This self-study was recorded on 3.18.21
A second 10-minute video was recorded on 3.24.21 to address the IRS changing the unemployment rules
Nothing else has been (nor will it be) updated
You have until 5.31.21 to view this recording and pass a quiz to receive CPE credit
While we may be in the middle of tax season, Congress has finished work on the latest COVID relief package with a number of tax provisions. Meanwhile, the IRS and SBA have released key guidance related to the December law changes, covering the 2020 revised employee retention credit and last minute revisions to the PPP loan program that doesn't leave borrowers much time to react to take advantage of the changes. We will look at these key developments in a condensed two hour program to concentrate on those items you need to know now as we finish up the tax season.
- 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
- Major provisions of the American Rescue Plan of 2021 including
- The next round of stimulus payments - what is the new phase-out option
- Changes to the child tax credit
- Partial exemption from income of unemployment compensation
- Expansion of the premium tax credit
- IRS guidance on how the 2020 employee retention credit works with PPP forgiveness, including crucial information to allow your client to maximize their benefits under the program
- The SBA's changes in computing the maximum PPP loan amounts for sole proprietors based on gross income rather than net income
- Download PDF manual - view your upcoming events in "My CPE" on website
- Test your computer/device for compatibility with virtual meeting space well in advance of your webinar
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals.
Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.
Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.
He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.