E-American Recovery & Reinvestment Act of 2009

E-American Recovery & Reinvestment Act of 2009
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Price: $39.99
Credits: 4
Prerequisite: None
Level: Overview
Model: MT002
Author: Danny Santucci
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF

This course focuses on key tax provisions enacted under the $800 billion American Recovery and Reinvestment Act of 2009 by analyzing tax issues affecting individuals and businesses contained in this first installment of President Obama’s massive economic and recovery agenda. Individual provisions included a new "making work pay” tax credit, an AMT patch, a sales tax deduction, tax credits for education and first-time homebuyers and enhanced tax benefits for energy efficient improvements to homes. Business provisions included the treatment of such issues as extended bonus depreciation, a limited five-year net operating loss carryback period, small business expensing and capital gains, estimated tax payments, and COBRA coverage. In addition, the course discusses new energy incentives and changes made to former energy regulations.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.


  • At the start of the materials, participants should identify the following topics for study:
  • “Making Work Pay” Tax Credit
  • “American Opportunity” Education Tax Credit
  • Modified Homebuyer Credit
  • AMT Patch for Individuals
  • Extension of Bonus Depreciation
  • Extension of Enhanced Small Business Expensing
  • 5-Year Carryback of Net Operating Losses
  • Delayed Recognition of Certain Cancellation of Debt Income
  • Tax Credits for Energy-Efficient Improvements to Existing Homes
  • Advanced Energy Investment Credit


After reading the materials, participants will able to:

  • Analyze and apply the individual tax provisions of the American Recovery and Reinvestment Act of 2009 (“Act”) by:
    Determining and claiming the “Making Work Pay’ tax credit, the economic recovery payment to Social Security and SSI recipients and the EITC;
    Listing and describing Act modifications to the 2008 Stabilization Act child tax credit provisions, the Hope credit (renamed the American Opportunity tax credit), tuition saving accounts, the homebuyer tax credit and the low-income housing tax credit; and
    Accounting for and computing 2009 unemployment compensation taxation, allowable qualified motor vehicle deductions, and 2009 individual AMT exemption amounts.
  • Analyze and apply the business tax provisions of the American Recovery and Reinvestment Act of 2009 (“Act”) by:
    Discussing three changes bonus depreciation provision (§168(k)), listing dollar caps for vehicles, and identifying a special election for corporations;
    Explaining extended §179 expensing, revised net operating loss provisions; estimated tax payments for small businesses, category additions to the work opportunity credit, and employer-provided transit and vanpool benefits under the Act;
    Evaluating the impact of Congress's legislative response to Notice 2008-83, the new cancellation of indebtedness income election, the §1202 small business stock percentage exclusion, the reduced holding period for §1374 assets and the new markets tax credit; and
    Listing and advising clients as to the new COBRA requirements, delayed implementation 3% government contractor withholding and expand the definition of industrial development bonds.
  • Analyze and apply the energy provisions of the American Recovery and Reinvestment Act of 2009 (“Act”) by:
    Discussing the tax benefits, limitations, and requirements of credits for energy property (specifically including solar electric and water heating property), alternative fuel refueling property, electric drive motor vehicles, renewable energy production, and advanced energy manufacturing projects.
    Determining when an investment tax credit can be taken in lieu of the production tax credit; and
    Compare and contrast prior law with the Act's expanded program for clean renewable energy bonds and qualified energy conservation bonds.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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