As a tax professional, staying on top of all the annual changes to tax law and provisions is a substantial challenge, with a constant need to have the latest information at your fingertips wherever you go. As the ongoing COVID-19 pandemic continues to impact the country, Congress has continued to provide legislative relief to all corners of the economy, with help coming for businesses and individuals alike. To help you understand recent updates and essential guidance, the U.S. Master Tax Guide (2021) Special Edition has been carefully researched by experts to reflect the current U.S. tax structure, and includes explanations updated for the tax aspects of Congressional and administrative action in response to the pandemic, including the American Rescue Plan Act of 2021 and the Consolidated Appropriations Act, 2021 (which includes the COVID-19-Related Tax Relief Act, the No Surprises Act, and the Taxpayer Certainty and Disaster Tax Relief Act of 2020), so you can best serve your client’s 2020 filing needs and get ready for the 2021 season. It also includes the latest IRS guidance on the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
What Is Covered in the U.S. Master Tax Guide, 2021, Special Edition?
You'll find extensive information on the latest tax legislation, including the:
- Families First Coronavirus Response Act
- CARES Act
- COVID-19-Related Tax Relief Act
- No Surprises Act
- Taxpayer Certainty and Disaster Tax Relief Act of 2020)
- American Rescue Plan Act of 2021
Tax preparers can access resources for tax planning opportunities and guidance on several key issues, including changes to retirement planning, retirement funding and distributions, the transition tax, Section 199A Qualified Business Income Deductions, bonus depreciation, GILTI, and more. The guide also includes easy-to-use cross-references to the Internal Revenue Code, Income Tax Regulations, and other key tax law sources to connect explanatory text to the complex regulations it applies to. Additionally, it includes reference to additional material, including explanations, tools, calculators and practice aids, available on CCH® AnswerConnect.
Included Tables and Resources
Alongside detailed reviews of credits, expenses, penalties and interest, the U.S. Master Tax Guide, 2021, Special Edition also includes numerous tables that provide fast reference information when you need it most. There's no need to study multiple resources and wonder which details are most applicable to your needs – simply refer to the guide's checklists, overviews, and tables, including:
- Tax rates
- Rules for individuals, corporations, S corporations, partnerships, trusts and estates, and exempt organizations
- Exclusions from gross income
- Business and non-business expenses
- Losses and passive activity losses
- Depreciation, amortization, and depletion
- Tax credits
- Alternative minimum tax
- Basis for gain or loss
- Sales and exchanges – capital gains
- Installment sales – deferred payments
- Health and employee benefits
- Retirement plans
- Corporate acquisitions, reorganizations, and liquidations
- Special corporate status
- Foreign income and transactions
- Withholding and estimated taxes
- Penalties and interest
- Estate, gift and generation-skipping tax
A topical index makes it easy to quickly locate information, while Standard Federal Tax Reports simplify research. There's no need to rely on multiple guides, complicated documentation, or outdated information – everything you need is contained in this comprehensive resource.
A Trusted Source for Tax Information
When it comes to preparing your clients' taxes, there's no room for errors. That's why accountants and other financial professionals turn to Wolters Kluwer for reference guides and continuing professional education (CPE) programs that allow them to stay on the cutting edge of this ever-changing field. Our team of industry experts provides the comprehensive information you need to stay one step ahead of the latest legislation and evolving tax codes, so you can provide clients with accurate, informed services that protect their financial interests – and your reputation. From exploring new areas of practice to brushing up on the fundamentals, we offer the resource you need to remain up-to-date year after year.
Order the U.S. Master Tax Guide, 2021, Special Edition Today
Make sure you're prepared for all of your clients’ filing and planning needs with help from the U.S. Master Tax Guide, 2021, Special Edition from Wolters Kluwer. To learn more, contact us online or call 800-344-3734 for additional information. Need to stay compliant and complete mandatory CPE hours? Check out our full range of webinars and self-study courses today.