Barstool Economics with Tracey Wilson and Danita Vigil
As part of the LawBank CLE offerings, Tracey Wilson and Danita Vigil of IPX1031 presented the economic impact of COVID-19 for the audience of solo practitioners and small law firms. They discussed how to take advantage of newly created opportunities set in place by the CARES ACT and IRS extensions as a result of the COVID-19 virus. Also covered was federal, state and local spending. The presenters shared valuable tools to use for answering tax questions and calculating recovery rebates. For the most recent 11 years, Tracey Wilson has been the Senior Consultant and Managing Director of Business Development at IPX 1031, helping facilitate tax-deferred like-kind IRC Section 1031 Exchange. Danita Vigil is a Vice President and Account Executive at IPX1031.
This lunchtime program, which took place on July 14, 2020, began with the origins and importance of understanding the COVID-19 virus. Presenters then provided insight into COVID-19’s impact on the economy, including retail, travel and unemployment rates. Next, Tracey discussed federal relief spending and the magnitude of the CARES Act in relation to total government spending. Tracey recommended the website taxfoundation.org as the best personal website for tax questions on coronavirus. The website includes references to economic relief plans, legislation, and tax policies as they relate to coronavirus. Another tool the presenters offered is the CARES Act Rebate Calculator. The explained that “Recovery Rebates” are refundable tax credits that decrease a taxpayer’s tax liability dollar-for-dollar. Additionally, this credit can be refunded to the taxpayer if they have no tax liability to offset. Tracey shared the breakdown of tax rebate amounts, which are determined by filing status and income.
The presenters transitioned to explain state and local funding under the CARES Act, including portions for education and unemployment. Tracey shared COVID-19 statistics, as well as comparisons to other flus and epidemics, concluding with a timeline for future vaccinations, as well as potential treatments and ways to get the economy running again in the meantime. To participate in future presentations or CLE programs, visit LawBank’s event page to view upcoming programs.
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