What Advisors Need to Know Now About the New Stimulus Bill
In response to the coronavirus (COVID-19) pandemic, Congress passed a new relief package and government funding bill that would allow for Paycheck Protection Program deductibility, expand the employee retention credit, and extend numerous expiring tax credits. Join us for this webcast as we dig into the effects on individuals and businesses related to tax provisions of this act, and offer practical guidance.
Format
Webcast
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2
Instructor
Robert S. Keebler
Availability
3 months
Product Number
WC2943125
Impacts on Individuals and Businesses
In response to the coronavirus (COVID-19) pandemic, Congress passed new stimulus relief to bring the resources of the federal government to protect the health and well-being of all Americans.
This bill provides several key provisions for taxpayers, including direct economic relief for workers and families, an additional $284.5B for small businesses, and guidance around the deductibility of expenses with forgiven PPP funds.
The best way for advisors to prepare for this important development is to join Bob Keebler in this webcast where he will review all of the critical issues you’ll need to master to quickly and competently advise your clients.
- CPAs
- Tax professionals
- Sole practitioners
- Small and medium business owners
- Other qualified professionals
- Direct economic relief for workers and families
- Unemployment benefits
- Rental assistance
- Childcare assistance
- Corporate meal expense deduction
- The total deductibility of expenses satisfied with forgiven PPP funds are provided for in the bill
- An additional $284.5B of forgivable “second-draw” PPP loans for small and “hard-hit” businesses
- The new quarterly revenue rule to even quality for a second PPP loan
- Expanded eligible expenses
- Simplified forgiveness applications
- Simplified covered period rules
- How to increase prior loans because of regulatory changes
- Special rules for farmers and ranchers
- Identify how the new tax provisions will work for taxpayers
- Recognize the types of taxpayers impacted
- Identify the details of the new benefits available
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