On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), legislation designed to provide economic relief for those impacted by COVID19, became law. This course provides a general review of the principal provisions of the CARES Act and of other federal tax-related stimulus legislation passed during 2020. In addition, the current course includes a discussion of the American Rescue Tax Plan Act (ARPA) that became law on March 11, 2021.
Our learning objectives are stated below:
- Apply the recovery rebate rules;
- Describe the provisions of the Paycheck Protection Program;
- Recognize the rules related to unemployment benefits under the Pandemic Unemployment Assistance program;
- Apply the provisions regarding expanded tax-favored use of retirement funds;
- Identify the changes to net operating loss (NOL) carryback rules;
- Apply the changes in charitable contribution rules;
- Describe the changes in health savings account (HSA) rules related to first-dollar payment for telehealth and COVID-19 testing and treatment;
- Apply the rule changes to qualified improvement property depreciation; and
- Recognize the rules related to miscellaneous provisions, including –
- Changes to the rules related to the business deduction of food and beverages,
- Changes to the CTC and EITC rules,
- Changes to the foreign income exclusion,
- Section 1031 exchange timing,
- Correction of the deductible period applicable to qualified improvement property,
- Modification of limitation on losses for non-corporate taxpayers,
- Changes to the limitation on business interest expense deductions,
- Exclusion of certain employer payments of student loans, and
- Expansion of economic injury disaster loans (EIDLs).
- Identify the principal individual income tax provisions of the American Rescue Plan Act (ARPA).
Drake Software is an IRS-qualified sponsor of continuing professional education.
Drake Software is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website, www.learningmarket.org.
Drake Software has been approved by the California Tax Education Council to offer Economic Stimulus: Federal Response to the Coronavirus Pandemic, CTEC #3038-CE-0251, which provides 2 hours of federal credits and 0 hours of state credit towards the annual continuing education requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, at (877) 850-2832, or at www.ctec.org.
Drake Software is registered with the Texas State Board of Public Accountancy as a CPE sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE program.
Send cancellation requests to Support@DrakeCPE.com. Requests must be made within 30 days of purchasing the course. To be granted a full refund, you must not have completed and earned continuing education for the course. No refunds will be issued after the course expiration date. For more information regarding the refund policy or to address concerns or complaints regarding courses, contact the DrakeCPE support team at Support@DrakeCPE.com.