Course

Preparing for 2020 Returns NOW

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Event Details

Tuesday, August 25, 2020

8:00am – 4:00pm
(Registration: 7:45am)

Field of Study

  • Taxes

CPE Credit

8 hours CPE credit

Course Code

PRN-TXPRN

Instructor

Level of Knowledge

Basic

Vendor

Montana Society of CPAs

Description

PPP loan forgiveness: the rules, the forms and examples

We will walk you through the rules, lines and guidance of the PPP Loan Forgiveness App including examples in order to maximize your clients tax benefits

PPP loan forgiveness: the rules, the forms and examples
We will walk you through the rules, lines and guidance of the PPP Loan Forgiveness App including examples in order to maximize your clients tax benefits

CARES Act immediate 2020 changes
On March 27, 2020 the President signed the CARES Act, the biggest funding bill in the history of the United States. Over 880 pages deep, there is an incredible amount of information, of which fully 50% will affect tax professionals. During this overview class we will discuss, with examples, the significant retirement withdrawal changes for loans, penalties and RMD's; the Recovery (or Rebate) checks-who gets what, when, and how; the 50% employee retention credit; the small business loan program; changes to NOL and business interest deductions; the qualified improvement property fix; and more.

Incredible coming estate and gift changes
This course reviews estate and gift tax changes and new amounts as established by Congress. It also reviews rudimentary estate and gift tax planning ideas such as gifting strategies, medical exclusions, education exclusions and gift splitting.  An overview of basic gift and estate tax rules and planning concepts is provided in an example form in this short review class.

Working remotely: the how to guide, and more importantly, how to do it securely
We walk you through the steps, the software, the hardware and the backbone needed to make sure you are able to efficiently, securely and safely work from home and setup employees to work from home. We include a telecommuting written policy guide and actual hardware and software recommendations.

Planning for clients with reduced 2020 income
We end the course with tax planning ideas for reduced income-5 great plans and ideas to get some current tax benefits out of an admittedly bad low income situation

Objectives

-PPP loan forgiveness: the rules, the forms and examples (2 hours)
-CARES Act immediate 2020 changes (2 hours)
-Incredible coming estate and gift changes-1 hour
-Working remotely: the how to guide, and more importantly, how to do it securely” (2 hours)
-Planning for clients with reduced 2020 income (1 hour)

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