CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

2021 California Federal Tax Update: Business Returns & Payroll

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

Course Description

Combining the real-life experience of a practicing CPA/EA with essential down-to-earth tax
materials in a high-tech format, this in-depth self-study course will enable participants to
grasp recent Federal and California tax changes. You’ll receive the most complete and up-to-date
course materials, written by renowned tax experts, Sharon Kreider and Karen Brosi.

Topics include:

  • The Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act.
  • ACA applicable to taxpayers in the current year.
  • Identify the impact to IRAs and rollovers as a result of TCJA.

California indexing, deductions, and limitations. Conformity and non-conformity with IRS
Rules. Explanation of, Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act. Definition and guidelines of California residents vs non-residents. Taxable income other State Tax Credit.
Domestic vs. Foreign Businesses for Corporations, LLC’s, and other business entities.

COVID-19 changes to CA audits and administration.

  • Understand changes to collection actions and appeals.
  • Understand changes to Penalties and Administrative Issues.
  • Understand Workers Classification CA style.
  • Understand the new collection requirements due to the Wayfair decision.
  • Understand issues involving the Cannabis industry.

Highlights include:

2021 California Edition Federal Tax Update: Business Returns & Payroll will Identify the timing and impact of key provisions new legislation including:

  • American Rescue Plan extends some provisions
  • Consolidated Appropriations Act 2021 makes changes to PPP Loan forgiveness, permits ERC for PPP applicants.
  • Consolidated Appropriations Act 2021 includes PPP2 loan draw
  • Consolidated Appropriations Act 2021 eases forgiveness applications for small loans and SBA opens loan portal
  • Excess business loss extended through 2026
  • NOLs carryforward in 2021
  • Qualified improvement property “glitch” fixed
  • Cannabis sales taxed
  • Limitation on business interest deduction is 30% of
  • EBITDA
  • Business restaurant meals 100% deductible
  • Depreciation changes and luxury auto depreciation updated
  • QBI Deduction stays the same
  • Avoiding Obamacare form 226-j penalties
  • ARPA and CAA2021 expand and extend some payroll credits
  • Employee payroll tax deferral payback extended through dec. 31, 2021
  • Sick pay and family leave credits available through Sep. 31, 2021
  • Employee retention credit expanded and extended
  • FSA rules eased for 2020 and 2021
  • Cobra subsidies available for up to six months  in 2021
  • E-file requirements changed for forms w-2 and 1099
  • Wages paid to minor children can help with tax planning and QBI
  • Trust fund penalty cases show danger of diverting payroll taxes to operating expenses

Learning Objectives

Upon successful completion of this course, participants will be able to identify the timing and impact of key provisions new legislation including:

  • Identify characteristics of new legislation passed to assist businesses.
  • Understand excess business loss limit extended through 2026
  • Recognize Targeted EIDL advances and Restaurant Revitalization Grants are nontaxable, and expenses are deductible
  • Utilize Form 1099-K issued at $600 or more by third party settlement organizations
  • various thresholds and limitations in effect for 2021 related to the application of tax rules for businesses.
  • Cite the general rules and regulations for preparation of business returns.
  • Identify expiring provision and changes.
  • Convey details and identify new legislation of the CARES, ARPA, ACA, BBA, and CAA2021.
  • Recognize opportunities to use business credits.
  • Summarize the different types of business retirement plans, assessing contribution limits, elective deferral limitations, and prohibited transactions.
  • Compare qualified Roth contribution plans, SEPs, SIMPLE IRAs, and 401(k) plans, identifying the rules on loans to participants and hardship distribution rules to ensure compliance with tax regulations.
  • Discuss income subject to self-employment tax and withholding from wages and assess the impact of various withholding and wages issues.
  • Determine the difference between an independent contractor and an employee and examine subsequent reporting requirements.
  • Prepare federal tax returns for C corporations.
  • Prepare federal tax returns for S corporations.
  • Understand federal changes and new rulings.
  • Provide tax services for clients based on IRS practice and procedure provisions.
  • Describe new developments in IRS policies and procedures.
  • Identify the requirements of filing an offer in compromise (OIC).
  • Identify ARPA and CAA2021 payroll credits
  • Understand Employee retention credit updates
  • Site FSA rules eased for 2020 and 2021
  • Understand Cobra subsidies
  • Identify E-file requirements and changes
  • Review tax planning and wages paid to minor children
  • Review Trust fund penalty cases

Course Specifics

Course ID
8212827
Original Release Date
November 26, 2021
Number of Pages
209
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Course Number: 0MYXB
IRS Federal Tax Law Credits: 0MYXB-U-01939-21-S
IRS Federal Tax Update Credits: 10
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1686
CTEC Federal Tax Update Credits: 10

Course Instructor

Sharon Kreider Headshot
Sharon Kreider, CPA

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award …

Sharon Kreider, CPA Read More »

Karen Brosi Headshot
Karen Brosi, CFP, EA

Karen Brosi, CFP, EA, has an extensive California tax practice, advising clients in individual tax and family wealth planning, specializing in complex individual income tax matters and all types of securities transactions. Her background as a CFP and as a tax preparer for the wealthy makes her particularly effective in the tax and financial planning arenas. Karen teaches tax professionals how to avoid tax minefields with her extensive planning checklists and practical tips. Besides being one of the most prominent California tax update instructors, she’s a favorite interviewee on radio, television, and in print media, such as Bloomberg Businessweek. Karen’s powerful real-life …

Karen Brosi, CFP, EA Read More »

2021 California Federal Tax Update: Business Returns & Payroll

Format
CPE CREDITS
10 Credits: Taxes

$270.00$300.00

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

Course Description

Combining the real-life experience of a practicing CPA/EA with essential down-to-earth tax
materials in a high-tech format, this in-depth self-study course will enable participants to
grasp recent Federal and California tax changes. You’ll receive the most complete and up-to-date
course materials, written by renowned tax experts, Sharon Kreider and Karen Brosi.

