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Economic Stimulus Legislation: Federal Response to the Coronavirus Pandemic (Course Id 1719)

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Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $19.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1719

Description :

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), legislation designed to provide economic relief for those impacted by COVID19, became law.  This course provides a general review of the principal provisions of the CARES Act and of other federal tax-related stimulus legislation passed during 2020.

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 26-Oct-2020
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1719

Keywords : Taxes, Economic, Stimulus, Legislation, Federal, Response, Coronavirus, Pandemic, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After completing this course, students should be able to:
  • Apply the recovery rebate rules;
  • Describe the provisions of the Paycheck Protection Program;
  • Recognize the rules related to unemployment benefits under the Pandemic Unemployment Assistance program;
  • Apply the provisions regarding expanded tax-favored use of retirement funds;
  • Identify the changes to net operating loss (NOL) carryback rules;
  • Apply the changes in charitable contribution rules;
  • Describe the changes in health savings account (HSA) rules related to first-dollar payment for telehealth and COVID-19 testing and treatment;
  • Apply the rule changes to qualified improvement property depreciation; and
  • Recognize the rules related to miscellaneous provisions, including –
      o Changes to the foreign income exclusion,
      o Section 1031 exchange timing,
      o Correction of the deductible period applicable to qualified improvement property,
      o Modification of limitation on losses for non-corporate taxpayers,
      o Changes to the limitation on business interest expense deductions,
      o Exclusion of certain employer payments of student loans, and
      o Expansion of economic injury disaster loans (EIDLs).

Chapter 1
Rebates, Payroll, and Unemployment Assistance

When you have completed this chapter, you should be able to:
  • Recognize the nature and amount of recovery rebate authorized under the CARES Act;
  • Apply the recovery rebate eligibility limitations;
  • Calculate the amount of rebate based on a taxpayer’s adjusted gross income and filing status;
  • Describe the rules applicable to the Paycheck Protection Program, including those related to –
      o Eligibility,
      o Maximum loan amounts, and
      o Forgiveness criteria;
  • Identify the rules governing the Pandemic Unemployment Assistance program, including –
      o The additional unemployment benefits available,
      o The eligibility requirements,
      o The tax treatment of benefits, and
      o The credit for employee retention.

Chapter 2
Charitable Contributions, Retirement Funds, and NOLs

After completing this chapter, students should be able to:
  • Identify the changes in deductible charitable contribution rules;
  • Describe changes made to qualified plan loans;
  • Recognize the early distribution tax penalty changes for coronavirus-related distributions;
  • Apply the rules governing the tax treatment of coronavirus-related withdrawals;
  • Describe the tax treatment governing repayment of IRA and qualified plan withdrawals;
  • Identify the changes to required minimum distributions (RMDs) applicable to 2020; and
  • Recognize the net operating loss carryover rules.

Chapter 3
Miscellaneous CARES Provisions

After completing this chapter, you should be able to:
  • Describe the health savings account (HSA) exemptions for telehealth services,
  • Discuss changes made to qualified medical expenses,
  • Identify the changes made to high deductible health plans (HDHPs) with respect to first-dollar payment of COVID-19 related testing and treatment expenses;
  • Recognize the extension available with respect to Section 911 exclusion of foreign earned income;
  • Identify the Section 1031 time-sensitive action deadlines; and
  • Describe the CARES Act provisions affecting businesses, including the –
      o Correction regarding the deductible period applicable to qualified improvement property,
      o Modification of limitation on losses for non-corporate taxpayers,
      o Changes to the limitation on business interest expense deductions,
      o Exclusion of certain employer payments of student loans, and
      o Expansion of economic injury disaster loans (EIDLs).

Chapter 4
Additional Economic Stimulus Legislation

After completing this chapter, you should be able to:
  • Describe primary objective of the Coronavirus Preparedness and Response Supplemental Appropriations Act;
  • Identify the principal intent of the Families First Coronavirus Response Act (FFCRA); and
  • Recognize the impact of the Paycheck Protection Program and Health Care Enhancement Act.
Course Contents :

Course Learning Objectives

Course Introduction

Chapter 1 - Rebates, Payroll, and Unemployment Assistance

Learning Objectives

Introduction

Recovery Rebates (Economic Impact Payments)

Rebate Eligibility

AGI Limitations

Additional Per-Child Credit

Additional Recovery Rebate (Economic Impact Payment) Issues

Paycheck Protection Program

Paycheck Protection Program Eligibility

Maximum Loan Amount

Small Business Association Covered Loan Forgiveness

Tax Treatment of Loan Forgiveness

Payroll Tax Deferral – Employer Share

Payroll Tax Deferral – Employee Share

Pandemic Unemployment Assistance

Unemployment Benefits

Benefit Eligibility

Tax Treatment of Benefits

Employee Retention Credit

Chapter 1 Review Questions

Chapter 2 - Charitable Contributions, Retirement Funds, and NOLs

Learning Objectives

Introduction

Charitable Contributions

Qualified Contributions

Partial Above-the-Line Deduction for Charitable Contributions

Retirement Plans

Employer-Sponsored Qualified Retirement Plans

SEP IRA

SIMPLE IRA

Traditional IRA

Roth IRA

Relaxation of Retirement Fund Tax Rules

Qualified Plan Loan Maximum Increased

Early Distributions

Taxation of IRA and Qualified Plan Withdrawals Over Three-Year Period

Rollover of IRA and Qualified Plan Withdrawals Within Three Years of Distribution

Coronavirus-Related Distribution

IRS Notice 2005-92

Suspension of 2020 Required Minimum Distributions

Modifications for Net Operating Losses (NOLs)

Chapter 2 Review Questions

Chapter 3 - Miscellaneous CARES Provisions

Learning Objectives

Introduction

Exemption for Telehealth Services

Qualified Medical Expenses

High Deductible Health Plans and COVID-19-Related Expenses

Additional Health Care Related Provisions

Section 911 Foreign Earned Income

Section 1031 Timing Relief

Miscellaneous Business Provisions

Technical Amendments Regarding Qualified Improvement Property

Limitation on Losses for Non-Corporate Taxpayers

Modifications of Limitation on Business Interest Expense

Special Partnership Rules

Exclusion of Certain Employer Payments of Student Loans

Economic Injury Disaster Loans (EIDL)

Emergency Grants

Chapter 3 Review Questions

Chapter 4 - Additional Economic Stimulus Legislation

Learning Objectives

Introduction

Coronavirus Preparedness and Response Supplemental Appropriations Act

Families First Coronavirus Response Act (FFCRA)

Paycheck Protection Program and Health Care Enhancement Act (Enhancement Act)

Extended Eviction Ban

Additional Stimulus Legislation

Chapter 4 Review Questions

Glossary

CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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