
Self-Study



Update



CPE Credits
9 Credits: Taxes
Course Description
Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, the Tax Cuts and Jobs Act of 2017 will significantly affect tax planning and may also affect taxpayers’ income tax liability. This course will examine many of those changes.
The Annual Tax Filing Season Update 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 ethics, practices and procedures.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify the inflation adjustments to various federal limits
- Apply the new standard mileage provisions
- Determine the maximum age for traditional IRA contributions
- Describe the change in the required minimum distribution age for traditional IRAs and retirement plans
- Recognize the tax treatment of qualified birth or adoption distributions
- Describe the distribution requirements imposed on non-spouse inherited IRA beneficiaries
- Identify the change in the taxation of children’s unearned income
- Describe the changes in § 529 plan distribution rules
- Calculate the change in the AGI threshold for medical expense deductions
- Describe the current status of tax extenders
- Identify those items included in a taxpayer’s taxable earnings
- Determine the tax treatment of foreign accounts and trusts
- Recognize the limits applicable to elective deferrals
- Calculate the tax penalty for failing to take a required minimum distribution
- Explain the requirements for a qualified Roth account distribution
- Identify the tax treatment of alimony paid and received
- Explain how Form 1040, Schedule C is used
- Recognize the items included in self-employment income and expenses
- Distinguish between a hobby and a business for tax purposes
- Identify the recordkeeping requirements to substantiate Schedule C entries
- Understand the tax treatment of retirement income
- Describe how a home office deduction is figured using the actual expense and simplified methods
- Identify the limits applicable to expensing section 179 property
- Discuss the tax rules applicable to deducting food and beverage expenses
- Describe the luxury auto depreciation limits
- Identify taxpayers’ standard deductions based on filing status, age and blindness
- Describe the principal Schedule A changes resulting from the TCJA
- Recognize the eligibility requirements for, and limits applicable to, various tax credits
- Explain the nature and tax treatment of virtual currency
- Calculate the applicable AMTI exemption based on income and filing status
- Describe the tax treatment of children’s taxable unearned income
- Identify the changes in § 529 plans
- Discuss the § 199A qualified business income pass-through deduction
- Explain the changes made in ABLE accounts
- Identify the tax treatment of forgiven student loan indebtedness upon death or disability
- Calculate the expected contribution required of taxpayers obtaining tax credits to assist in purchasing healthcare coverage
- Describe the rules governing a taxpayer’s tax withholding and estimated tax payments
- Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund
- Identify the due dates of income tax returns
- Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims
- Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
- Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them
- Recognize the penalties applicable to a tax return preparer under Title 26
- Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC
- Understand the e-file requirements
- Recognize the Annual Filing Season Program requirements.
Course Specifics
Course ID 8202694 |
Revision Date June 5, 2020 |
Number of Pages 197 |
Advanced Preparation None |
Compliance information
Course Instructor



Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.
2021 Annual Tax Season Update
$261.00 – $291.00



Self-Study



Update



CPE Credits
9 Credits: Taxes
Course Description
Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, the Tax Cuts and Jobs Act of 2017 will significantly affect tax planning and may also affect taxpayers’ income tax liability. This course will examine many of those changes.
The Annual Tax Filing Season Update 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 ethics, practices and procedures.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify the inflation adjustments to various federal limits
- Apply the new standard mileage provisions
- Determine the maximum age for traditional IRA contributions
- Describe the change in the required minimum distribution age for traditional IRAs and retirement plans
- Recognize the tax treatment of qualified birth or adoption distributions
- Describe the distribution requirements imposed on non-spouse inherited IRA beneficiaries
- Identify the change in the taxation of children’s unearned income
- Describe the changes in § 529 plan distribution rules
- Calculate the change in the AGI threshold for medical expense deductions
- Describe the current status of tax extenders
- Identify those items included in a taxpayer’s taxable earnings
- Determine the tax treatment of foreign accounts and trusts
- Recognize the limits applicable to elective deferrals
- Calculate the tax penalty for failing to take a required minimum distribution
- Explain the requirements for a qualified Roth account distribution
- Identify the tax treatment of alimony paid and received
- Explain how Form 1040, Schedule C is used
- Recognize the items included in self-employment income and expenses
- Distinguish between a hobby and a business for tax purposes
- Identify the recordkeeping requirements to substantiate Schedule C entries
- Understand the tax treatment of retirement income
- Describe how a home office deduction is figured using the actual expense and simplified methods
- Identify the limits applicable to expensing section 179 property
- Discuss the tax rules applicable to deducting food and beverage expenses
- Describe the luxury auto depreciation limits
- Identify taxpayers’ standard deductions based on filing status, age and blindness
- Describe the principal Schedule A changes resulting from the TCJA
- Recognize the eligibility requirements for, and limits applicable to, various tax credits
- Explain the nature and tax treatment of virtual currency
- Calculate the applicable AMTI exemption based on income and filing status
- Describe the tax treatment of children’s taxable unearned income
- Identify the changes in § 529 plans
- Discuss the § 199A qualified business income pass-through deduction
- Explain the changes made in ABLE accounts
- Identify the tax treatment of forgiven student loan indebtedness upon death or disability
- Calculate the expected contribution required of taxpayers obtaining tax credits to assist in purchasing healthcare coverage
- Describe the rules governing a taxpayer’s tax withholding and estimated tax payments
- Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund
- Identify the due dates of income tax returns
- Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims
- Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
- Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them
- Recognize the penalties applicable to a tax return preparer under Title 26
- Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC
- Understand the e-file requirements
- Recognize the Annual Filing Season Program requirements.
Course Specifics
Course ID 8202694 |
Revision Date June 5, 2020 |
Number of Pages 197 |
Advanced Preparation None |
Compliance information
Course Instructor



Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.
2021 Annual Tax Season Update
Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, the Tax Cuts and Jobs Act of 2017 will significantly affect tax planning and may also affect taxpayers’ income tax liability. This course will examine many of those changes.
The Annual Tax Filing Season Update 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 ethics, practices and procedures.
$261.00 – $291.00