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Are you a California CNA?
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.
Course Publication Date: March 30, 2023
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership!
| Author: | Paul Winn |
| Course No: | TAX-STIMU-3233 |
| Recommended CPE: | 3.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Recognize the nature and amount of recovery rebate authorized under the CARES Act.
- Apply the recovery rebate eligibility limitations.
- Calculate the amount of rebate based on a taxpayer’s adjusted gross income and filing status.
- Describe the rules applicable to the Paycheck Protection Program, including those related to eligibility.
- Describe the rules applicable to the Paycheck Protection Program, including those related to maximum loan amounts.
- Describe the rules applicable to the Paycheck Protection Program, including those related to forgiveness criteria.
- Identify the rules governing the Pandemic Unemployment Assistance program, including the additional unemployment benefits available.
- Identify the rules governing the Pandemic Unemployment Assistance program, including the eligibility requirements.
- Identify the rules governing the Pandemic Unemployment Assistance program, including the tax treatment of benefits.
- Identify the rules governing the Pandemic Unemployment Assistance program, including the credit for employee retention.
- Identify the changes in deductible charitable contribution rules.
- Describe changes made to qualified plan loans.
- Recognize the early distribution tax penalty changes for coronavirus-related distributions.
- Apply the rules governing the tax treatment of coronavirus-related withdrawals.
- Describe the tax treatment governing repayment of IRA and qualified plan withdrawals.
- Identify the changes to required minimum distributions (RMDs) applicable to 2020.
- Recognize the net operating loss carryover rules.
- Describe the health savings account (HSA) exemptions for telehealth services.
- Discuss changes made to qualified medical expenses.
- Identify the changes made to high deductible health plans (HDHPs) with respect to first-dollar payment of COVID-19 related testing and treatment expenses.
- Recognize the extension available with respect to Section 911 exclusion of foreign earned income.
- Describe the changes made to the tax treatment of tuition and related expenses.
- Identify the Section 1031 time-sensitive action deadlines.
- Describe the CARES Act provisions affecting businesses, including the correction regarding the deductible period applicable to qualified improvement property.
- Describe the CARES Act provisions affecting businesses, including the modification of limitation on losses for non-corporate taxpayers.
- Describe the CARES Act provisions affecting businesses, including the changes to the limitation on business interest expense deductions.
- Describe the CARES Act provisions affecting businesses, including the exclusion of certain employer payments of student loans.
- Describe the CARES Act provisions affecting businesses, including the expansion of economic injury disaster loans (EIDLs).
- Describe the primary objective of the Coronavirus Preparedness and Response Supplemental Appropriations Act.
- Identify the principal intent of the Families First Coronavirus Response Act (FFCRA).
- Recognize the impact of the Paycheck Protection Program and Health Care Enhancement Act.
- Describe the principal individual income tax-related provisions of the American Rescue Plan Act of 2021.
- Identify the principal provisions of the Inflation Reduction Act.
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