Federal Income Tax Update

Part – 1: Individual Income Tax Update on December 14, 2021, Time – 1 P.M EST, Duration – 4 CPE Hours

This course is essential for the tax practitioner who wants to update their knowledge of Individual Income Taxation. This course will provide a comprehensive review of Form 1040 complexities for the 2021 tax year.  Included will be a thorough review of all tax codes made by the SECURE Act and the CARES Act.

Learning Objectives:

At the end of this class you will be able to:

• Recognize and complete IRS Form 1040 and other individual income tax returns for the 2021 tax season

Session Highlights

• Review of essential IRC Sections
• Review of individual changes made by any recent legislation
• New credits, deductions, and tax relief
• Income issues
• Income and exclusions from cancellation of debt
• Itemized deduction issues 
• Health reform and medical issues
• Special income tax treatment of COVID 19 stimulus payments
• COVID – 19 related extensions, carryovers, and effect on loss rules
• Maximum benefit from an office-at-home, education deductions and credits
• Health insurance, HRAs, HSAs, Changes in the law by Congress
• Kiddie tax

Part – 2: Business Income Tax Update on December 15, 2021, Time – 1 P.M EST, Duration – 4 CPE Hours

This course is essential for the tax practitioner who wants to update their knowledge of business income taxation. This course will provide a comprehensive review of Form 1040 complexities for the 2021 tax year.  Included will be a thorough review of all tax codes made by the SECURE Act and the CARES Act. We will update and include any additional changes made to the internal revenue code prior to this lecture.  

Learning Objectives:

At the end of this course you will be able to:   

• Recognize and complete IRS Form 1040 and other business income tax returns for the 2021 tax season

Session Highlights:

• Review of essential IRC Sections
• Review of business changes made by the Tax Cuts and Jobs Act of 2017
• Review of internal revenue code section 199A (pass-through entities) including an understanding of the newly released IRS guidance
• Schedule C and Schedule F issues
• Schedule E Issues
• Partnership issues
• Corporation issues
• LLC issues 
• Special rules for dealing with COVID subsidies
• Code Section 461(l) interacts with Section 382 and its carryover rules
• Defaulted loans
• Bankruptcy issues
• COVID-19 related changes in the tax law
• The CARES, HEROES, and HEALS acts
• Special rules relating to business use of your home
• Reporting the conversion of personal use property to business use (part of a residence, furniture, storage, etc.)

Who Should Attend?

• CPAs
• EAs
• Other Tax Professionals
• Financial professionals
• Tax Attorneys