Tax Changes Under the CARES Act and Employer Payroll Benefit Opportunities (Online Seminar)

MCLE Credits: 2.0
Ethics Credits Included: 0.0

MCLE Credit: 2.0 (Ethics: 0.0)
Live-Interactive Credit: 0.0
Price: $149 (Includes a downloadable audio version.)
Viewable Through: 05/31/2021

Information

A pre-recorded streaming AUDIO replay of the April 2020 webcast, Tax Changes Under the CARES Act and Employer Payroll Benefit Opportunities.


Topics Covered

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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Schedule

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.

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