2021 Tax Update and Review Virtual Conference Agenda
The lessons cover virtually all chapters of the Big Book of Taxes, focusing on the most important issues when preparing 2021 returns and amending prior year returns. The COVID Tax Relief Act, Disaster Tax Relief Act, Presidents Biden’s American Rescue Plan, extenders, along with COVID-19 related notices, Revenue Procedures and other pronouncements have all been integrated into the various chapters and will be covered in detail. We also expect further legislation to be passed during the year and tax issues included in that legislation will be added to the Big Book of Taxes and included in the seminar. The following is an overview of the subject matter to be covered, but it can change depending upon the yet to be determined tax changes during 2021.
LESSON NUMBER ONE – FILING ISSUES (2 hours CPE)
This lesson concentrates on filing status items and will include uncommon filing status issues, some complicated “who gets the dependent” disputes, alien spouse, divorce issues, death of a taxpayer, tax treatment of clergy, concerns related to co-owned property, special treatment of military, non-resident and resident aliens, community property, foreign reporting requirements (FBAR, 8938, foreign rentals, foreign pensions, foreign gifts, etc.), and more.
LESSON NUMBER TWO - INCOME ISSUES (2 hours CPE)
This lesson deals with a variety of compensation issues including: collectibles, crowdfunding, cryptocurrency, unemployment income, non-cash prizes, worker’s compensation, sick pay, gift versus compensation, automotive dealer incentives, fringe benefits, surrogacy fees, Medicaid waiver payments, renter lease buyout, W-2 after death, utility rebates, misclassified employees, tip income, social security, capital transactions, wash sales, employee stock options, qualified small business stock, uncommon home sale issues, debt relief and exclusions, personal injury, statutory employee, insurance sales and viatical settlements, interest tracing rules and qualified opportunity funds.
LESSON NUMBER THREE – BUSINESS ISSUES PART 1 (2 hours CPE)
The first business lesson includes a variety of issues encountered by self-employed individuals plus profit motive and hobbies, Forms 1099-K and 8300, failed business expenses, spouses and partnership rules, at-risk rules, start-up and organizational expenses, above-the-line health insurance, employing family members, partner expenses, advertising expenses, MACRS/ADS property, bonus depreciation, qualified improvement property, Sec 179, employee or independent contractor, intangibles, meals & entertainment, vehicle expenses, travel expenses, travel outside the U.S., home office, NOLs, personal property rentals, real property rentals, short-term rentals, vacation home rentals, installment sales, 1031 exchanges, and the Sec 199A deduction, including how to determine whether or not an individual is a specified service trade or business, and rentals as qualified trades or businesses.
LESSON NUMBER FOUR – BUSINESS ISSUES PART 2 (2 hours CPE)
The second part of business issues includes excess business losses, disallowance of business interest, real estate professional, repairs and capital improvements (cap & repair regs), cannabis business issues, reasonable compensation for S-corporation working shareholders, employee retention credit, Families First Coronavirus Response Act, self-employment tax, farming and fishing averaging, tax penalties, underpayment of estimated taxes, household employees, gift planning, installment agreements and small employer HRA.
LESSON NUMBER FIVE – PENSION, IRA & QUALIFIED PLANS (2 hours CPE)
This lesson will deal with many changes made by the SECURE Act for all future years and the special provisions of the CARES Act. Lesson includes pensions & annuities, annuity tables (including the new RMD table), lump sum distributions, rollovers, coronavirus distributions, self-certifying a late rollover, traditional IRA, Roth IRA, backdoor Roth IRA, Roth conversions, qualified Roth contribution plans, early withdrawal exceptions, self-employed retirement plans, Form 5500 filing requirements, SEP plans, 401(k) plans, Sec 403(b) tax-sheltered annuities, required minimum distributions (RMDs), solo 401(k) plans, Sec 457 government Plans, Sec 408(p) SIMPLE plans, qualified charitable distributions (QCD) and health savings accounts.
LESSON NUMBER SIX – EDUCATION, ADJUSTMENTS & EXCLUSIONS (2 hours CPE)
Coverdell savings accounts, employer education assistance, American Opportunity and Lifetime Learning education credits, how to allocate scholarship funds to maximize education credits, qualified state tuition programs (Sec 529 plans), ABLE accounts, military moving, higher education interest, foreign earned income exclusion, savings bond education exclusion, worker’s compensation, and the educator’s above-the-line deduction.
LESSON NUMBER SEVEN – ITEMIZED DEDUCTIONS & OTHER TAXES (2 hours CPE)
Standard deduction, unusual medical, taxes, SALT, home mortgage interest, home refinance issues, points, investment interest, charitable contributions, gambling losses, disaster losses, legal expenses, and other Tier 1 miscellaneous deductions.
LESSON NUMBER EIGHT – TAX CREDITS, PENALTIES & MISC. (2 hours CPE)
This lesson covers AMT, kiddie tax, tax credits, tax penalties, and other issues including: child & dependent care credit, child (CTC) & other dependent credit, earned income tax credit (EITC), claim of right, saver’s credit, adoption credit, pension start-up credit, automatic enrollment credit, solar and home energy credits, premium tax credit, general business credits, employee retention credit, credit for building an energy efficient home, business energy credits, work opportunity credit, repayment of first-time homebuyer credit, recovery rebate credit, electric vehicle credit, fuel cell vehicle credit, 2-wheeled vehicle credit, refueling property credit, research credit, paid family & medical leave credit and taxpayer, preparer, and underpayment penalties.