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Tax Benefits and Implications of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Gain an understanding of the new CARES Act, tax benefits under the CARES Act, and how it affects you and your business.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law, as part of Congress' efforts to provide much needed stimulus to individuals and businesses adversely impacted by the coronavirus (COVID-19) pandemic. Many persons have not had the time to even read all of the legislation, much less consider the guidance that has been thereafter issued. Inherent in the ability to provide relief to individuals and businesses are the offering of tax benefits. By now, many individuals have been relieved to receive stimulus payments, while many businesses in economic distress have been able to apply and even receive PPP and EIDL loans. Some larger companies have sought to return loans, as well, under pressures that they were not the intended recipients of these loans. Whether or not businesses will be able to have the loans forgiven require careful analysis, mindful of additional constraints provided by the underwriting requirements of the SBA and financial institutions. Independent contractors sit in the middle of payroll questions and the CARES Act has led to numerous questions about how they are to be treated under the law. Numerous tax benefits are offered under the CARES Act, but the implications of these tax provisions remain to be seen. In this topic, we look to identify the open questions surrounding the tax benefits offered and when possible, provide what commentators are thinking are proper interpretations of some of the more vexing aspects of the CARES Act.

111 minutes
Course Exam
Certificate of Completion

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

  • What the CARES Act Was Intended to Do
  • What the CARES Act Was Not Intended to Do
  • Latest Developments

Summary of the Tax Benefits Offered by the CARES Act

  • Key Features of the CARES Act (PPP, EIDL)
  • 2020 Stimulus Recovery Rebates for Individuals (Section 2201)
  • Above-the-Line Charitable Contributions (Section 2204)
  • 2020 Modification of Limitations on Charitable Contributions (Section 2205)
  • Employee Retention Credit for Certain Employers (Section 2301)
  • Delay of Payment of Employer Payroll and SECA Tax Payments (Section 2302)
  • Modifications for Use of Net Operating Losses (Section 2303)
  • Modification of Limitation of Excess Farm and Business Losses (Section 2304)
  • Modification of Credit for Prior Year Minimum Tax Liability of Corporations (Section 2305)
  • Modifications of Limitation on Business Interest (Section 2306)
  • Bonus Depreciation for Qualified Improvement Property Correction (Section 2307)

Tax Implications of the Paycheck Protection Program

  • Overview of Interim Rule Guidance
  • Repayment and FAQ 31
  • Criminal Law Enforcement/Bank Fraud
  • Other Issues Arising From the PPP and EIDL
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on May 21, 2020.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.75
     
  • This course has been approved for 1.75 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.75
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.75 CLE hours of participatory credit.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.

  • Senior tax counsel, CPLS, P.A.
  • Practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate, and Federal and state court disputes involving partners and members and estates
  • Practice areas include the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s), as well as IRS Forms 8886 (Reporting of Abusive Tax Shelters), SS-8 (worker classification), 1099-MISC (independent contractors), W-2c/ Form 4852 (Substitute Form W-2 or Form 1099-R); Form 211 (whistle-blowers), Form 3949-A (referral of alleged violations of the tax laws), Form 14242 (suspected abusive tax promotions or promoters), Form 14039 (stolen identity and use of your SSN), Form 14157 (reporting of fraud or abusive tax scheme by preparer), and Form 13909 (reporting of suspect misconduct or wrongdoing of tax-exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistle-blowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: “Evaluating LLC Operating Agreements Containing ‘Carte Blanche’ Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); “AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); “It Ain’t Over ‘Til It’s Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina.” Journal of Business Entities (September/October 2004); “What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway,” BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); and “Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?” (Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?), ABA Teleconference (August 24, 2010)
  • LL.M. degree in taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University
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Product ID: 407738
Published 2020
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