CARES COVID-19 relief act: What you and your business need to know
This program has been approved HRCI Credit 2 and IRS CPE Credit 2(Taxes)
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On March 27, Congress passed the CARES Act. This will have substantial impact for small businesses, not the least of which is the so-called “Paycheck Protection Program,” which is designed to give loans to businesses expressly to pay salaries during the COVID-19 crisis.
There was also a flurry of administrative changes announced by the IRS in the past two weeks. IRS Notice 2020-18 addresses filing and payment extensions that all tax pros must understand. IRS notice IR-2020-59 announces several other changes, extensions and limitations to enforcement action that all pros must be aware of. What’s more, there are additional avenues of relief available to taxpayers that the IRS failed to mention.
Join us as Dan Pilla goes over the latest notices coming out of Washington and what you need to be aware of to give your clients the best tax strategies and avoid making matters worse in this time of uncertainty.
- Deferral of payment of 2019 taxes – Who, what, when, where, how much, how?
- How the Paycheck Protection Program is designed
- Understanding the filing and payment extensions
- How to get even more time to file and pay than stated in the notices
- How to avoid penalties if a client cannot file or pay on time
- Exposing the IRS’s best kept secret about paying taxes
- What to do if a client has OIC payments that are due
- How to handle installment agreements for clients that can’t pay under the circumstances
- Latest tax notices pertaining to small businesses in this time of crisis
- And much more
- Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- Enrolled Agents (EAs)
- Tax Professionals
- Other Tax Preparers
- Finance professionals
- Financial planners