Economic Stimulus: Federal Response to the Coronavirus Pandemic with ARPA

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Paul J. Winn CLU ChFC
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01686-21-S | 6233-CE-0406 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© March 2021 General Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

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.

Learning Objectives:

After reading the course material, you will 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 rules related to the business deduction of food and beverages,
    • Changes to the CTC and EITC rules,
    • 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).
    • Also included is the latest update in ARPA (American Rescue Plan Act)

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with All State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC