The American Recovery and Reinvestment Act of 2009 - Mini CourseCode: 16-ARRA2
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Course description and objectives:
On February 17, 2009, President Barack Obama signed into law the most sweeping economic package in decades - a plan meant to rescue the economy, create jobs, stimulate spending, and lift public optimism. The $800 billion American Recovery and Reinvestment Act of 2009 contains nearly $300 billion in tax provisions. Many new tax breaks are established and significant changes are made to existing deductions and credits. This course provides details into many of the tax adjustments as they effect individual and business tax payers.
- Determine the "Making Work Pay" tax credit, the economic recovery payment to Social Security and SSI recipients, and the EITC.
- List and describe Act modifications to the 2008 Stabilization Act child tax credit provisions, the Hope credit (renamed the American Opportunity tax credit), tuition saving accounts, the homebuyer tax credit, and the low-income housing tax credit.
- Compute 2009 unemployment compensation taxation, allowable qualified motor vehicle deductions, and 2009 individual AMT exemption amounts.
- Discuss three changes to the bonus depreciation provision (§168(k)), list dollar caps for vehicles, and identify a special election for corporations.
- Describe extended §179 expensing, revised net operating loss provisions; estimated tax payments for small businesses, category additions to the work opportunity credit, and employer-provided transit and vanpool benefits under the Act.
- Evaluate the impact of Congress's legislative response to Notice 2008-83, the new cancellation of indebtedness income election, the §1202 small business stock percentage exclusion, the reduced holding period for §1374 assets and the new markets tax credit.
- Discuss the new COBRA requirements, the delayed implementation 3% government contractor withholding, and the expanded definition of industrial development bonds.
- Discuss the tax benefits, limitations, and requirements of credits for energy property (specifically including solar electric and water heating property), alternative fuel refueling property, electric drive motor vehicles, renewable energy production, and advanced energy manufacturing projects.
- Determine when an investment tax credit can be taken in lieu of the production tax credit.
- Compare and contrast prior law with the Act's expanded program for clean renewable energy bonds and qualified energy conservation bonds.
Presentation Method: Self-Study
CPE credit: 3 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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