Join Bradley Burnett, J.D., LL.M., as he delivers up-to-the-day changes in federal tax law. This webinar, delivered at a brisk pace and with humor, is designed to meet the needs of the tax planner and return preparer by identifying and responsibly exploring recent important tax developments affecting businesses.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: October 2021
Designed For
Return preparers, tax planners, and taxpayers desiring to keep up with late breaking tax developments.
Topics Covered
- Major provisions of recently enacted (and newly effective) federal tax legislation
- Income tax rates and effect of recent legislation
- Details and impact of federal COVID relief tax legislation, including Employee Retention Credit
- Net operating losses and excess business losses — The crazy moving target
- Recent important court cases, regulations, rulings and related developments affecting C and S corporations, partnerships and businesses
- Income, employment and estate and gift taxes
- How Congress, Treasury and IRS stirred the pot and added to the pile
- IRS activity impact on planners and preparers
Learning Objectives
- Recognize new federal tax developments and how they apply to businesses
- Identify which TCJA provisions begins in 2022
- Identify which TCJA provision is set to expire in 2026
- Recognize which referenced cases the court found that the Treas. Regs. and IRS Instructions gave conflicting info as to the level of detail needed
- Differentiate which IRS Sections allows a research credit for expenditures spent that exceed an amount spent during a prior comparison period
- Identify correct statements regarding §199A (QBID) deduction
- Recognize which form is used to report cash payments over $10,000 received in a trade or business
- Identify the approximate cost of the Rescue Act
- Recognize what is not one of the provisions included in the American Rescue Plan Act of 2021
- Identify which IRS form is used to report the limitation on business losses
- Recognize which date the Family First Coronavirus Response Act (FFCRA) credits were expanded and extended to
- Identify the maximum EIDL advance
- Identify the average grant size related to Restaurant Revitalization Grants
- Identify the ERC 2021 credit amount
- Recognize correct statements with respect to ERC
- Identify which form related to PPP does not allow listing of nonpayroll costs
- Identify the 2021-2022 high per diem rate
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (8 hours)
Program Prerequisites
Basic understanding of tax preparation.
Advance Preparation
None
Instructor
Bradley Burnett
Bradley Burnett, J.D., LL.M., is a practicing tax attorney, licensed in Colorado, with 38 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank, and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.
Mr. Burnett has delivered more than 3,400 presentations on U.S. tax law throughout all 50 states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 45 CPE courses. Mr. Burnett served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and taught IRS practice and procedure. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.