On April 17th the Business Learning Institute in conjunction with Farmer/Nunnallee Tax Seminars is offering a 4-hour webinar reviewing the massive tax changes affecting practitioners and their clients in response to the Coronavirus (COVID-19). The purpose of this webinar is to help practitioners get their arms around the various tax benefits (including tax refunds from prior years) and obligations contained in recent legislation, etc., including:
IRS’s new People First initiative which 1) Postpones a long list of tax-related deadlines from April 15, 2020 to July 15, 2020 and the effect of this postponement on other time-sensitive acts, and 2) Postpones numerous enforcement actions until July 15, 2020.
CARES Act (Coronavirus Aid, Relief, and Economic Security Act, H.R. 748) signed into law on March 27, 2020 which includes: Rebates up to $1,200 for Individuals ($2,400 for joint filers) and $500 for Qualifying Children; Employee Retention Credits for certain employers experiencing economic hardship due to the Coronavirus pandemic; Penalty Relief for Coronavirus-related distributions from retirement plans; Delay of RMDs; Increased deduction limits for charitable contributions; Retroactive NOL carrybacks; Delay of employer payroll tax payments; Retroactive delay of the Excess Loss Limitation for individuals (‘461(l)); Retroactive acceleration of refundable corporate AMT credits; Increased deduction limits for business interest expense (‘163(j); Qualified Improvement Property Fix; Limited income exclusion for employer payments on employee student loans; and more.
Families First Coronavirus Response Act (H.R. 6201) enacted on March 18, 2020 that: Requires employers with fewer than 500 employees to make Qualified Sick Leave Payments and Qualified Family Leave Payments for a range of employees who can’t work because of the Coronavirus; Provides Offsetting refundable payroll tax credits for employers that make these payments; and Provides refundable tax credits for Self-Employed individuals who cannot work because of the Coronavirus.
This course also contains a prominent segment on the Paycheck Protection Program Loans (PPP).