BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Thursday, May 13, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE course will provide tax professionals and advisers with guidance on the new American Rescue Plan Act. The panel will discuss essential next steps for taxpayers, obtaining the employee retention payroll tax credit, key issues for self employment taxes, rules for NOLs, and other key items in light of the new relief bill.

Faculty

Daniel Mayo
Partner
Withum Smith + Brown, PC

Mr. Mayo has more than 20 years of professional tax experience as well as experience in federal, international and financial products taxation. He is a member of Withum’s National Tax Services Group and oversees the U.S. Federal income tax research, planning and review functions. Mr. Mayo is experienced in mergers and acquisitions, capital markets and cross-border transactions.

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Richard Lee
Manager, Transaction Advisory
Withum Smith + Brown, PC

Mr. Lee has six years of experience in accounting. He manages the tax due diligence process for strategic and private equity clients, including advising on acquisition structure, conducting due diligence and draxing and negotiating purchase agreements. Mr. Lee managed the U.S. federal and international tax consequences of all CBRE, Inc. transactions, performed tax technical research and analysis, coordinated with outside advisers and provided progress updates to corporate-level executives.

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Description

On Mar. 11, 2021, President Biden signed the American Rescue Plan Act (the Act), which provides various tax provisions impacting both business and individual taxpayers. Tax professionals and advisers must identify key provisions and related challenges and implement strategies for taxpayers.

The Act provides pandemic relief funding for individuals, businesses, and state and local governments, including a new "Restaurant Revitalization Fund" and a new round of Paycheck Protection Program funding. It also expands the Earned Income Tax Credit, the Child Tax Credit, and the Employee Retention Credit.

Tax professionals must acquire detailed knowledge of certain tax provisions impacting taxpayers, challenges in obtaining available credits and deductions, reporting requirements, and other key items.

Listen as our panel discusses essential next steps for businesses and individual taxpayers and key tax implications stemming from the Act.

Outline

  1. Key provisions for businesses
    • Employee Retention Credit
    • Payroll Tax Credit
    • Employer compensation deductions
    • State Small Business Credit Initiative
    • COBRA
    • Reporting requirements
  2. Key provisions for individuals
    • Credits
    • Rebates
    • RMD
    • NOL
    • Dependent care and health insurance
  3. Business grants and loan programs
  4. Other provisions and best practices for taxpayers

Benefits

The panel will review these and other key issues:

  • What are the key tax provisions of the American Rescue Plan Act?
  • What are the challenges for claiming the employee retention payroll tax credit?
  • How does the new Act impact the self employed?
  • What are the next steps for both businesses and individual taxpayers?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify key provisions of the American Rescue Plan Act
  • Decide which returns may need to be amended as a result of the American Rescue Plan Act
  • Determine when losses can be carried back and other items under the temporary NOL rules
  • Ascertain which taxpayers would benefit from the employer retention credit
  • Identify key challenges regarding business grants and loan programs

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or professional experience at mid-level within the organization, preparing complex tax forms and schedules. Specific knowledge and understanding of federal taxation of partnerships and corporations, international taxation, earnings and profits, and NOL rules.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).