Topics include:

  • The Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act.
  • ACA applicable to taxpayers in the current year.
  • Identify the impact to IRAs and rollovers as a result of TCJA.

California indexing, deductions, and limitations. Conformity and non-conformity with IRS
Rules. Explanation of, Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act. Definition and guidelines of California residents vs non-residents. Taxable income other State Tax Credit.
Domestic vs. Foreign Businesses for Corporations, LLC’s, and other business entities.

COVID-19 changes to CA audits and administration.

  • Understand changes to collection actions and appeals.
  • Understand changes to Penalties and Administrative Issues.
  • Understand Workers Classification CA style.
  • Understand the new collection requirements due to the Wayfair decision.
  • Understand issues involving the Cannabis industry.

Highlights include:

2021 California Edition Federal Tax Update: Business Returns & Payroll will Identify the timing and impact of key provisions new legislation including:

  • American Rescue Plan extends some provisions
  • Consolidated Appropriations Act 2021 makes changes to PPP Loan forgiveness, permits ERC for PPP applicants.
  • Consolidated Appropriations Act 2021 includes PPP2 loan draw
  • Consolidated Appropriations Act 2021 eases forgiveness applications for small loans and SBA opens loan portal
  • Excess business loss extended through 2026
  • NOLs carryforward in 2021
  • Qualified improvement property “glitch” fixed
  • Cannabis sales taxed
  • Limitation on business interest deduction is 30% of
  • EBITDA
  • Business restaurant meals 100% deductible
  • Depreciation changes and luxury auto depreciation updated
  • QBI Deduction stays the same
  • Avoiding Obamacare form 226-j penalties
  • ARPA and CAA2021 expand and extend some payroll credits
  • Employee payroll tax deferral payback extended through dec. 31, 2021
  • Sick pay and family leave credits available through Sep. 31, 2021
  • Employee retention credit expanded and extended
  • FSA rules eased for 2020 and 2021
  • Cobra subsidies available for up to six months  in 2021
  • E-file requirements changed for forms w-2 and 1099
  • Wages paid to minor children can help with tax planning and QBI
  • Trust fund penalty cases show danger of diverting payroll taxes to operating expenses

Learning Objectives

Upon successful completion of this course, participants will be able to identify the timing and impact of key provisions new legislation including:

  • Identify characteristics of new legislation passed to assist businesses.
  • Understand excess business loss limit extended through 2026
  • Recognize Targeted EIDL advances and Restaurant Revitalization Grants are nontaxable, and expenses are deductible
  • Utilize Form 1099-K issued at $600 or more by third party settlement organizations
  • various thresholds and limitations in effect for 2021 related to the application of tax rules for businesses.
  • Cite the general rules and regulations for preparation of business returns.
  • Identify expiring provision and changes.
  • Convey details and identify new legislation of the CARES, ARPA, ACA, BBA, and CAA2021.
  • Recognize opportunities to use business credits.
  • Summarize the different types of business retirement plans, assessing contribution limits, elective deferral limitations, and prohibited transactions.
  • Compare qualified Roth contribution plans, SEPs, SIMPLE IRAs, and 401(k) plans, identifying the rules on loans to participants and hardship distribution rules to ensure compliance with tax regulations.
  • Discuss income subject to self-employment tax and withholding from wages and assess the impact of various withholding and wages issues.
  • Determine the difference between an independent contractor and an employee and examine subsequent reporting requirements.
  • Prepare federal tax returns for C corporations.
  • Prepare federal tax returns for S corporations.
  • Understand federal changes and new rulings.
  • Provide tax services for clients based on IRS practice and procedure provisions.
  • Describe new developments in IRS policies and procedures.
  • Identify the requirements of filing an offer in compromise (OIC).
  • Identify ARPA and CAA2021 payroll credits
  • Understand Employee retention credit updates
  • Site FSA rules eased for 2020 and 2021
  • Understand Cobra subsidies
  • Identify E-file requirements and changes
  • Review tax planning and wages paid to minor children
  • Review Trust fund penalty cases

Course Specifics

Course ID
8212827
Original Release Date
November 26, 2021
Number of Pages
209
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Course Number: 0MYXB
IRS Federal Tax Law Credits: 0MYXB-U-01939-21-S
IRS Federal Tax Update Credits: 10
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1686
CTEC Federal Tax Update Credits: 10

Course Instructor

Sharon Kreider Headshot
Sharon Kreider, CPA

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award …

Sharon Kreider, CPA Read More »

Karen Brosi Headshot
Karen Brosi, CFP, EA

Karen Brosi, CFP, EA, has an extensive California tax practice, advising clients in individual tax and family wealth planning, specializing in complex individual income tax matters and all types of securities transactions. Her background as a CFP and as a tax preparer for the wealthy makes her particularly effective in the tax and financial planning arenas. Karen teaches tax professionals how to avoid tax minefields with her extensive planning checklists and practical tips. Besides being one of the most prominent California tax update instructors, she’s a favorite interviewee on radio, television, and in print media, such as Bloomberg Businessweek. Karen’s powerful real-life …

Karen Brosi, CFP, EA Read More »

2021 California Federal Tax Update: Business Returns & Payroll

Format
CPE CREDITS
10 Credits: Taxes

$270.00$300.00

Clear