Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The American Rescue Plan Act made many changes for individuals and 2020 COVID-19 legislative changes continue to affect 2021 returns. Changes affecting individual tax compliance and planning, including charitable contributions, passive activity losses, and various grants will be explained. IRS guidance and state tax changes affecting the SALT deduction for partners and S corp shareholders are covered. Highlights of changes to individual tax forms for 2021 are described. Finally, tax reform proposals are covered. Planning and due diligence reminders are addressed throughout this 4-hour federal individual tax update.
Publication Date: December 2021
Topics Covered
- American Rescue Plan Act changes
- Treatment of various grants, loan forgiveness, and other COVID-19 items
- Charitable contributions
- Partner and S corp shareholder treatment of SALT workaround laws
- Changes to individual tax forms for 2021
- Key judicial cases
- Legislative proposals
- Planning and due diligence reminders
Learning Objectives
- Recognize changes affecting individual ax compliance and planning
- Identify changes to individual tax forms for 2021
- Describe tax reform proposals
- Identify the maximum 2021 recovery credit for EIP3 per adult
- Identify the maximum child tax credit for 2021 if under the age of 6
- Identify an area where California appears to conform to §139 with slight employment tax modification paid by employer
- Recognize which Form is used for credits for sick leave and family leave for certain self-employed individuals
- Differentiate cases dealing with a settlement from an employer not entirely for physical injury
- Recognize which issues were considered with respect to the Whatley case
- Differentiate which state's Board of Tax Appeals referenced the "internal consistency test" under interstate commerce clause
- Identify which Form 1040 Schedules relates to additional taxes
- Identify the due diligence penalty per violation
- Recognize which IRS forms relates to credits for qualifying children and other dependents
- Identify which type of documents is published in IRB
- Identify the OASDI wage limit for 2022
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of tax preparation.
Advance Preparation
None
Instructor
Annette Nellen
Annette Nellen, CPA, CGMA, Esq., is a professor in and director of San Jose State University's graduate tax program (MST), teaching courses in tax research, accounting methods, property transactions, advanced individual taxation, employment tax, ethics, leadership, and tax policy.
Annette chairs the AICPA Digital Assets Tax Task Force and serves on the AICPA Disaster Relief Tax Task Force. She formerly served on the AICPA Tax Executive Committee, including 2.5 years as chair. She was the lead author of the AICPA tax policy concept statement #1, Guiding Principles of Good Tax Policy: A Framework for Evaluating Tax Proposals (2001, updated 2017), still in use today. Annette is also active with the tax sections of the ABA, CalCPA and California Lawyers Association. Annette is the recipient of the 2013 Arthur J. Dixon Memorial Award given by the Tax Division of the AICPA, the highest award given by the accounting profession in the area of taxation. In 2019, Annette was the recipient of the CLA’s Benjamin F. Miller Award for outstanding achievement and contribution in the field of state and local taxation law. Annette was included in Accounting Today's 2024 List of the Most Influential People in Accounting.
Annette is a regular contributor to Tax Notes State, authoring a column called Moving Forward? She is the author of Bloomberg BNA Tax Portfolio #533, Amortization of Intangibles. She is co-author and co-editor of four tax textbooks from Cengage. Annette has testified before the House Ways & Means Committee, Senate Finance Committee, California Assembly Revenue & Taxation Committee, and tax reform commissions and committees on various aspects of federal and state tax reform. She maintains the 21st Century Taxation website and blog (www.21stcenturytaxation.com). Prior to joining SJSU in 1990, Annette was with Ernst & Young and the IRS.