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American Recovery & Reinvestment Act of 2009
Danny Santucci
Copyright© 2010

Course: 8102137   Version 1005

NASBA Category:     Taxes     CPE Credits 4
CTEC credits: 4 Federal / California
Level: Overview  (80 pages)
Prerequisite: There are no prerequisites.
Advance Preparation: None.


Course Description
This course focuses on key tax provisions enacted under the $800 billion American Recovery and Reinvestment Act of 2009 by analyzing tax issues affecting individuals and businesses contained in this first installment of President Obama’s massive economic and recovery agenda. Individual provisions include a new "making work pay” tax credit, an AMT patch, a sales tax deduction, tax credits for education and first-time homebuyers and enhanced tax benefits for energy efficient improvements to homes. Business provisions include the treatment of such issues as extended bonus depreciation, a limited five-year net operating loss carryback period, small business expensing and capital gains, estimated tax payments, and COBRA coverage. In addition, the course discusses new energy incentives and changes made to former energy regulations.

Western CPE has been approved by the California Tax Education Council to offer American Recovery & Reinvestment Act of 2009 (2071-CE-0073), which provides 4 hours of federal credit and 0 hours of state credit towards the annual “continuing education” requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.


Table of Contents

Learning Objectives
Upon successful completion of this course, participants will be able to:
    • Analyze and apply the individual tax provisions of the American Recovery and Reinvestment Act of 2009 (“Act”) by:
      • Determining and claiming the “Making Work Pay’ tax credit, the economic recovery payment to Social Security and SSI recipients and the EITC;
      • Listing and describing Act modifications to the 2008 Stabilization Act child tax credit provisions, the Hope credit (renamed the American Opportunity tax credit), tuition saving accounts, the homebuyer tax credit and the low-income housing tax credit; and
      • Accounting for and computing 2009 unemployment compensation taxation, allowable qualified motor vehicle deductions, and 2009 individual AMT exemption amounts.
    • Analyze and apply the business tax provisions of the American Recovery and Reinvestment Act of 2009 (“Act”) by:
      • Discussing three changes bonus depreciation provision (§168(k)), listing dollar caps for vehicles, and identifying a special election for corporations;
      More Learning Objectives




       
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