Tax Changes Under the CARES Act and Employer Payroll Benefit Opportunities

MCLE Credits: 2.0
Ethics Credits Included: 0.0

Tuesday, April 28, 11:00 a.m. - 1:00 p.m. ET
  • Live Webcast
  • Live Telephone
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Tuesday, May 12, 12:00 p.m. - 2:00 p.m. ET
  • Webcast with Live Q&A
  • Telephone with Live Q&A
Thursday, June 4, 11:00 a.m. - 1:00 p.m. ET
  • Webcast with Live Q&A
  • Telephone with Live Q&A
MCLE Credit: 2.0 (Ethics: 0.0)
Live-Interactive Credit: 2.0 (all dates, all formats) Live Interactive MCLE Credit Symbol
Registration Fee: $159

Information

Why Attend?

Competence in this area requires some pre-existing basic income tax and employment tax knowledge:

  • Changes to the income tax provisions in the CARES Act provide some temporary and some permanent relief to the companies and individuals
  • Mastering the new income tax rules will allow you to advise your clients on the most efficient tax strategy given numerous changes in the tax law
  • Learn new rules to maximize net operating loss carrybacks and advise your clients on whether amendments to the previously filed tax returns are necessary to obtain the benefits
  • Determine which companies are required to provide paid Family Leave and Sick Leave applying the joint employer and integrated employer rules to judge whether the under-500 employee threshold applies
  • Learn the methods for companies required to provide paid Family Leave and Sick Leave to obtain employment tax credits for full reimbursement
  • Determine which companies are able to claim the $5,000-per-person retention credit, how to identify those employers over the 100-employee threshold, and the difference the 100-employee threshold makes in the credit available
  • Learn the method for companies that have paid wages available for the retention credit to obtain employment tax credit for full reimbursement
  • Obtain the details regarding the employer social security tax deferral including limitations

On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) to further address the economic impact of COVID-19. CARES Act contains income tax and non-income tax provisions that are intended to benefit businesses and individuals. With respect to the income taxes, CARES Act makes several changes to the net operating loss provisions that will allow businesses to preserve liquidity as they receive tax refunds or reduce current income taxes payable. Other changes include changes to the interest expense deduction limitations, recovery of AMT credits, amendments to the bonus depreciation rules, and other important changes.

The FFCRA and the CARES Act provide four distinct benefits to assist employers grappling with employee issues related to the COVID-19 pandemic. Small- to medium-size employers are required to provide paid leave beginning April 1 to employees who are sick, seeking diagnosis, quarantined, or facing child care issues related to COVID-19, but through generous employment tax credits, these employers are fully reimbursed for the paid leave. Employers of any size can obtain a credit of up to $5,000 per employee for retaining employees after March 12. Employers of any size can also defer paying employer social security taxes due for deposit in 2020 to be paid 50% by December 31, 2021 and 50% by December 31, 2022. Optional: Employers are encouraged to set up workshare arrangements which will allow employees that are not fully paid and are partially working to obtain maximum unemployment tax benefits.

 

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Registration Deadlines:
Webcast: 10 minutes prior to seminar. If you register for a webcast the day of the seminar, your e-mail receipt will include a link to launch the seminar and download the materials.
Telephone: Online registration ends at 11:59 p.m. the day preceding the seminar
Call (800) 979-8253 to register up to one hour prior to the seminar

Cancellation Policy: Cancellation/transfer requests will be honored until 5:00 p.m. the day preceding the seminar. You will, however, be charged $40 if you cancel or transfer your registration to a different seminar after the link to the materials has been e-mailed by Virginia CLE.

Full refunds or transfers are available up to two days after a webcast in the unlikely event that you experience technical difficulties.

MCLE Credit Caveat: The MCLE Board measures credits by the time you spend in attendance. If you enter a seminar late or leave it early, or both, you must reflect those adjustments accurately in the credits you report on your credit reporting form. A code will be given at the end of the seminar, which must be written on your MCLE form.


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E-mail distance_ed@vacle.org to be notified when/if this program is made available as an online or USB seminar.
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Schedule

COURSE SCHEDULE (April 28) (Eastern Time)

11:00 Tax Changes Under the CARES Act and Employer Payroll Benefit Opportunities
1:00 Adjourn
  • Q&A will be handled via chat room for Webcast attendees.
  • Q&A will be handled via e-mail for telephone seminar attendees.

COURSE SCHEDULE (May 12) (Eastern Time)

12:00 Tax Changes Under the CARES Act and Employer Payroll Benefit Opportunities
2:00 Adjourn
  • Q&A will be handled via chat room for Webcast attendees.
  • Q&A will be handled via e-mail for telephone seminar attendees.

COURSE SCHEDULE (June 4) (Eastern Time)

11:00 Tax Changes Under the CARES Act and Employer Payroll Benefit Opportunities
1:00 Adjourn
  • Q&A will be handled via chat room for Webcast attendees.
  • Q&A will be handled via e-mail for telephone seminar attendees.

Faculty

FACULTY

Olga A. Loy, Winston & Strawn LLP / Chicago, IL
Ruth M Wimer, Winston & Strawn LLP / Washington, DC


ABOUT THE SPEAKERS

Olga A. Loy, Winston & Strawn LLP / Chicago, IL

Olga Loy concentrates her practice on tax and structuring aspects of private equity, venture capital and SBIC fund formation and complex business transactions, including mergers, acquisitions, buyouts, recapitalizations, debt and equity restructurings, and executive compensation.

Ms. Loy represents funds and fund sponsors in structuring, negotiating, and forming private equity and venture capital funds. She plans and structures other complex business transactions, including corporate mergers and acquisitions, leveraged buyouts, recapitalizations, and venture capital investments. Furthermore, she counsels investment advisers, hedge funds, small business investment companies, registered investment companies, and broker-dealers across a wide range of investment management, securities, and general corporate matters. Ms. Loy regularly represents large and mid-size private equity funds and their management companies. These clients invest in North America, Eastern Europe, and Latin America. She also advises real estate funds and investors in tax structuring matters, including REIT counsel and planning and cross-border analysis. Additionally, Ms. Loy is an adjunct professor the University of Illinois College of Law, where she teaches a course on private investment funds and introduces students to business, securities, and tax issues relating to private investment funds with an emphasis on private equity, venture capital, and hedge funds

Ruth M Wimer, Winston & Strawn LLP / Washington, DC

Ruth Wimer is an attorney and a certified public accountant with nearly 30 years of experience previously serving as a senior partner in the national tax department of a Big Four accounting firm. She focuses her practice on matters related to executive compensation, including international, employment taxes and payroll, fringe benefits, personal use of business aircraft, and qualified and nonqualified deferred compensation.

Ms. Wimer has extensive experience advising clients on complex compensation tax issues, including reporting and withholding. She has deep industry knowledge with respect to incentive compensation and multibillion-dollar fee deferral issues for hedge funds and private equity firms. She advises on large deduction timing issues in connection with mergers and acquisitions. Ms. Wimer’s practice includes structuring optimum ownership of private aircraft and business jets, factoring in deduction and income inclusion for personal use, excise tax, depreciation, Securities and Exchange Commission (SEC), Standard Industry Fare Level (SIFL), and Federal Aviation Administration (FAA) issues. Ms. Wimer frequently resolves a gamut of compensation issues such as employment taxes, stock options, Section 162(m), Section 83, deduction limitations, the entertainment disallowance, and a wide variety of fringe benefits, including health insurance.

Locations, Dates and Fees

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