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Federal Response to the Coronavirus PandemicCode: 21b-FEDRESP
Price: $19.95
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Course Details
Pages: 45
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.
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).
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 –
- Changes to the foreign
income exclusion,
- Section 1031 exchange
timing,
- Correction of the
deductible period applicable to qualified improvement property,
- Modification of
limitation on losses for non-corporate taxpayers,
- Changes to the
limitation on business interest expense deductions,
- Exclusion of certain
employer payments of student loans, and
- Expansion of economic
injury disaster loans (EIDLs).
Presentation Method: QAS Self-Study
Category: Taxes
CPE credit: 2 Hours
Program Level: Update
Prerequisites: None
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase

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