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CARES Act 2020: Coronavirus Aid, Relief, and Economic Security

CARES ACT 2020: CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY

Includes Notices 2020-20 & 2020-22, H.R. 6201, H. R. 748
Cost $31.25
Presentation Length 2.0 hours

Recorded DateMay 4, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The $2.2 Trillion “CARES Act,” which is designed to provide loans and loan forgiveness, tax incentives, credits, and deductions to Americans and American businesses, passed the Senate with a vote of 96-0. The bill will inject $2 trillion into the American economy, and includes a range of tax rebates, expanded unemployment benefits and a variety of business tax-relief provisions designed to bolster individual, family and business finances.

To make sense of it all, join Bob Keebler in his exclusive Webinar where he reviews the following points:


  • A massive emergency SBA nonrecourse loan program for small businesses with generous forgiveness provisions.   

  • Income Tax-Free SBA loan forgiveness along with key tax Incentives designed to stimulate the U.S. economy

  • Deferral of the Employer side of Social Security Taxes Until 2021 and 2022

  • $1,200 checks to many Americans plus $500/child that will be phased out based on income widely believed to be $75,000

  • Employment Tax Credits to 100% Finance Sick Leave for Small Business

  • Expansion of NOL Carrybacks and Carryforwards

  • Waiver of 2020 RMDs from Qualified Retirement Plans

  • Waiver of 2020 RMDs from IRAs

  • Delayed Filing Dates for Some Returns and Not Others

  • Delayed Payment Dates

  • Retirement Plan and IRA Penalty-Free Distributions – with Repayment Plans over Several Years

  • Retirement Plan Loan Expansion & Relief

  • Delayed IRA and Plan Contribution Dates

  • New Charitable Tax Breaks – Including an above-the-line deduction and Percentage Limitation Rollback  

  • Significantly Delay on the Payment of Employment Taxes

  • 461(l) Excess Loss Limitation Relief

  • Deductible Business Interest Expense Relief


Since this course was first developed, new regulations and guidance have continued to flow out of Treasury. Given the fast and evolving response from various units of government, we expect new developments daily that directly affect the work of financial, tax, and accounting professionals.
 
The developments we believe of broad significance to tax practitioners are:


  • Notice 2020-32, in which the IRS determined business expenses satisfied with forgiven PPP loan proceeds are not deductible

  • Paycheck Protection Program FAQs (frequently updated guidance from Treasury)

  • Regulations promulgated by the SBA which explain how the PPP loan program will apply to sole proprietors and partnerships


You can find these documents and more on the IRS website: https://www.irs.gov/coronavirus/coronavirus-and-economic-impact-payments-resources-and-guidance
 

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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP, and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of the National Association of Estate Planners & Councils. CPA Magazine has also named him one of the top 100 most influential practitioners in the United States and one of the top 40 tax advisors to know during a recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. 

 

Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and estate, gift, and income tax examinations and appeals. He has received more than 200 favorable private letter rulings, including several key rulings of “first impression.” 

 

He is the author of over 100 articles and columns and is the editor, author, or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years, including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate Planning Institute.

 

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About Our Presenter

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At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.