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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Tuesday, June 2, 2020

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE course will provide guidance to tax counsel and advisers on critical tax considerations amid the COVID-19 pandemic. The panel will discuss tax implications and potential opportunities under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, recent IRS guidance, NOL rules, and challenges under the BEAT, GILTI, FDII, and transition tax rules. The panel will also examine additional tax considerations and offer mitigation planning techniques under current tax law and the CARES Act and state and local tax considerations.

Faculty

Robert S. Barnett
Founding Partner
Capell Barnett Matalon & Schoenfeld, LLP

Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning.  His experience includes surrogate’s court practice, tax dispute resolution in both federal and state jurisdictions, and tax court representation.  Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts.  His articles and lectures encompass a wide variety of topics, including business succession, estate planning, generation-skipping, stock options, effective strategies for removing tax liens, proper utilization of the marital deduction and utilization of partnership elections.

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Michael J. Semes
Of Counsel
BakerHostetler

Mr. Semes works closely with clients to resolve their complex tax issues. Drawing from his experiences as a senior government tax official and as a partner in multinational professional services firms, he has a thorough understanding of the nuances of tax law, policy and procedure. Mr. Semes has collaborated with a diverse array of clients in nearly every state and has represented clients in tax controversies in many state forums. From a sector perspective, he has deep experience working with companies on both the regulated and non-regulated sides of the energy industry.

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J. Brian Davis
Partner
BakerHostetler

Mr. Davis is a partner in the Washington, D.C. office of BakerHostetler, and head of the firm’s international tax group. His practice is built on decades of experience in law and accounting firm environments, as well as years of experience as international tax counsel for a publicly-traded global media conglomerate. Mr. Davis counsels multinational corporations, private equity funds and high-net worth individuals on all aspects of U.S. federal income tax matters, with a particular emphasis on international taxation. He works with inbound and outbound clients on a diverse array of U.S. and non-U.S. tax matters, and specializes in cross-border M&A and restructuring transactions, cross-border financing arrangements, international intangibles planning and effective supply chain realignments. Mr. Davis also advises clients on technical and policy issues in connection with tax reform, transfer pricing, treaties, permanent establishments, U.S. trade or business, subpart F, foreign tax credits, GILTI, FDII, BEAT and global debt issues.

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Description

The spread of COVID-19 has significantly impacted most companies and individual taxpayers. The coronavirus pandemic presents many federal and state tax challenges forcing tax professionals to implement measures and mitigation techniques for taxpayers.

The current economic impact of COVID-19 requires taxpayers to focus on finding tax relief under current federal and state tax law. A complete understanding of rules regarding the treatment and use of NOLs along with international tax provisions of the Code, such as BEAT, GILTI, FDII, and transition tax rules, are essential for mitigation planning in times of a crisis.

On Mar. 27, 2020, the CARES Act was enacted, providing critical tax provisions to assist companies and individual taxpayers. It gives an employee retention tax credit to certain employers, a deferral of self-employment taxes, rules on NOL carryback and 80% limitations, and other items critical to most taxpayers. Also, the IRS has and continues to issue guidance concerning employee benefits, the treatment of the payment or reimbursement of certain expenses, and other issues faced by companies.

Listen as our panel discusses the critical U.S. and international tax considerations for taxpayers in light of the spread of COVID-19 and essential takeaways of the CARES Act, as well as offers mitigation planning techniques under current tax law.

Outline

  1. Tax implications of the coronavirus pandemic
  2. Coronavirus Aid, Relief, and Economic Security (CARES) Act
  3. Challenges under BEAT, GILTI, FDII, and transition tax rules
  4. Critical State and Local Tax Implications

Benefits

The panel will review these and other key issues:

  • What are the tax issues for taxpayers and businesses as a result of the spread of COVID-19?
  • What are the key tax considerations for businesses after the recently enacted CARES Act?
  • How are payments or reimbursement of employee expenses treated for tax purposes?
  • What are the tax implications of employees working remotely outside of the jurisdiction of their employer?
  • What tax credits or relief is available to businesses and the self-employed?
  • What is the impact on NOL rules?
  • What are the challenges of BEAT, GILTI, FDII, and transition rules as a result of the coronavirus pandemic?
  • What are the state and local tax implications?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify tax issues for taxpayers and businesses as a result of the spread of COVID-19
  • Ascertain critical takeaways of the Families First Coronavirus Response Act (FFCRA) from a tax perspective
  • Recognize key tax considerations for businesses after the recently enacted CARES Act
  • Determine the tax treatment of payments or reimbursement of employee expenses stemming from the coronavirus pandemic
  • Recognize the tax implications of employees working remotely outside of the jurisdiction of their employer
  • Identify tax credits or relief available to businesses and the self-employed
  • Recognize the challenges of BEAT, GILTI, FDII, and transition rules as a result of the coronavirus pandemic

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or professional experience at mid-level within the organization, preparing complex tax forms and schedules. Specific knowledge and understanding of federal taxation of partnerships and corporations, international taxation, deferred foreign-source income, earnings and profits, controlled foreign corporations, repatriation of deferred foreign earnings, and NOL rules.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).