2021 Annual Tax Season Update
Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, the Tax Cuts and Jobs Act of 2017 will significantly affect tax planning and may also affect taxpayers’ income tax liability. This course will examine many of those changes.

The Annual Tax Filing Season Update course discusses new tax law and recent updates for the 2021 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.

Course Publication Date: September 09, 2020

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $90.00!

Author:Paul Winn
Course No:TAX-TAXUPDATE21-3141
Recommended CPE:9.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Taxes
  
Learning Objectives
  • Identify the inflation adjustments to various federal limits, including the standard mileage rates,.
  • Identify the inflation adjustments to various federal limits, including the education savings bond program,.
  • Identify the inflation adjustments to various federal limits, including the qualified long term care insurance premiums and benefits,.
  • Identify the inflation adjustments to various federal limits, including the social security earnings limit,.
  • Identify the inflation adjustments to various federal limits, including the retirement savings contribution credit,.
  • Identify the inflation adjustments to various federal limits, including the health FSA contributions,.
  • Identify the inflation adjustments to various federal limits, including the healthcare premium tax credit,.
  • Identify the inflation adjustments to various federal limits, including the small business healthcare premium tax credit,.
  • Identify the inflation adjustments to various federal limits, including the large employer shared responsibility,.
  • Identify the inflation adjustments to various federal limits, including the Archer medical savings accounts (MSA), and.
  • Identify the inflation adjustments to various federal limits, including the health savings accounts (HSA).
  • Apply the new standard mileage provisions.
  • Determine the maximum age for traditional IRA contributions.
  • Describe the change in the required minimum distribution age for traditional IRAs and retirement plans.
  • Recognize the tax treatment of qualified birth or adoption distributions.
  • Describe the distribution requirements imposed on non-spouse inherited IRA beneficiaries.
  • Identify the change in the taxation of children’s unearned income.
  • Describe the changes in § 529 plan distribution rules as they apply to repayment of student loans, and.
  • Describe the changes in § 529 plan distribution rules as they apply to the expansion of qualified expenses to include expenses associated with apprenticeship programs.
  • Calculate The change in the AGI threshold for medical expense deductions.
  • Describe the current status of tax extenders applicable to tax credits for non-business energy property,.
  • Describe the current status of tax extenders applicable to payment of tuition and fees,.
  • Describe the current status of tax extenders applicable to payment of mortgage insurance premiums, and.
  • Describe the current status of tax extenders applicable to cancellation of primary residence indebtedness.
  • Identify those items included in a taxpayer’s taxable earnings.
  • Determine the tax treatment of foreign accounts and trusts.
  • Recognize the limits applicable to elective deferrals.
  • Calculate the tax penalty for failing to take a required minimum distribution.
  • Explain the requirements for a qualified Roth account distribution.
  • Identify the tax treatment of alimony paid and received.
  • Explain how Form 1040, Schedule C is used.
  • Recognize the items included in self-employment income and expenses.
  • Distinguish between a hobby and a business for tax purposes.
  • Identify the recordkeeping requirements to substantiate Schedule C entries.
  • Understand the tax treatment of retirement income.
  • Describe how a home office deduction is figured using the actual expense and simplified methods.
  • Identify the limits applicable to expensing section 179 property.
  • Discuss the tax rules applicable to deducting food and beverage expenses.
  • Describe the luxury auto depreciation limits.
  • Identify taxpayers’ standard deductions based on filing status, age and blindness.
  • Describe the principal Schedule A changes resulting from the TCJA, including federal income tax deduction limits applicable to state and local taxes,.
  • Describe the principal Schedule A changes resulting from the TCJA, including limitations applicable to mortgage debt,.
  • Describe the principal Schedule A changes resulting from the TCJA, including maximum deductible charitable cash contributions,.
  • Describe the principal Schedule A changes resulting from the TCJA, including deductions for moving expenses, and.
  • Describe the principal Schedule A changes resulting from the TCJA, including deductions for personal casualty and theft losses.
  • Recognize the eligibility requirements for, and limits applicable to, various tax credits, including the child tax credit,.
  • Recognize the eligibility requirements for, and limits applicable to, various tax credits, including the child and dependent care tax credit,.
  • Recognize the eligibility requirements for, and limits applicable to, various tax credits, including the American opportunity tax credit,.
  • Recognize the eligibility requirements for, and limits applicable to, various tax credits, including the lifetime learning credit, and.
  • Recognize the eligibility requirements for, and limits applicable to, various tax credits, including the earned income credit.
  • Explain the nature and tax treatment of virtual currency.
  • Calculate the applicable AMTI exemption based on income and filing status.
  • Describe the tax treatment of children’s taxable unearned income.
  • Identify the changes in § 529 plans with respect to apprenticeship program expenses,.
  • Identify the changes in § 529 plans with respect to elementary and secondary school tuition, and.
  • Identify the changes in § 529 plans with respect to payments of interest or principal on student loan debt.
  • Discuss the § 199A qualified business income pass-through deduction.
  • Explain the changes made in ABLE accounts.
  • Identify the tax treatment of forgiven student loan indebtedness upon death or disability.
  • Calculate the expected contribution required of taxpayers obtaining tax credits to assist in purchasing healthcare coverage.
  • Describe the rules governing a taxpayer’s tax withholding and estimated tax payments.
  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.
  • Identify the due dates of income tax returns.
  • Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims.
  • Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it.
  • Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them.
  • Recognize the penalties applicable to a tax return preparer under Title 26.
  • Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC.
  • Understand the e-file requirements.
  • Recognize the Annual Filing Season Program requirements.

CPE Depot 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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