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2020 Federal Tax Update for Individuals (Currently Unavailable)

CPE Credit:

8 hours for CPAs
8 hours Federal Tax Law Updates for EAs and OTRPs
8 hours Federal Tax Updates for CTEC

More than ever, this year promises to be one with lots of questions from your clients. How will the CARES Act, PPP program, and the latest cases and administrative guidance affect the upcoming tax preparation season?

You’ll be guided through the maze with this eight-hour CPE course taught by Greg White. This course will get you up to speed on the latest developments related to individuals for 2020. This fast-paced program will highlight legal and regulatory developments as well as give you a head start on those 2020 returns.

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: November 2020

Topics Covered

CARES Act impact — Including changes to net operating losses, charitable contributions, and IRA distributions
Reporting debt forgiveness under the PPP program. Is it taxable? Are the expenses related to forgiveness deductible? What does the IRS have to say on this topic?
Is the IRS getting into the tax preparation business?
Have the IRS audit rates increased or decreased?
New IRS forms — Including Form 1099-MISC and draft Form 1040 — what's new
Forgiveness under the PPP program
Social Security threshold and calculating cots of lost
Lastly, we'll keep you "up to the minute" on late-breaking tax developments

Learning Objectives

Identify the latest developments in individual taxation for 2020
Recognize how to compute disallowed expenses related to PPP loan forgiveness
Identify how to compute the taxable portion of IRA distributions and the taxable year to report under the CARES Act
Recognize new forms issued by the IRS
Identity tax-savings opportunities for your clients
Identify changes in IRS audit rates for individuals
Recognize court cases and how the outcomes apply to your clients
Identify the earnings threshold for Social Security
Describe the steps in calculating the cost of lost social security benefits
Identify the 2020 HSA contribution limit for family coverage
Differentiate QOF tax benefits
Recognize Act Sections and how they apply
Identify the hurdles as a real estate professional
Describe correct statements regarding debt investment in a QOF

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

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