The Families First Coronavirus Response Act was signed by President Trump on March 18, 2020. Later on March 27, 2020, he signed the Coronavirus Aid, Re-lief, and Economic Security (CARES) Act, with a $2.2 trillion price tag. These Acts have been supplemented by pronouncements from the Treasury Depart-ment and Internal Revenue Service. These emergency coronavirus provisions are intended to limit the spread of the pandemic, support relief efforts, and sta-bilize the economy.
This course is an overview and summary of tax provisions contained in the above legislation and government pronouncements. It provides a reference to selected individual, business, retirement, employment, filing, and charitable tax provisions adopted. The resulting major tax impact carries special meaning to the tax practitioner and return preparer. The course is intended to be a re-source for tax professionals and staff alike to gain easy access to the most im-portant major changes.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
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ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* Related Treasury & IRS notices and pronouncements
* Families First Coronavirus Response Act paid leave requirements
* Modified income tax filing & payment deadlines
* CARES & ARPA Act tax provisions
Learning Objectives
After reading the materials, participants will be able to:
1. Identify permissible HSA payments, allowable FFCRA payroll tax credits and paid leave, postponement of tax filing and payment dead-lines, and the Stafford Act.
2. Recognize the tax provisions of the CARES, CAA & ARPA Acts in-cluding recovery rebates, above-the-line charitable contributions, de-ferral of payroll tax, loan forgiveness, employee retention credits, re-mote medical services, business losses, COBRA, and unemployment benefits.
After studying the materials, answer exam questions 1 to 17.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.
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