The CARES Act and Other Coronavirus Tax Provisions | 4194451A

Instructors

Date :
April 22, 2020 11:00 AM - 1:00 PM
Location :
Webcast
Facility :
Webcast Event
Level of Difficulty :
Overview
Member Price :
0.00
Nonmember Price :
0.00
CPE Credits :
CPE 2.00, MCLE 1.50
Show tabs
The IRS gave time pressure relief to taxpayers and tax return preparers by extending the due date for filing income tax returns and for payments due on April 15, 2020 to July 15, 2020. Congress has given further relief to taxpayers by enacting an advance recovery rebate program for individuals, assistance to employers to continue employing their employees, requiring employee leave payments by employers in limited situations with reimbursement by the Federal government, and an assortment of tax relief measures. Several of the relief measures will involve preparing claims or amended income tax returns for 2017 and 2018. Michael Gray will address the highlights of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748), the Families First Coronavirus Response Act (H.R. 6201) and Notice 2020-18 and some related planning recommendations.

Objectives:

  • Recognize Highlights of the CARES Act enacted 3/28/2020, Families First Coronavirus Response Act, and Notice 2020-18 (deadline extensions)
  • Identify Client situations that need to be addressed as a result of the new legislation
  • Determine Appropriate recommendations for clients relating to the changes

Major Subjects:

  • Limited payroll relief for employees who can't work because of the coronavirus quarantine, including employer payroll tax credits.
  • Government guarantees and forgiveness of SBA-administered loans for employers to continue employment for employees.
  • Recovery rebates for individuals - how they work.
  • Early withdrawal penalty relief for certain distributions from retirement plans.
  • Temporary waiver of required minimum distribution rules.
  • Modification of limitations for charitable contribution deductions, including an above the line deduction for individuals.
  • Exclusion for employer payments of student loans.
  • Refundable payroll tax credit for 50% of wages paid by certain employers to employees during the COVID-19 crisis.
  • Deferral of payment of employer payroll taxes.
  • Temporary reinstatement of net operating loss carrybacks and elimination of the 80% of taxable income limitation.
  • Temporary allowance of excess business losses of non-corporate taxpayers.

Advanced Prep:

None

Misc. Information:

N/A
Level of Difficulty:
Overview
Field of Interest:
Taxes
Prerequisites:
None
Designed For:
CPAs, attorneys and professional staff

Instructors

Michael C Gray, CPA
Mike founded his CPA firm, Michael Gray, CPA October 1, 1996. He has continuously worked in public accounting since June, 1974. Mike was a co-founder and partner in charge of tax services of Hubler, Gray and Associates from June, 1986 through September, 1996 and a tax manager at KMG Main Hurdman, subsequently acquired by KPMG Peat Marwick, from February, 1978 to June, 1986. The areas of practice that Mike has focused on include tax planning for individuals, estate and trust planning and administration, tax planning for businesses, tax examinations, and tax procedure. He also assists other tax practitioners in dealing with complex tax issues. Mike has given many presentations and written many articles on tax subjects, including for the California Society of CPAs, Silicon Valley Bar Association and Santa Clara County Bar Association. Mike has been a CPA in California since March, 1977. He received his BS in accounting and MBA at San Jose State University in June, 1974 and June, 1978, respectively. He is a past president of the Silicon Valley San Jose CPAs, past chairman of the tax committee for the Silicon Valley San Jose CPAs and past member of the state tax committee for the California CPAs. He is also a member of the Santa Clara County Estate Planning Council, and has been involved with the Executive Planning Committee of the Tax Section for the Santa Clara County Bar Association.

Materials:

  • Materials - eBook