This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the American Rescue Plan Act, the Consolidated Appropriations Act, and other new tax legislation enacted by the Biden administration; and other new regulations, cases, and rulings in all areas of federal taxation through October 15, 2021.
Learning Objectives
After completing this course the participant will be able to:
- Describe the options for distributions from qualified plans and IRAs and the effect on stretch IRAs.
- Explain new developments that affect S corporations, LLCs, and partnerships.
- Summarize the most recent tax accounting provisions.
- Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals.
- Discuss the newly issued final regulations on the deductibility of entertainment expenses, business meals, travel meals, and meals related to an entertainment activity.
- Discuss the deduction under §199A for qualified business income and how to calculate the deduction and the problems that have been encountered by tax return preparers, including defining a specified service business, safe harbor test of Rev. Proc. 2019-38, alternative options to Rev. Proc. 2019-38, self leasing rules, and aggregation rules.
- Describe the latest developments on depreciation; bonus depreciation, §179 deduction, and the status of qualified improvement property.
- Discuss the current status of the return preparer rules, e-filing requirements, and PTINs.
- Describe the latest developments in IRS procedures and practices, including Circular 230.
- Discuss the recent changes in the estate and gift tax rules.
- Discuss recent developments in employment and self-employment tax.
Course level: Update
Prior knowledge required:
Working knowledge of federal income taxation
The AES Tax Update seminar counts toward continuing education requirements for CPAs, and for enrolled agents and tax return preparers as 1 hour Federal tax ethics and 7 hours Federal tax update. Some states have state-specific content requirements that will not be covered in this course.
IRS Program IDs: MF2AY-E-01111-21-I,O; MF2AY-U-01110-21-I,O
(1 hour ethics, 7 hours federal tax update)
CFP Program ID: TBA (8 hours)
CTEC Program ID: 1066-CE-1196
(1 hour ethics, 7 hours federal tax update)
Price:
- $195 per person
- $650 Pass for unlimited online-only seminars through February 11, 2022 (for one person)
- $750 Pass for unlimited online or in-person seminars through February 11, 2022 (for one person)
- Firm Pass: See the Pass page or call 720-389-5900 for pricing
Mark Vogel
Isaac Lodico
Mark Merric
Claire O'Neal
Mick Walker