2020 Federal Tax Update: Business Returns - Including PPP Loan and Coronavirus Updates

CPE Credits
NASBA Category
Taxes FTU

General experience in tax preparation.



Course Description

With business returns as its focus, this comprehensive tax course covers topics guaranteed to
prepare financial professionals for tax season. The digital PDF reference manual is hyperlinked to the Internal Revenue Code, making it extremely convenient. Join us as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous presentation style using real-life experiences, which make complicated tax topics easily understandable.

• CARES Act Makes Changes to Help Businesses
• Paycheck Protection Program (PPP) Loan Forgiveness
• Recordkeeping Required for PPP Cancellation
• Retroactive Reinstatement of Excess Business Loss
• Easing of Restrictions of NOL Carrybacks
• Qualified Improvement Property “Glitch” Fixed
• Taxing Cannabis
• More Cohan Relief Cases
• Limitation on Business Interest Deductions
• Entertainment Not Deductible
• Depreciation Changes and Luxury Auto Depreciation Update
• Avoid HUGE Obamacare Form 226-J Penalties
• A Business Client Letter Summarizes 2020 Changes


Vern Hoven, CPA, MT

Vern Hoven, CPA, MT, is one of America’s premier tax presenters and speaks to over 100 groups a year on a variety of tax topics. He teaches at Western CPE Federal Tax Update seminars and conferences and produces self-study and webcasts courses as well. Vern consistently receives outstanding evaluations and has won numerous teaching awards, including the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education. Vern is the author of the best-selling Real Estate Investor’s Tax Guide and a favorite interviewee on radio, television, and in newspapers. His presentation skills have earned him the coveted Certified Speaking …

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Sharon Kreider, CPA

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award …

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Course Specifics

Course ID
Revision Date
May 29, 2020
Number of Pages
Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01559-20-S
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1455
CTEC Federal Tax Update Credits: 6

Learning Objectives

Upon successful completion of this course, participants will be able to:
• Identify characteristics of new legislation passed to assist businesses during the coronavirus shut down.
• Identify various thresholds and limitations in effect for 2020 related to the application of tax rules for businesses.
• Cite the general rules and regulations for preparation of business returns.
• Identify changes and updates as a result of TCJA and the resulting guidance.
• Cite the rules and regulations related to the reporting of special situations such as large cash transactions, taxing cannabis, section 163(j) interest, office-in-home deduction, and requirements for depreciation.
• Cite the rules and regulations related to the Affordable Care Act (ACA) and the Cures Act.