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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, June 30, 2020

  • schedule Time

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

  • timer Program Length

    110 minutes

Credit Information

  • 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).

$197.00
CPE
ALL

This course will cover recent relief provided under the CARES Act and Families First Coronavirus Response Act (FFCRA) and its application to taxpayers filing Form Schedule C, Profit or Loss from Business. This program is for tax professionals advising and preparing returns for self-employed taxpayers, including SMLLCs, owner-employees, gig-workers, and independent contractors.

Faculty

Jason B. Freeman
Founder and Managing Member
Freeman Law

Mr. Freeman is a dual-credentialed attorney-CPA, author, law professor, and trial attorney. He represents clients in litigation and disputes, with a particular focus on federal and state tax controversies. Mr. Freeman handles IRS audits and other investigations and represents clients facing tax and white-collar or financial-related charges. He also advises and assists clients with tax and regulatory compliance, including domestic and international tax planning and regulatory reporting requirements. He serves on the law school faculty at SMU’s Dedman School of Law, where he teaches a course in the law of federal income taxation, and he is a frequent public speaker across the country, presenting and educating on various legal topics.

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David L. Killion
Principal
Brown Smith Wallace, LLP

Mr. Killion practices in the firm’s Transaction Advisory and Litigation Support Services Group. He has more than 15 years of experience in strategic, analytical and financial roles. Mr. Killion’s experience includes managing and executing acquisitions, advising on tax-efficient structuring and compliance, and monitoring equity investments. He has also been responsible for day-to-day CFO functions including debt structuring, bank compliance, financial reporting and treasury management.

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Michael C. Stravin
Principal
Parent: Wolf & Company

Mr. Stravin serves as an engagement officer in the firm’s Commercial Tax Group where he is responsible for directing tax services on behalf of the firm’s investment advisor and private investment fund practice. He is also responsible for managing a team of professionals to ensure that all tax services are tailored to the individual needs of his clients. Additionally, Mr. Stravin is the head of Wolf’s Investment Advisors and Funds Niche. He has nearly 20 years of experience providing proactive planning and timely compliance services to entrepreneurial driven businesses in a variety of industries including manufacturing, distribution, technology, and professional services.

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Description

Tax considerations for self-employed taxpayers have always been unique. Interpreting and applying the recent relief for sole proprietors and similar businesses has proved challenging. Many of these taxpayers received loans under the Paycheck Protection Program. By nature, the qualifications for loan forgiveness for Schedule C taxpayers are different than those for other entities. Tax advisers need to understand how sole proprietors can meet the guidelines for loan forgiveness.

The FFCRA requires payment of sick leave for businesses with 500 or fewer employees who have employees forced to self-quarantine or caring for a family member. Self-employed taxpayers meeting the criteria could qualify for a credit of up to $511 a day for 50 days. Understanding who qualifies and how this credit is calculated can provide substantial tax savings for these small businesses.

In addition to the relief specific to Schedule C filers, other benefits include changes to retirement plan withdrawals, net operating losses, and the deferral of payment of 50% of social security tax which can also provide significant savings for these taxpayers.

Listen as our panel of experts explains the benefits available in recent relief and its application to self-employed taxpayers.

Outline

  1. PPP loan forgiveness
  2. Family Leave Credit
  3. Payroll tax deferrals
  4. Postponement of critical deadlines
  5. Net operating losses
  6. Other benefits

Benefits

The panel will cover these and other key issues:

  • Who qualifies for PPP loans and how to best support loan forgiveness
  • Who qualifies for the $200 and $511 daily family leave credits?
  • When should a taxpayer elect to forego a net operating loss carryback?
  • How is the 50% social security tax deferral repaid?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Ascertain which critical tax deadlines have been postponed
  • Decide how to calculate loan forgiveness for a Schedule C filer
  • Determine when a taxpayer may benefit from an NOL carryback
  • Identify taxpayers eligible for the family leave credit

  • 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 public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

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).