4.5 Credits

During this 4-CPE credit webinar, Don Farmer, CPA, will review the massive changes affecting practitioners and their clients in response to the Coronavirus (COVID-19). The purpose of this webinar is to help practitioners get their arms around the various tax benefits (including tax refunds from prior years) and obligations contained in recent legislation, etc.


To provide you with an update on the recent tax legislation and IRS tax relief resulting from COVID-19

Major Topics

Obtain guidance on the various tax benefits (including tax refunds from prior years) and obligations contained in recent legislation and IRS releases including:

The IRS's new "People First Initiative" which:

  • Postpones a long list of tax-related deadlines from April 15, 2020 to July 15, 2020, including the effect of this postponement on other time sensitive acts
  • Postpones numerous enforcement actions until July 15, 2020

The CARES Act (Coronavirus Aid, Relief and Economic Security Act, H.R. 748) signed into law March 27, 2020, which includes:

  • Rebates for individuals
  • Employee retention credits for certain employers experiencing economic hardship due to the Coronavirus pandemic
  • Penalty relief for Coronavirus-related distributions from retirement plans
  • Delay of RMDs
  • Increased deduction limits for charitable contributions
  • Retroactive NOL carrybacks
  • Delay of employer payroll tax payments
  • Retroactive delay of the Excess Loss Limitation for individuals
  • Retroactive acceleration of refundable corporate AMT credits
  • Increased deduction limits for business interest expense
  • A qualified improvement property fix
  • Limited income exclusion for employer payments on employee student loans

The Families First Coronavirus Response Act (H.R. 6201) enacted March 18, 2020 that:

  • Requires employers with fewer than 500 employees to make "qualified sick leave payments" and "qualified family leave payments" for a range of employees who cannot work because of the Coronavirus
  • Provides offsetting refundable payroll tax credits for employers that make these payments
  • Provides refundable tax credits for self-employed individuals who cannot work because of the Coronavirus

Designed For

Anyone involved in the preparation and/or review of income tax returns or who provides tax advice to businesses



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