CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Federal Income Tax Changes - 2021

Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
5 Credits: Taxes

Course Description

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the inflation-changed limits effective for 2021 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • List the 2021 changes in various amounts including the –
    • Standard mileage rates,
    • Standard deduction,
    • AMT exemption amount,
    • Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
    • Deductions for qualified long-term care insurance premiums;
  • Identify the 2021 tax credit changes affecting the –
    • Saver’s credit,
    • Earned income credit, and
    • Adoption credit;
  • Recognize the 2021 changes affecting –
    • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
    • Roth IRA eligibility, and
    • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
  • List the changes effective for 2021 with respect to the –
    • Small employer premium tax credit, and
    • Applicable large employer mandate;
  • Describe the principal CARES Act provisions, including those related to the –
    • Paycheck Protection Program,
    • Pandemic Unemployment Assistance program,
    • Net operating loss (NOL) carryback rules,
    • Health savings account (HSA) rules concerning first-dollar payment for telehealth and COVID-19 testing and treatment,
    • Foreign income exclusion,
    • Section 1031 exchange timing,
    • Correction of the deductible period applicable to qualified improvement property,
    • Modification of limitation on losses for non-corporate taxpayers,
    • Limitation on business interest expense deductions,
    • Employer payments of student loans, and
    • Expansion of economic injury disaster loans (EIDLs); and
  • Apply the various CARES Act provisions affecting –
    • Recovery rebate rules,
    • Expanded tax-favored use of retirement funds,
    • Charitable contribution rules, and
    • Qualified improvement property depreciation.

Course Specifics

Course ID
8212752
Revision Date
May 7, 2021
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01776-21-S
IRS Federal Tax Update Credits: 5
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1564
CTEC Federal Tax Update Credits: 5

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

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.

Federal Income Tax Changes - 2021

Expert Instructors
Format
CPE CREDITS
5 Credits: Taxes

$145.00$175.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
5 Credits: Taxes

Course Description

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the inflation-changed limits effective for 2021 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • List the 2021 changes in various amounts including the –
    • Standard mileage rates,
    • Standard deduction,
    • AMT exemption amount,
    • Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
    • Deductions for qualified long-term care insurance premiums;
  • Identify the 2021 tax credit changes affecting the –
    • Saver’s credit,
    • Earned income credit, and
    • Adoption credit;
  • Recognize the 2021 changes affecting –
    • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
    • Roth IRA eligibility, and
    • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
  • List the changes effective for 2021 with respect to the –
    • Small employer premium tax credit, and
    • Applicable large employer mandate;
  • Describe the principal CARES Act provisions, including those related to the –
    • Paycheck Protection Program,
    • Pandemic Unemployment Assistance program,
    • Net operating loss (NOL) carryback rules,
    • Health savings account (HSA) rules concerning first-dollar payment for telehealth and COVID-19 testing and treatment,
    • Foreign income exclusion,
    • Section 1031 exchange timing,
    • Correction of the deductible period applicable to qualified improvement property,
    • Modification of limitation on losses for non-corporate taxpayers,
    • Limitation on business interest expense deductions,
    • Employer payments of student loans, and
    • Expansion of economic injury disaster loans (EIDLs); and
  • Apply the various CARES Act provisions affecting –
    • Recovery rebate rules,
    • Expanded tax-favored use of retirement funds,
    • Charitable contribution rules, and
    • Qualified improvement property depreciation.

Course Specifics

Course ID
8212752
Revision Date
May 7, 2021
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01776-21-S
IRS Federal Tax Update Credits: 5
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1564
CTEC Federal Tax Update Credits: 5

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

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.

Federal Income Tax Changes - 2021

Expert Instructors
Format
CPE CREDITS
5 Credits: Taxes

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the inflation-changed limits effective for 2021 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

$145.00$175.00

Clear