Christopher Hesse, David Randall Peters, Bethany Jones-Worner, Michael Krajcer


    Credit Info
  • NASBA Field of Study

  • Format

    On demand

  • Level

  • CPE Credit


  • Course acronym

  • Prerequisites

  • Course duration

    10.5 Hours

Small Business Adviser – Planning Strategies in the Current Environment

Planning Strategies discusses applicable legislation, government programs, IRS guidance, including credits, deductions, and limitations to support small business clients during this time. This course dives deeply into payroll continuity and the Paycheck Protection Program, select tax provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and state tax considerations. The content is designed to assist current CPAs who are working with small- to mid-tier business clients in making themselves invaluable beyond tax and accounting related matters. This will then help them become overall business advisers to their clients in these challenging times.

Through this course, you will gain invaluable knowledge to create a well-rounded understanding of most major client concerns and propel you to become an overall business adviser for your clients. Along with a general discussion of important topics, this course is littered with signposts that will point you in the direction of further research and ultimately make you even more valuable to both new and existing clients.
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Topics discussed

Paycheck Protection Program
Selected Tax Provisions of the CARES Act
R&D Credits
Evolving Workplace
State and Local Considerations

Learning objectives

Analyze the Tax Cuts and Jobs Act provision limiting excess business losses (EBLs) under Section 461(l).
Determine the significance of the change in the EBL provision for wages.
Determine when an individual taxpayer has a net operating loss.
Differentiate between qualified improvement property and other depreciable improvements.
Identify the key components of the CARES Act.
Apply the requirements for PPP loan forgiveness.
Identify recent developments related to PPP loans.
Identify the key issues currently being debated regarding payroll tax deferral.
Analyze the implications of the CARES Act on payroll taxes
Determine the eligibility requirements for payroll tax deferral.
Determine the key tax implications for companies that have employees working from home.
Identify the tax implications of selling an owned office space and keeping an owned office space.
Calculate the tax implications of a Section 467 lease with different payment structures.
Analyze the current issues at the state level with regard to conformity with the CARES Act.
Calculate the benefit a client could expect to receive from applying R&D credit provisions
Identify COVID-19 impact on R&D credit availability and future benefit.

Who will it benefit?

CPAs in private practice
Tax professionals
Other qualified professionals
Sole practitioners
Small business owners