Federal Income Tax Changes - 2021
Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the inflation-changed limits effective for 2021 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

Course Publication Date: June 11, 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 $60.00!

Author:Paul Winn
Course No:TAX-FEDINC-3051B
Recommended CPE:6.00
Delivery Method:QAS Self Study
Level of Knowledge:Update
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Taxes
  
Learning Objectives
  • Calculate the standard mileage deductions for use of a personal vehicle for business purposes.
  • Calculate the standard mileage deductions for use of a personal vehicle to obtain medical care.
  • Calculate the standard mileage deductions for charitable use of a personal vehicle.
  • Identify the 2021 standard deduction amounts available to taxpayers.
  • Recognize the changes made to the alternative minimum tax exemption amount for 2021.
  • Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2021.
  • Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts.
  • Determine the amount of assets that may be passed tax-free at death.
  • Identify the qualified business income (QBI) threshold amount.
  • Calculate the retirement savings contribution credit available to eligible taxpayers.
  • Recognize the rules and income limits applicable to eligibility for the earned income credit.
  • Identify the tax credit rules revised under the American Rescue Plan Act, including the child tax credit.
  • Identify the tax credit rules revised under the American Rescue Plan Act, including the child and dependent care tax credit.
  • Apply the adoption credit rules.
  • Identify the changes effective in 2021 related to the health flexible spending arrangement contribution limits.
  • Identify the changes effective in 2021 related to the small business health care tax credit.
  • Identify the changes effective in 2021 related to the large employer shared responsibility provision.
  • Calculate the maximum contributions that may be made to an Archer MSA.
  • Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs.
  • Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan.
  • Recognize the MAGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.
  • Describe the tax treatment of payments to small businesses under the Paycheck Protection Program.
  • Recognize the rules related to unemployment benefits under the American Rescue Plan Act.
  • Identify the rules concerning expanded tax-favored use of retirement funds.
  • Apply the changes in charitable contribution rules.
  • Describe the changes in health savings account (HSA) rules related to first-dollar payment for telehealth and COVID-19 testing and treatment.
  • Recognize the tax-related provisions of the American Rescue Plan Act (ARPA).

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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