2021 Federal Tax Update – Business

7 Credits: Taxes


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2021 Federal Tax Update – Business

Course Level
CPE Credits

7 Credits: Taxes

Course Description

Combining the real-life experience of a practicing CPA with essential down-to-earth tax materials in a high-tech format, this powerful presentation will enable participants to quickly understand and implement tax reform changes and review IRS and Court actions affecting 2020 business tax returns. You’ll receive the most complete and up-to-date reference manual, written by renowned tax experts Vern Hoven and Sharon Kreider. The digital PDF manual is hyperlinked to the Internal Revenue Code, tax court decisions, and other primary authorities, making it extremely convenient. 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 business tax topics easily understandable. Specific course topics will be announced and updated through year-end.
Highlights include:
2021 Federal Tax Update – Business Returns, 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
• Business restaurant meals 100% deductible
• Depreciation changes and luxury auto depreciation updated
• QBI Deduction stays the same
• Avoiding Obamacare form 226-j penalties

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Learning Objectives

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

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Course Specifics

Course ID
Revision Date
November 11, 2021

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01905-21-S
IRS Federal Tax Update Credits: 7
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1668
CTEC Federal Tax Update Credits: 7

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Sharon Kreider Headshot

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 …

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 …