Upon successful completion of this course, participants will be able to:

Chapter 1

• Recognize the nature and amount of recovery rebate authorized under the CARES Act;
• Apply the recovery rebate eligibility limitations;
• Calculate the amount of rebate based on a taxpayer’s adjusted gross income and filing status;
• Describe the rules applicable to the Paycheck Protection Program, including those related to:
  • Eligibility,
  • Maximum loan amounts, and
  • Forgiveness criteria;
• Identify the rules governing the Pandemic Unemployment Assistance program, including
  • The additional unemployment benefits available,
  • The eligibility requirements,
  • The tax treatment of benefits, and
  • The credit for employee retention.

Chapter 2

• Identify the changes in deductible charitable contribution rules;
• Describe changes made to qualified plan loans;
• Recognize the early distribution tax penalty changes for coronavirus-related distributions;
• Apply the rules governing the tax treatment of coronavirus-related withdrawals;
• Describe the tax treatment governing repayment of IRA and qualified plan withdrawals;
• Identify the changes to required minimum distributions (RMDs) applicable to 2020; and
• Recognize the net operating loss carryover rules.

Chapter 3

• Describe the health savings account (HSA) exemptions for telehealth services,
• Discuss changes made to qualified medical expenses,
• Identify the changes made to high deductible health plans (HDHPs) with respect to first-dollar payment of COVID-19 related testing and treatment expenses;
• Recognize the extension available with respect to Section 911 exclusion of foreign earned income;
• Describe the changes made to the tax treatment of tuition and related expenses;
• Identify the Section 1031 time-sensitive action deadlines; and
• Describe the CARES Act provisions affecting businesses, including the –
  • Correction regarding the deductible period applicable to qualified improvement property,
  • Modification of limitation on losses for non-corporate taxpayers,
  • Changes to the limitation on business interest expense deductions,
  • Exclusion of certain employer payments of student loans, and
  • Expansion of economic injury disaster loans (EIDLs).

Chapter 4

• Describe primary objective of the Coronavirus Preparedness and Response Supplemental Appropriations Act
• Identify the principal intent of the Families First Coronavirus Response Act (FFCRA)
• Recognize the impact of the Paycheck Protection Program and Health Care Enhancement Act.
• Describe the principal individual income tax-related provisions of the American Rescue Plan Act of 2021.