Overview

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), legislation designed to provide economic relief for those impacted by COVID19, became law. On March 11, 2021 the American Rescue Plan Act of 2021 (ARPA) was enacted to provide $1.9 trillion in federal stimulus to further mitigate the effects of COVID19.

This course is a general review of the principal provisions of the CARES Act, ARPA and other federal tax-related stimulus legislation passed during 2020-2021.

CPE Acceptance

 

CPE Course For:

CPAs in most states (chart)
Other Professionals (chart)
 AFSP
 EA
 Tax Preparer

Not sure?  Contact us!

Online Course Materials

This is a fully online materials course that does NOT require the separate purchase of a book.

How will I access the materials?

Once you login to your course, click on the materials link to access the PDF materials and

  • Read online
  • Download to your computer
  • Print out

Details

FunCPE Course #: PWX1721
Materials: Online materials
Format: Interactive self-study
Subject: Federal Tax
Exam questions:  Final-15 multiple choice
Document length:  59 pages
Passing score: 70% | Unlimited retakes
Prerequisites: None
Advance prep: None
Course level: Overview
Last reviewed/updated: 03/22/21
Expiration: One year from enrollment

Learning objectives

Upon completion of this course, you should be able to:

  • Apply the recovery rebate rules;
  • Describe the provisions of the Paycheck Protection Program;
  • Recognize the rules related to unemployment benefits under the Pandemic Unemployment Assistance program;
  • Apply the provisions regarding expanded tax-favored use of retirement funds;
  • Identify the changes to net operating loss (NOL) carryback rules;
  • Apply the changes in charitable contribution rules;
  • Describe the changes in health savings account (HSA) rules related to first-dollar payment for telehealth and
  • COVID-19 testing and treatment;
  • Apply the rule changes to qualified improvement property depreciation; and
  • Recognize the rules related to miscellaneous provisions, including –
    • Changes to the foreign income exclusion,
    • Section 1031 exchange timing,
    • Correction of 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).
  • Identify the principal individual income tax provisions of the American Rescue Plan Act (ARPA)