2021 Filing Season Income Tax Update
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Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course examines those changes and new laws. The 2021 Tax Filing Season Update course is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2020 income. The course discusses new tax law and recent updates for the 2021 filing season, provides a general tax review and examines important rules governing tax return preparer practices, and procedures.
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Course Info:
- Course #: 3230D
- Delivery: Self-Study
- CPE Hours: 8
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Taxes
- Total Pages: 212
- Questions: 40
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EA Program Approval Number: XE26W-U-00259-20-S
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Course Objectives
- To recall the inflation-related adjustments to various items that affect tax preparation
- To identify the rules applicable to the education savings bond program
- To recall the Retirement Savings Contribution Credit
- To identify the large employer shared responsibility requirement under the ACA
- To recall the changes to IRA contributions and the rules for distributions
- To identify the changes in taxation of children’s unearned income
- To recognize the current status of various tax extenders
- To identify items included in a taxpayer’s taxable earnings
- To recall the tax treatment of retirement income
- To recognize the tax treatment of alimony paid and received
- To recall the items included in sole proprietors’ income and expenses
- To identify deductions for business use of a home
- To recognize the tax treatment given to capital gains and losses
- To identify a taxpayer’s standard deductions
- To recall the various Schedule A deductions and the TCJA’s impact on such
- To recognize the treatment of virtual currency
- To identify the Alternative Minimum Tax exemption and phaseout amounts
- To recall the QBI deduction and the definition of a qualified trade or business
- To recognize the limits and tax impact of ABLE accounts, student loan indebtedness, net operating losses (NOLs), employee fringe benefits, and depreciation of rental property
- To identify taxpayers’ obligations regarding tax withholding, estimated tax payments, and filing deadlines
- To recognize the red flags indicative of tax-related identity theft
- To identify the due diligence requirements and potential tax-preparer penalties
Table of Contents
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