Individual Federal Tax Update

Author: Annette Nellen

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

Several law changes were made in 2020 to address the COVID-19 pandemic. The changes affecting individual tax compliance and planning, including charitable contributions, NOL carrybacks and retirement plan distributions, will be explained. IRS guidance on TCJA provisions including for the SALT deduction are covered along with IRS rulings and reminders on how some longstanding rules apply during sheltering in place and working from home, security reminders and changed IRS procedures as the IRS operates under changed circumstances.

Highlights of changes to individual tax forms for 2020 are also covered. Key judicial cases on passive activities, alimony, charitable contributions and more are presented. Finally, legislative and candidate for office tax proposals are explained. Planning and due diligence reminders are addressed throughout this 4-hour federal individual tax update.

Publication Date: October 2020

Topics Covered

  • COVID‐19 Tax Changes for Individuals
  • TCJA Guidance on Individual Provisions
  • Cases and IRS Rulings ‐ Income
  • Cases and IRS Rulings — Schedule A
  • Cases and IRS Rulings ‐ Health
  • Cases and IRS Rulings ‐ International
  • Cases and IRS Rulings ‐ Miscellaneous
  • 2020 Form Highlights
  • Virtual Currency Developments
  • Practice & Procedure Highlights
  • Planning and Practice Lessons of 2020
  • Looking Ahead
  • Resources

Learning Objectives

  • Recognize and apply 2020 changes made to address the COVID-19 pandemic
  • Identify changes affecting individual tax compliance and planning
  • Describe IRS guidance on TCJA provisions
  • Identify changes to 2020 individual tax forms
  • Describe key judicial cases
  • Recognize legislative and candidate for office tax proposals

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $77.00

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