CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

2020-2021 Federal Tax Update

Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
32 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 powerful presentation will enable participants to grasp recent tax changes. You’ll receive the most complete and up-to-date reference manual, written by renowned tax experts, Vern Hoven and Sharon Kreider.  Join us as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous presentation style using real-life experiences, which make complicated tax topics easily understandable.

Learning Objectives

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

Chapter 1
• Cite the timing and impact of key provisions of new legislation including The Cares Act, TCJA and other issuances.
• Identify key provisions of TCJA including implications of underpayments, form changes, standard and itemized deduction changes, tax credits, and other aspects of the 1040.
• Cite updates and modifications since the release of TCJA and the impacts on taxpayers.
• Cite the key requirements and thresholds related to foreign financial asset reporting.
• Identify relevant provisions of ACA applicable to taxpayers in the current year.
Chapter 2
• Identify changes to tax law as a result of The Cares Act and The Secure Act.
• Identify the impact to IRAs and rollovers as a result of TCJA.
• Cite characteristics of various different retirement plans and account types as well as advantages and disadvantages.
Chapter 3
• Cite the criteria for meeting the rental activity safe harbor for purposes of the QBI deduction under §199A.
• Cite the rules and requirements under the like-kind exchange rules.
• Identify rules and regulations related to rental activities and the taxability or excludable of the related income.
• Cite the rules and regulations related to passive losses and the impact on taxpayers.
• Identify and appropriately apply the rules and regulations related to real estate professionals and real estate transactions.
• Cite the differentiating factors for a dealer versus and investor and identify the tax impacts for each.
Chapter 4
• Cite the rules and regulations related to the federal estate tax, and the filing of estate tax returns, including the exclusion amounts and other relevant thresholds related to filing requirements.
• Identify the requirements for executors and beneficiaries regarding inherited assets, filing requirements, timing, and penalties for failure to act in accordance with the Code.
• Identify elements of Form 706, use, timing of filing, and other relevant requirements for taxpayers.
• Cite the rules and regulations related to gift taxes and the transfer of property within the donor’s lifetime and identify strategies to reduce the impact of gift taxes on taxpayers.
• Identify the rules and regulations related to trusts and estates and their impact on resulting tax returns of those entities.
• Cite requirements for successful use of family limited partnerships (FLPs) and family limited liability companies (FLLCs) and indicate the strategies for using each.
Chapter 5
• Identify characteristics of new legislation passed to assist businesses during the coronavirus shut down.
• Identify various thresholds and limitations in effect for 2020 related to the application of tax rules for businesses.
• Cite the general rules and regulations for preparation of business returns.
• Identify changes and updates as a result of TCJA and the resulting guidance.
• Cite the rules and regulations related to the reporting of special situations such as large cash transactions, taxing cannabis, section 163(j) interest, office-in-home deduction, and requirements for depreciation.
• Cite the rules and regulations related to the Affordable Care Act (ACA) and the Cures Act.
Chapter 6
• Cite the rules and regulations related to defining qualified businesses, specified service trade or business, and qualified business income and determine the taxpayers and business types which qualify for the QBI deduction.
• Identify elements that have changed for the current year and cite characteristics of new IRS guidance on QBI.
• Apply the formula accurately to calculate a taxpayer’s QBI deduction including determination of the phase-in of the wage and asset-based limitations.
• Cite the rules and regulations around the impact of multiples businesses for a taxpayer.
• Cite the rules and regulations for relevant pass-through entities and identify their reporting requirements.
Chapter 7
• Cite the rules and regulations related to new provisions in the tax code for 2020 including changes related to coronavirus relief, factors impacting the employer FMLA credit, and other legislative impacts.
• Cite various thresholds and limitations relating to payroll taxes and other employee benefits.
• Identify rules and regulation impacting domestic workers and statutory employees, the requirements of their employers, details of the Voluntary Classification Settlement Program (VCSP), and requirements for self-employment taxes.
Chapter 8
• Identify new rules and regulations resulting from TCJA related to partnerships.
• Cite rules and regulations related to partnership taxation and audits by the IRS.
• Cite rules and regulations related to LLC and S Corporation taxation and audits by the IRS.
Chapter 9
• Understand the impact of the TCJA and the CARES act on S corporations.
• Review some of the basic rules and key dates for S corporation filings.
• Evaluate the concept of reasonable compensation and the current position the IRS is taking in court cases.
• Understand areas that the IRS is currently targeting and the results of their prosecution efforts in courts.
Chapter 10
• Discuss the impact of the Tax Cuts and Jobs Act (TCJA) on corporate tax.
• Determine the impact of TCJA on the choice of business entity.
• Understand the risks of being selected for an IRS audit
• Discuss the legal environment for corporate tax as a result of TCJA.
Chapter 11
• Outline the IRS response under COVID-19.
• Discuss the Taxpayer First Act and the related provisions
• Analyze the data related to IRS Audit and collection statistics.
• Discuss the IRS efforts to safeguard taxpayers against identity theft.

