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Seminar

2021 Annual Federal Tax Refresher Course (152)

Register for this course:

This class has been cancelled. Please call the office at 720-389-5900 for more information.

Meeting Times:

Friday, November 06, 2020 8:30 AM - Friday, November 06, 2020 2:30 PM
Meeting times for all courses that you attend in person are expressed in LOCAL TIME for where the class is being held.

Price:

This course is in the past and can no longer be purchased.

Location:

CPE4U Colorado
4380 S Syracuse St Ste 110
Denver, CO 80237
(View on Map)

Delivery Method:

Group Live

Credit Hours:

6.0 IRS Federal Tax Refresher MF2AY-A-00957-20-O

Field of Study:

Taxes

Course Level:

Update

Prerequisites:

Working knowledge of U.S. federal income taxation

General Description:

This course will cover the IRS Annual Federal Tax Refresher Course outline and include the 100-question test required for the IRS Annual Filing Season Program. The test is available only through December 31, 2020. This course is only for non-exempt preparers who wish to earn the IRS Annual Filing Season Program certificate of completion. Not intended for CPAs. Enrolled agents may not earn IRS credit for this course. For more information on the IRS Annual Filing Season Program, see IRS.gov/Tax-Professionals/Annual-Filing-Season-Program.

Learning Objectives:

Participants will be able to pass a multiple-choice exam on the topics required by the IRS (below).

    Domain 1 - New Tax Law/Recent Updates
    • Annual inflation adjustments (Rev. Proc. 2019-44)
    • New standard mileage provisions (Rev. Proc. 2019-46)
    • Repeal of the maximum age for contributions to a traditional IRA
    • Change in the required minimum distribution (RMD) age for IRAs and retirement plans from age 70 ½ to age 72
    • No 10% penalty on early distributions of up to $5,000 from IRAs and retirement plans for births or adoptions
    • Non-spouse beneficiaries of inherited IRAs and qualified plans generally must now withdraw over 10 years
    • Change in Kiddie tax - Children taxed on unearned income at parents' highest marginal rate (not trust and estate rates)
    • Up to $10,000 in a 529 Plan can be used to pay off student loans
    • Expansion of 529 plans to cover certain apprenticeships
    • Medical expense deduction AGI limit is now 7.5% (previously 10%)
    • Current status of tax extenders:
    • Reinstatement of credit for non-business energy property
    • Tuition and fees deduction extended
    • Itemized deduction for mortgage insurance premiums extended
    • Exclusion of cancellation of debt income from qualified principal residence indebtedness extended
    Domain 2 - General Review
    • Taxability of earnings (e.g., wages, salaries, tips)
    • Schedule B: interest, dividends, foreign accounts and trusts
    • Reporting and taxability of retirement income (Social Security benefits, pensions, annuities, and IRA/401(k) distributions)
    • No Roth IRA recharacterizations
    • Alimony (divorce agreements executed before 2018; executed after 2018; and modified after 2018)
    • Schedule C, Profit or Loss from Business (Sole Proprietorship)
    • Determination of gross income & deductions
    • Business versus hobby
    • Business use of home (regular vs. simplified method)
    • Recordkeeping requirements
    • Entertainment expenses not deductible but meals generally allowed at 50%
    • Section 179 expense limits
    • Depreciation
    • Bonus depreciation
    • Luxury auto depreciation limits
    • Listed property updates
    • Schedule D and Form 8949, overview of capital gains and losses
    • Standard Deduction
    • Schedule A, Itemized deductions
    • State and local tax deduction ($10,000 married/$5,000 married filing separate)
    • Home mortgage interest and home equity loans
    • Charitable contributions
    • 60% AGI limit for cash contributions
    • No deduction for athletic tickets
    • Contemporaneous written acknowledgement required for $250 or more
    • Casualty and Theft loss deduction limited to only Federally declared disaster areas
    • Moving expense deduction suspended and reimbursement taxable (except active military)
    • Recordkeeping and documentation of deductions
    • Tax credit eligibility (child tax credit, credit for other dependents, child and dependent care tax credit, education tax credit, earned income tax credit)
    • Tax treatment of the acquisition and disposition of virtual currency (Notice 2014-21)
    • Alternative Minimum Tax (AMT) - exemption/phaseout amounts
    • QBI deduction (including Form 8995 and Form 8995-A)
    • Kiddie Tax
    • Section 529 Plans
    • Achieving a Better Life Experience (ABLE) account
    • Cancellation of student debt (when to exclude from income)
    • Net operating loss (NOL)
    • Premium Tax Credit
    • Employee fringe benefits
    • Depreciation of rental property
    • Withholding and estimated tax payments
    • Balance due and refund options
    • Tax return due dates and filing for extensions
    Domain 3 - Practices, Procedures and Professional Responsibility
    • Tax-related identity theft (Pub. 5199)
    • Safeguarding taxpayer data (Pub. 4557)
    • Overview and expiration of Individual Taxpayer Identification Numbers (ITINs) (Notice 2016-48)
    • Preparer penalties (Cost of living adjustments to penalty amounts found in Rev. Proc. 2019-44)
    • Tax preparation due diligence (for filing as head of household, earned income tax credit, child tax credit, and American opportunity tax credit)
    • E-file requirements (e.g., no pay stub filing, when to get signature form, timing for handling rejects)
    • Annual Filing Season Program Requirements (Pub. 5227)
    • Circular 230 and consent to Circular 230 rules**
    • Limited representation

    Instructors:

    Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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    Accountant's Education Services
    4380 S Syracuse St Ste 110
    Denver, Colorado 80237
    720-389-5900 · Fax 720-708-3246
    info@aestax.com

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