CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS
Self-Study

2021 Federal Tax Update – Partnerships, Entities, IRS Practices & Procedures

9 Credits: Taxes

$270.00$300.00

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2021 Federal Tax Update – Partnerships, Entities, IRS Practices & Procedures

Format
Self-Study
Course Level
Update
CPE Credits

9 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. 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: LLC, S Corp, C Corp, IRS, will Identify the timing and impact of key provisions new legislation including:
• CAA2021 clarifies PPP loan forgiveness and basis
• CARES and TCJA change some partnership tax law
• IRS launches website for streamlined partnership audit process
• IRS adds K-2 and K-3 for international reporting
• IRS issues 3 new practice units on partnership interests
• Small partnership abatement of late filing penalty not automatic
• Doctor’s surgery center K-1 income not subject to SE, but attorney’s K-1 income was
• Minimal changes to S corporation tax in recent legislation
• IRS releases new S corporation Form 7203 for comment
• IRS targets S corporation SH basis and reasonable comp
• Court cases illustrates IRS audit issues
• TCJA changed corporate taxes
• Recent Covid Relief legislation did not
• Biden proposals include changes
• IRS audit rates continue to drop
• Constructive dividend issue targeted by IRS agents
• Two CPAs caught up in fraud
• Transferee liability can be a surprise
• Choice of entity considerations
• Does 199A or COVID change our decision?
• Year-end legislation affects non profit filings
• Two CPAs caught up in fraud
• Transferee liability can be a surprise
• Choice of entity considerations
• Does 199A or COVID change our decision?
• Year-end legislation affects non profit filings

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Learning Objectives

Upon successful completion of this course, participants will be able to identify characteristics of new legislation passed including:
• CAA2021
• PPP loan forgiveness
• CARES and TCJA changes
• Late filing penalty
• Form 7203
• S Corporation
• C Corporation
• Recent court cases
• TCJA changes
• IRS audit rates
• Biden proposals
• Choice of entity
• 199A & COVID
• Year-end legislation

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Course Specifics

Course ID
8212815
Revision Date
November 11, 2021
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Number of Pages
222

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01907-21-S
IRS Federal Tax Update Credits: 9
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1670
CTEC Federal Tax Update Credits: 9

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 www.ctec.org.

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 …