Course Specifics

Course ID
8202700
Revision Date
August 31, 2020
Number of Pages
798
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01587-20-S
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1483
CTEC Federal Tax Update Credits: 32

Course Instructor

Vern Hoven, CPA, MT

Vern Hoven, CPA, MT, is one of America’s premier tax presenters and speaks to over 100 groups a year on a variety of tax topics. He teaches at Western CPE Federal Tax Update seminars and conferences and produces self-study and webcasts courses as well. Vern consistently receives outstanding evaluations and has won numerous teaching awards, including the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education. Vern is the author of the best-selling Real Estate Investor’s Tax Guide and a favorite interviewee on radio, television, and in newspapers. His presentation skills have earned him the coveted Certified Speaking …

Vern Hoven, CPA, MT Read More »

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 »

2020-2021 Federal Tax Update

Format
CPE CREDITS
32 Credits: Taxes

$374.00$384.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
32 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 powerful presentation will enable participants to grasp recent tax changes. You’ll receive the most complete and up-to-date reference manual, written by renowned tax experts, Vern Hoven and Sharon Kreider.  Join us as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous presentation style using real-life experiences, which make complicated tax topics easily understandable.

Learning Objectives

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

Chapter 1
• Cite the timing and impact of key provisions of new legislation including The Cares Act, TCJA and other issuances.
• Identify key provisions of TCJA including implications of underpayments, form changes, standard and itemized deduction changes, tax credits, and other aspects of the 1040.
• Cite updates and modifications since the release of TCJA and the impacts on taxpayers.
• Cite the key requirements and thresholds related to foreign financial asset reporting.
• Identify relevant provisions of ACA applicable to taxpayers in the current year.
Chapter 2
• Identify changes to tax law as a result of The Cares Act and The Secure Act.
• Identify the impact to IRAs and rollovers as a result of TCJA.
• Cite characteristics of various different retirement plans and account types as well as advantages and disadvantages.
Chapter 3
• Cite the criteria for meeting the rental activity safe harbor for purposes of the QBI deduction under §199A.
• Cite the rules and requirements under the like-kind exchange rules.
• Identify rules and regulations related to rental activities and the taxability or excludable of the related income.
• Cite the rules and regulations related to passive losses and the impact on taxpayers.
• Identify and appropriately apply the rules and regulations related to real estate professionals and real estate transactions.
• Cite the differentiating factors for a dealer versus and investor and identify the tax impacts for each.
Chapter 4
• Cite the rules and regulations related to the federal estate tax, and the filing of estate tax returns, including the exclusion amounts and other relevant thresholds related to filing requirements.
• Identify the requirements for executors and beneficiaries regarding inherited assets, filing requirements, timing, and penalties for failure to act in accordance with the Code.
• Identify elements of Form 706, use, timing of filing, and other relevant requirements for taxpayers.
• Cite the rules and regulations related to gift taxes and the transfer of property within the donor’s lifetime and identify strategies to reduce the impact of gift taxes on taxpayers.
• Identify the rules and regulations related to trusts and estates and their impact on resulting tax returns of those entities.
• Cite requirements for successful use of family limited partnerships (FLPs) and family limited liability companies (FLLCs) and indicate the strategies for using each.
Chapter 5
• Identify characteristics of new legislation passed to assist businesses during the coronavirus shut down.
