American Rescue Plan Act of 2021 & IRS Notice 2021-20 Webcast [STM1]

Apr 1, 2021
Time: 8:30am - 12:00pm

Subject:

Taxation

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $200.00

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Discussion Leader:

Susan Smith, CPA    more info

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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Website registration for this course closes on March 31, 2021. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

The American Rescue Plan Act of 2021 & IRS Notice 2021-20: New Stimulus Coverage & Changes to PPP Loan Forgiveness / Employee Retention Tax Credit (STM1)

April 1st, 2021 / 8:30 am 12:00 pm Alaska Time

Overview:
This program will cover two critical topics that every practitioner must know about immediately: the new American Rescue Plan Act of 2021 (ARP) and new IRS rules relating to PPP borrowers who are also eligible for the Employee Retention Tax Credit (ERTC). Congress has just passed the ARP, which contains many new items, including significant changes that all practitioners need to be aware of right away. The first half of our program will cover the ARP to the extent it addresses tax changes and new tax developments. The second half of our program is an analysis of IRS Notice 2021-20, which covers new IRS rules applicable to tax year 2020, relating to taxpayers who have PPP loans and who also are eligible to claim the ERTC. Notice 2021-20 is over 100 pages in length and addresses many of the questions tax practitioners have regarding the interaction between PPP loan forgiveness and the ERTC. The program will cover helpful examples and FAQs that address many situations we simply did not understand until the IRS issued this Notice.

Take this course prior to 5/17/21, as anyone preparing income tax returns for 2020 would immensely benefit from this program.

Major Topics:
From the American Rescue Plan Act of 2021:
- $1,400 stimulus checks for each family member
- First $10,200 in unemployment for 2020 will not be taxed, up to AGI of $150,000
- Student loan forgiveness exempt from tax through 2025
- Changes to the Child Tax Credit, the Earned Income Tax Credit, and the Child and Dependent Care Tax Credit
- Extension of employer credits for sick leave and family leave
- The Employee Retention Tax Credit and the Premium Tax Credit in 2021
- Tax treatment of targeted EIDL advances
- Restaurant Revitalization grants
- Subsidized COBRA continuation coverage
- PPP loan changes for 2021
- Coverage of any other relevant tax provisions

From IRS Notice 2021-20:
- How to claim the ERTC
- Options for taxpayers eligible for the ERTC who did not claim it for 2020
- Eligible employers
- The ERTC and its interaction with PPP loans
- The maximum amount of an employers ERTC
- Meaning of full and partial suspension of business
- The deemed election for qualified wages
- Aggregation rules
- Significant declines in gross receipts

Learning Objectives:
- Understand and advise clients now regarding major changes included in the American Rescue Plan Act of 2021
- Understand and advise clients now regarding the interaction between PPP loan forgiveness and the Employee Retention Tax Credit, as well as other critical developments included in IRS Notice 2021-20

Designed For: Any tax practitioner advising clients with respect to preparing individual and business income tax returns for 2020, or anyone wishing to be informed on the latest stimulus coverage and IRS guidance.

CPE Credits: 4, Taxation

Level of Knowledge: Update

Prerequisite: Basic knowledge of income taxes

Acronym: STM1

Discussion Leader: Susan Smith, CPA