority To Share

SSI & SSDI Information - §6103(k)(15)

Information for Educational Institutions - §6103(l)(13)

American Opportunity & Lifetime Learning Credits - §25A

Money Purchase Plan Virus-Related Distributions - §401

Net Operating Farming Loses - §172

Economic Aid to Hard-Hit Small Businesses, Nonprofits, & Venues Act

Paycheck Protection Program Round 2 (PPP-2)

Eligibility

Section 501(c)(6) Not-For-Profit Organizations

Loan Amount Maximum

Time to Spend Loan Proceeds (Covered Period)

Use of Loan Funds Qualifying for Forgiveness

Taxation

Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR)

Medical Expense Percentage Limit - §213

Energy Efficient Commercial Property Deduction - §179D

Unified Phaseout for AOTC & Lifetime Learning Credit - §25A

Higher Education Tuition Deduction - §222

New Markets Tax Credit - §45D

Work Opportunity Tax Credit (WOTC) - §51

Residential Mortgage Debt Relief - §108

Motorsports Entertainment Complexes - §168(i)(15)

Special Film & TV Production Expensing - §181

Family & Medical Leave Credit - §45S

Employer-Provided Educational Assistance - §127

Renewable Energy Production Tax Credit - §45 & §38

Deductible Mortgage Insurance Premiums - §163

Residential Energy-Efficient Improvements & Property - §25C

Credit For Fuel Cell Vehicles - §30B

Alternative Fuel Vehicle Refueling Property - §30C

Plug-in 2-Wheeled Electric Vehicles (Motorcycles) - §30D(g)

Credit for Energy New Efficient Homes - §45L

Personal Solar Property Credit - §25D

American Rescue Plan Act Of 2021

Recovery Rebates

Income Limitations

Qualified Taxpayers

Child Tax Credit - §24

Phaseout

Advance Payments

Earned Income Tax Credit (2021 Only) - §32

Dependent Care Tax Credit - §21

Unemployment Benefits

Exclusion of Forgiven Student Loans - §108

Paycheck Protection Program (PPP)

Paid Sick and Family Leave Credits

Employee Retention Tax Credit

Limit on Excess Business Losses - §461(l)

$1 Million Compensation Limit - §162(m)

Retirement Plan Funding

COBRA Coverage Assistance

Refundable Payroll Tax Credit

Notices

Tax Treatment of COVID-19 Relief

Glossary