Federal Response to the Coronavirus PandemicCode: 24-FEDRESP

Pages: 60

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, including the Tax Relief Act of 2020 signed into law on December 27, 2020.

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