Author : | Paul Winn, CLU, ChFC |
Course Length : | Pages: 29 ||| Review Questions: 13 ||| Final Exam Questions: 15 |
CPE Credits : | 3.0 |
IRS Credits : | 3 |
Price : | $26.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents |
Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1813 |
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. In addition, the current course includes a discussion of the American Rescue Tax Plan Act (ARPA) that became law on March 11, 2021. The course begins with an examination of three important provisions of the CARES Act: recovery rebates, the Paycheck Protection Program (PPP) and federal Pandemic Unemployment Assistance. It considers the CARES Act recovery rebates specifically with respect to filing status, the associated amount of the rebate, and the effect of a taxpayer’s adjusted gross income on the tax treatment of the rebate and the taxpayer’s eligibility for it. The PPP’s provisions for SBA forgivable loans and taxability of loan proceeds is discussed as are the federal Pandemic Unemployment Assistance (PUA) provisions of the CARES Act, including its enhancement and augmentation of normal unemployment benefits, and the ways in which PUA benefits differ from other types of unemployment benefits. It also addresses several additional issues, including the changes brought about by the Act with respect to health savings accounts (HSAs), qualified medical expenses, high deductible health plans (HDHPs), foreign earned income, tax-free exchanges of investment property, correction of the Tax Cuts and Jobs Act provision addressing the depreciable period applicable to qualified improvement property, changes to the deduction of losses by non-corporate taxpayers, modifications of business interest limitations, employer student loan payments and SBA loans referred to as economic injury disaster loans (EIDLs). |
Usage Rank : | 0 |
Release : | 2021 |
Version : | 1.0 |
Prerequisites : | None. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Coronavirus Tax Relief
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 25-Feb-2022 |
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 - 1813 |
Keywords : | Taxes, Economic, Stimulus, Legislation, Federal, Response, Coronavirus, Pandemic, v11, cpe, cpa, online course |
Learning Objectives : |
Course Learning Objectives After completing this course, students should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
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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 Qualified Disaster Distribution Suspension of 2020 Required Minimum Distributions Modifications for Net Operating Losses (NOLs) Chapter 2 Review Questions Chapter 3 - Miscellaneous CARES Act and TRA 2020 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 Unreimbursed Medical Expense Threshold Lowered Section 911 Foreign Earned Income Section 1031 Timing Relief Miscellaneous Personal Tax Changes Miscellaneous Business Provisions Temporary Increase in Business Meal Deductibility 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 American Rescue Plan Act of 2021 Unemployment Benefits Recovery Rebates Limitation Based on Adjusted Gross Income COBRA Premium Assistance Child Tax Credit Child Tax Credit Increase Subject to Separate Phase-Out Reduction Limitation Earned Income Tax Credit Taxpayers with no Qualifying Children Taxpayers with Qualifying Children who Fail to Meet Identification Requirements Separated Spouses Investment Income Test Temporary Special Rule for Determining Earned Income Child and Dependent Care Tax Credit Premium Tax Credit Expansion Student Loan Discharge Noncorporate Excess Business Loss Chapter 4 Review Questions Appendix Glossary |