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Overview

8.0 Credits
ONLINE

2021 is shaping up as another year for massive tax changes. First we had the Consolidated Appropriations Act of 2021 (CAA), next the President signed the American Rescue Plan Act of 2021 (ARP), and Congress is currently working on a massive budget reconciliation package. Don=s 2021 tax Update will focus on the provisions of these new laws affecting 2021 returns and 2021 tax planning, including planning with the proposed legislation currently before Congress as well as important IRS releases and court cases.

Objectives

In this course, we review current year developments and planning ideas affecting individual, corporate and business income taxation using a combination of humor and examples. We will emphasize all major new tax legislation as well as other significant tax developments that affect 2021 tax return preparation and 2021 tax planning for individuals, corporations, and non-corporate businesses.

The course format is designed to update CPAs with various levels of experience.

Major Topics

  • Maximizing 70% Employee Retention Credit (ERC) Including When Applying For PPP Loan Forgiveness And Discussion Of ERC Qualification For Majority Owner=s Wages.
  • Taking Advantage of Expanded Sick Leave and Family Leave Credits Including For Self-Employed Individuals.
  • Effect On S Corp Stock Basis Of PPP Loans.
  • Which Coronavirus Benefits Are Excludible From Income?
  • Final Accounting Method Regs Effective For 2021 B Who Can Use Cash Method, Expense Inventory, etc., If Gross Receipts $26 Million or Less- Including Changing Accounting Methods.
  • New QBI Regulations.
  • When is a Restaurant Meal 100% Deductible?
  • Major Increase In Number of Businesses Required To File 2021 Information, Partnership, and Corporate Returns Electronically.
  • More Individuals Able To Claim Lifetime Learning Credit.
  • Final Regs Provide Exception To Disallowance Of Deduction for Employee Parking.
  • FSA Carryover Rules For 2021.
  • New Refundable Child Tax Credits, Including Advance Payment of credits.
  • New Refundable Dependent Care Credit.
  • Revised Premium Tax Credit Provisions.
  • 2021 Economic Impact Payments.
  • 100% of AGI Limit For Charitable Contributions.
  • Tax-Free Student Loan Forgiveness.
  • Individuals Who Can Now Obtain An IP PIN.
  • And more

The course material also includes: 
  • A checklist of expiring tax provisions, and 
  • Practical planning ideas for businesses and individuals.
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