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CARES Act Update

  • Published on Jun 4, 2020
  • by Wayne Hardin

June 18, 2020  |  12 p.m. – 2 p.m. – Zoom Webinar

CPE Hours: 2
This webinar will provide a tax update on the Coronavirus Aid, Relief and Economic Security (CARES) Act signed into law on March 27, 2020 in response to the COVID-19 pandemic.

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The session will discuss tax relief to Individuals, Businesses and Estates and Gifts. Tax Practice Procedural modifications will be reviewed. Among the tax issues discussed are the following:

Individual Taxpayer Relief
    - Taxpayer Filing Deadlines
    - Tax Credits Allowed for 2020
    - Waiver of Required Minimum Distributions for 2020  
    - Eligible Rollover Distributions and Penalty Relief
    - Temporary Limit on Plan Loans
    - Excluded Education Payments Paid by Employers
    - Expansion of Definition of Qualified Medical Expenses
    - Chargeable Contribution Deductions in 2020
    - Modification of Excess Business Loss

 • Business Relief
    - Technical Correction Regarding Bonus Depreciation on Qualified Improvement Property
    - Corporate Charitable Deductions Relief
    - Paid Sick Leave Credit
    - Employee Retention Credit
    - Delay of Payment of Payroll Taxes
    - Revised Form 941
    - Interest Expense Deductibility
    - Corporate Minimum Tax Acceleration
    - Temporary Repeal of Taxable Income on NOLs

• Paycheck Protection Program
• Accounting for Funds Likeliness of Continuation
• Forgiveness of Debt: Tax and non-tax issues
• EIDL lending
• Current Controversy on Deduction of Expenses Associated with PPP Funds

The session will also discuss tax relief for Estates and Gifts and will conclude with Texas tax relief for businesses associated with COVID-19.