2021 Individual Federal Tax Update: Part 2

Author: Greg White

CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

If last year was action packed, this year promises to be even more so. Join expert, Greg White, CPA, as he provides an update on the most recent changes affecting individuals that you’ll need to navigate through the maze of tax legislation.

Publication Date: October 2021

Topics Covered

  • How do billionaires pay less tax?
    • We'll explain the basic strategies as revealed by the ProPublica leak of the tax returns of Elon Musk, Warren Buffet, and Jeff Bezos. It's probably less complicated than most of us would imagine
  • The American Rescue Plan Act
    • Important changes to the child tax credit and dependent care credit
        • And tax strategies to maximize clients' credits
  • Proposed legislation in the House of Representatives
    • We'll cover the major income tax and estate tax changes that are being proposed
    • We'll also cover effective dates that are important to clients
  • Important new cases
    • An aspiring actress fights the IRS on the hobby loss issue
        • You might be surprised by the outcome
    • Michael Jackson's taxable estate
        • How did his estate fare against the IRS?
    • An executor's personal liability for unpaid estate tax

Learning Objectives

  • Compute the two-tier phaseout for the Child Tax Credit
  • Recognize clients who will benefit from the enhanced Dependent Care Credit
  • Identify and apply new tax rules from the Consolidated Appropriations Act
  • Recognize tax reduction strategies employed by billionaires
  • Differentiate referenced court cases and how they apply to client situations
  • Identify the nine factors reviewed with respect to hobby losses
  • Recognize which tax forms the plug-in credit should be claimed on
  • Describe the percent the passport program increased installment agreements by
  • Recognize what percent the major sources of underpayment comes from underreporting
  • Identify the amount per year a qualifying Qualified Charitable Distribution is limited to
  • Identify the maximum 2021 credit against tax with respect to EIP for a single taxpayer
  • Identify the child tax credit a taxpayer can claim (assuming no phaseout) who has 3 children under the age of 5

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $83.00

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