• Identify various thresholds and limitations in effect for 2020 related to the application of tax rules for businesses.
• Cite the general rules and regulations for preparation of business returns.
• Identify changes and updates as a result of TCJA and the resulting guidance.
• Cite the rules and regulations related to the reporting of special situations such as large cash transactions, taxing cannabis, section 163(j) interest, office-in-home deduction, and requirements for depreciation.
• Cite the rules and regulations related to the Affordable Care Act (ACA) and the Cures Act.
Chapter 6
• Cite the rules and regulations related to defining qualified businesses, specified service trade or business, and qualified business income and determine the taxpayers and business types which qualify for the QBI deduction.
• Identify elements that have changed for the current year and cite characteristics of new IRS guidance on QBI.
• Apply the formula accurately to calculate a taxpayer’s QBI deduction including determination of the phase-in of the wage and asset-based limitations.
• Cite the rules and regulations around the impact of multiples businesses for a taxpayer.
• Cite the rules and regulations for relevant pass-through entities and identify their reporting requirements.
Chapter 7
• Cite the rules and regulations related to new provisions in the tax code for 2020 including changes related to coronavirus relief, factors impacting the employer FMLA credit, and other legislative impacts.
• Cite various thresholds and limitations relating to payroll taxes and other employee benefits.
• Identify rules and regulation impacting domestic workers and statutory employees, the requirements of their employers, details of the Voluntary Classification Settlement Program (VCSP), and requirements for self-employment taxes.
Chapter 8
• Identify new rules and regulations resulting from TCJA related to partnerships.
• Cite rules and regulations related to partnership taxation and audits by the IRS.
• Cite rules and regulations related to LLC and S Corporation taxation and audits by the IRS.
Chapter 9
• Understand the impact of the TCJA and the CARES act on S corporations.
• Review some of the basic rules and key dates for S corporation filings.
• Evaluate the concept of reasonable compensation and the current position the IRS is taking in court cases.
• Understand areas that the IRS is currently targeting and the results of their prosecution efforts in courts.
Chapter 10
• Discuss the impact of the Tax Cuts and Jobs Act (TCJA) on corporate tax.
• Determine the impact of TCJA on the choice of business entity.
• Understand the risks of being selected for an IRS audit
• Discuss the legal environment for corporate tax as a result of TCJA.
Chapter 11
• Outline the IRS response under COVID-19.
• Discuss the Taxpayer First Act and the related provisions
• Analyze the data related to IRS Audit and collection statistics.
• Discuss the IRS efforts to safeguard taxpayers against identity theft.

Course Specifics

Course ID
8202700
Revision Date
August 31, 2020
Number of Pages
798
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01587-20-S
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1483
CTEC Federal Tax Update Credits: 32

Course Instructor

Vern Hoven, CPA, MT

Vern Hoven, CPA, MT, is one of America’s premier tax presenters and speaks to over 100 groups a year on a variety of tax topics. He teaches at Western CPE Federal Tax Update seminars and conferences and produces self-study and webcasts courses as well. Vern consistently receives outstanding evaluations and has won numerous teaching awards, including the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education. Vern is the author of the best-selling Real Estate Investor’s Tax Guide and a favorite interviewee on radio, television, and in newspapers. His presentation skills have earned him the coveted Certified Speaking …

Vern Hoven, CPA, MT Read More »

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 »

2020-2021 Federal Tax Update

Format
CPE CREDITS
32 Credits: Taxes

$374.00$384.00

Clear