Coronavirus Tax Summary - Mini Course (2 hour version) (Course Id 1656)

Taxes - Taxes for Course Id 1656

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 - Technical - NASBA Registry - IRS Enrolled Agents - 1656

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 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, the Stafford Act.
2. Recognize the tax provisions of the CARES Act including recovery rebates, above-the-line charitable contributions, deferral of payroll tax, business loan forgiveness, employee retention credits, remote medical services, and unemployment benefits.

Chapter 1 - Coronavirus Tax Summary

High-Deductible Health Plans (3/11/20)

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

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 Payments

Net Operating Losses

Loss Limitation For Noncorporate Taxpayers

Business Interest Limitation

Qualified Improvement Property

Paycheck Protection Program & Loan Forgiveness

Who Can 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

Glossary