Top Federal Tax Issues (2021)
2020 was full of surprises — much of which was addressed with new or updated legislation. Every tax professional can benefit from reviewing pertinent federal tax issues through this series of on-demand continuing professional education (CPE) courses. Overcome the latest tax challenges, understand the effects they may have on your practice and clients, and develop effective tax planning strategies for 2021 and beyond.
Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot” issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2021. They have been selected not only because of their impact on return preparation during the 2021 tax season but also because of the important role they play in developing effective tax strategies for 2021 and beyond. Module 1 reviews the rules on entertainment, meals, and snacks in light of changes by the Tax Cuts and Jobs Act (TCJA) and IRC Section 274. The affect of these changes on substantiation, recordkeeping, and tax planning are also addressed. This module also covers the final rules that govern the qualified business income deduction.
Top Federal Tax Issues Module 2 discusses the federal tax consequences of presidentially declared disasters under the Stafford Act, with detailed coverage of the coronavirus (COVID-19) disaster declaration and IRS Notice 2020-18. It describes the grants, loans, expanded employee and unemployment benefits, and tax provisions designed to provide relief to impacted taxpayers, and considers how the provisions in the legislation apply in a variety of scenarios to hep clients determine what they are eligible for and how to apply for or claim the benefits. This module also explains the paid leave credits of the FFCRA and the employee retention payroll tax credit and the delay for depositing payroll and self-employment taxes.
Top Federal Tax Issues Course Module 3 addresses the creation and exclusion of cancellation of indebtedness income, debt modifications, tax attribute reduction, the treatment of tax claims in bankruptcy, and the taxation of the bankruptcy estate. For clients who are applying for or have received Paycheck Protection Program loans, practical planning ideas to maximize debt forgiveness are also discussed.
Top Federal Tax Issues Course Module 4 discusses the changes to retirement plans made by Congress and the IRS shortly before 2020 and later in response to the COVID-19 pandemic. It outlines the changes implemented by the SECURE Act and CARES Act and is designed to give tax practitioners a new perspective on old retirement plan rules to better guide their clients during this uncertain time.
Total: 4 courses (19 CPE hours)