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Tax practitioners have tried to understand and apply new 2020 tax legislation while primarily focused on finalizing 2019 income tax returns in the runup to the July 15 filing date. For this reason, many practitioners' knowledge about this legislation is spotty and even possibly already outdated. Now that the deadline has passed, tax practitioners would benefit from a comprehensive analysis of the 2020 legislation as it impacts their clients through the remainder of 2020. This program summarizes and analyzes recently enacted tax legislation and the Paycheck Protection Program in a way that focuses on the continuing relevant issues taxpayers will confront this year. As it appears that additional stimulus legislation will be enacted for 2020, we will cover some of the proposed tax legislation Congress is considering. This program covers the tax changes of immediate relevance to tax practitioners at the time the program is given.
CPAs and other financial professionals advising clients regarding PPP loans
- Advise clients based on current guidance regarding PPP loan forgiveness
- Paycheck Protection Program loan forgiveness issues, including reference to Form 3508 and Form 3508EZ
- Tax compliance associated with sick leave and family medical leave, including the newly redesigned Form 941
- The Employee Retention Credit and its relationship to PPP loans
- Imminent termination of the Federal Pandemic Unemployment Compensation and reference to proposed legislation providing for additional federal unemployment compensation
- Individual and business tax changes that can result in immediate cash rebates to clients through the filing of a Form 3115
- Newly released Form 7200 instructions
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