2020 Federal Tax Update for Individuals

Author: Greg White

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

Registration Options
Quantity
Fees
Regular Fee $135.00

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