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Don Farmer's New Coronavirus Stimulus Package Update

 Mon, 01/18/2021 from 9:00 am to 12:30 pm
 Online
 
4.0
21 / 3-207W
Hot Event
Registration Status: CLOSED -- Please contact the VSCPA at [email protected] or (800) 733-8272 for availability.
Member Price
$159.00 Regular Registration
Your Price
$209.00 Regular Registration
Designed For:

Anyone involved in the preparation and/or review of income tax returns or who provides tax advice to businesses

Prerequisite:

None

On Dec. 27, 2020, the President signed the Consolidated Appropriations Act of 2021 (CAA). The CAA continues federal unemployment benefits; provides another round of stimulus checks; extends and expands the Paycheck Protection Loan Program (PPP loans); provides guidance and new relief for PPP loan forgiveness; and extends more than 30 tax provisions scheduled to expire or to be reduced after 2020. The following are just some of the topics Don will cover in his CAA presentation:

  • PPP loan modifications including second round loans and deductibility of expenses allocable to loan forgiveness
  • New simplified forgiveness procedures for PPP loans of $150,000 or less
  • New expenses qualifying for forgiveness
  • New covered periods for determining PPP loan forgiveness
  • Retroactive increase in loan amounts for farmers, rangers and others
  • New entities can obtain a PPP loan (e.g., 501(c)(6)) organizations, housing co-ops, etc.)
  • Increased deduction for food and beverages
  • Extension of employer’s sick and family leave credits
  • Expanded sick and family leave equivalent credits for self-employed individuals
  • Extension and expansion of employee retention credit
  • Retroactive modification of NOL carryback rules for farmers
  • Economic impact payments (stimulus checks)
  • Increased charitable contribution deductions
  • Enhanced EITC and refundable child tax credit
  • New pro-taxpayer FSA provisions
  • Benefits for victims of 2020 qualified disasters
  • Extension of EIDL grants and clarification of the taxability of the grants
  • Additional payments of principal and interest by the SBA on certain SBA loans and more


Delivery Method: Group internet-based
Program Level: Update

Related Events

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.