1040 Overview
2020 was a year like no other. Bold legislation was swiftly enacted on the heels of the pandemic. With it, terms that would have been unfamiliar, are now commonplace among tax practitioners and tax filers alike. This course sheds light on these many changes. Updates to federal tax law resulting from passage of the CARES Act, Secure Act, and the recently enacted Consolidated Appropriations Act are covered in detail. Additionally, individual thresholds for tax year 2021, 2020 along with filing amounts and limitations concerning personal items of income and deductions are also addressed.

Course Publication Date: February 19, 2021

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 $80.00!

Author:Frank Castillo CPA
Course No:TAX-1040-10421
Recommended CPE:8.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Taxes
  
Learning Objectives
  • Recall key changes to 2020 tax law impacting individual tax filings.
  • Recall updated income, expense, and gifting thresholds for tax year 2021.
  • Recall changes impacting retirement plan accounts and individual taxation resulting from passage of the Secure Act.
  • Recall changes impacting 529 plans resulting from passage of the Secure Act.
  • Calculate the economic impact payment taxpayers would be entitled to in connection with the CARES Act.
  • Identify details in connection with the Recovery Rebate Credit.
  • Identify key tax updates concerning IRA distributions upon passage of the CARES Act.
  • Recall relief measures extended to individual taxpayers resulting from the IRS Taxpayer Relief Initiative.
  • Identify select provisions of tax law and their extended status upon passage of the Consolidated Appropriations Act.
  • Recall key changes to individual tax law resulting from passage of the Consolidated Appropriations Act.
  • Recall the impact that filing status has on credits, deductions, and retirement plan contributions.
  • Identify various tests to determine whether an individual will qualify as a dependent.
  • Recall examples of Gig Work as defined by the IRS.
  • Identify details in connection with FBAR filings.
  • Recall requirements investors must meet to qualify for preferred tax treatment when investing in Qualified Opportunity Funds.
  • Recall the tax treatment associated with income repayments.
  • Recall deduction limitations taxpayers face based on various levels of modified adjusted gross income.
  • Identify which sources of income stemming from legal settlements are subject to federal income tax.
  • Recall select requirements connected with deductions taxpayers may enjoy under §199A.
  • Recall limitations and record keeping requirements taxpayers must consider when itemizing deductions.
  • Calculate taxable amounts for individual taxpayers who have wages and net investment income which exceed statutory thresholds.
  • Recall details for claiming the foreign tax credit.
  • Identify qualifying education expenses for taxpayers seeking to claim the lifetime learning credit.
  • Recall income limitations for taxpayers claiming the “other dependent credit”.
  • Recall various taxpayer and tax preparer penalties.
  • Identify actions third party designees may take on behalf of a taxpayer.

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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