Federal Response to the Coronavirus Pandemic

Overview

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.

Learning Objectives

After completing this course, students should be able to:

  • 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
  • recognize the rules related to miscellaneous provisions

Tax Year: 2020

Designed For

CPAs, EAs, and other tax and financial advisors

Prerequisites

General understanding of federal income taxation of the individual
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