This comprehensive course covers key tax issues for completing complicated individual returns including family return issues, taxpayers with investments, retirement income, the sole proprietor, and business and rental activity owners. Stay current with in-depth coverage of recent legislation, case law developments, and relevant notices, announcements, revenue rulings and procedures. Speakers are all practicing preparers who share practical tips to help you get ready for this tax season. Coverage includes:
• Economic impact payments (EIPs) (also known as recovery rebate credits) – 2021 and round three.
• The excess business loss limitation is back and here to stay for an extra year.
• Temporary advance payments of the child tax credit in 2021 and sweeping enhancements of this popular personal tax credit.
• Earned income tax credit – 2021 changes and beyond.
• Changes to the education credits and deductions and the rules associated with debt discharge
• The rules of retirement plan accumulation and distribution
• Strategies to maximize personal credits – earned income tax credit and credits for sick and family leave for certain self-employed individuals.
• The child and dependent care credit more than doubled for 2021 for qualifying taxpayers.
• Special 2021 retirement distribution rules for qualified disaster distributions.
• Reporting of interest, dividends, and capital gains
• Tax practice and taxpayer strategies to safeguard confidential taxpayer information
• The basics of reporting Schedule C self-employment income and expenses
• Recent tax legislation and its impact on an individual taxpayer’s net operating loss (NOL), including new rules for farming NOLs.
• SBA’s PPP loan forgiveness – Schedule C or Schedule F outcomes.
• Self-employment taxation exclusion applicable to rentals from real estate
• The CARES Act retroactive changes to qualified improvement property (QIP)
• The qualified business income deduction (QBID) under IRC Sec. 199A – an endangered species?
• Plus, much more
PLEASE NOTE: Physical manuals are ONLY available to attendees of LIVE SEMINARS; webinar attendees will receive an electronic manual, no exceptions.
By the end of this seminar, you should be able to:
• Apply the rules of penalty assessment and abatement;
• Identify reporting required to “reconcile” the EIPs;
• Assess the temporary advance payments of the child tax credit in 2021 and implement sweeping enhancements of this popular personal tax credit;
• Recognize changes to education credits and deductions, and evaluate rules associated with debt discharge;
• Analyze what tax years are now subject to the IRC Sec. 461(l) loss limitation rules for noncorporate taxpayers;
• Identify the CARES Act’s impact on an individual taxpayer’s net operating loss (NOL), analyze the SBA’s PPP loan forgiveness parameters, and evaluate the CARES Act changes to qualified improvement property (QIP);
• Calculate the qualified business income deduction (QBID) under IRC Sec. 199A;
• Analyze impact of the Consolidated Appropriations Act, 2021, on deductible personal casualty loss deductions
Number of Hours:
Knowledge of Tax Law Regulations
Group Internet Based
Number Of Days:
Early Cut Off Date:
Online Group Internet Based ,
CPA (16), EA (16), Maryland Preparer (16), CFP (16)
NASBA, IRS, State of Maryland, CFP Board