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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 104 ||| Review Questions: 47 ||| Final Exam Questions: 45 |
| CPE Credits : | 9.0 |
| IRS Credits : | 9 |
| Price : | $80.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1947 |
| Description : | This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and way for professionals and staff alike to easily get the “big chunks” and bring their professional knowledge up to speed. |
| Usage Rank : | 0 |
| Release : | 2022 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS provides tax inflation adjustments for tax year 2022
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 01-Feb-2022 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1947 |
| Keywords : | Taxes, 2022, 2021, Easy, Update, Inflation, Adjustments, Tax, Coronavirus, Legislation, Plus, Reminders, Select, Provisions, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Tax credits * Deductions * Education credits * Business deductions & credits * Retirement plan contribution and phaseout limits * Gift and estate taxes * Virus Related Treasury & IRS notices and pronouncements * Families First Coronavirus Response Act paid leave requirements * Modified income tax filing & payment deadlines * CARES Act tax provisions
2. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including corporate tax rates, entertainment expenses, tax credits & deductions, bonus depreciation, expensing, standard mileage rates, employment taxation, repatriation of foreign income, small business stock, partnership taxation, and excessive compensation. 3. Specify differences between various retirement plans, including inflation-adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining applicable exclusion amounts. 4. Identify permissible HSA payments, allowable FFCRA payroll tax credits and paid leave, postponement of tax filing and payment deadlines, the Stafford Act. 5. Recognize the tax provisions of the CARES Act including recovery rebates, above-the-line charitable contributions, deferral of payroll tax, business loan forgiveness, employee retention credits, remote medical services, and unemployment benefits. 6. Identify the pandemic and tax provisions of the CCA & ARPA Acts including fiscal funding, credits, recovery rebates, deferral of payroll tax, loan forgiveness, PPP loans, and tax extenders. |
| Course Contents : | Chapter 1 - 2022/2021 Easy Update and Inflation Adjustment Expired Provisions - Joint Committee on Tax List Individual Income Tax Rates - 1 Marriage Penalty - Mostly Gone Capital Gain & Qualified Dividend Rate Digital Asset Reporting Same-Sex Marriage Innocent Spouse Relief - 6015(f) Standard Deduction - 63 Dependent Limit - 63(c)(5) Personal Exemptions & Phaseout (Suspended) - 151 Deemed Personal Exemption for Related Incorporating Provisions $500 Credit for Certain Dependents - 24(h)(4)(A) Final Regulations of Qualifying Relatives - TD 9913 Limitation on Itemized Deductions - 68 Itemized Deductions Subject to 2% Floor Fully Denied Children's Income Earned Income - 73 Unearned Income "Kiddie" Tax - 1(g) Application, Threshold & Impact Election to Report on Parents Return - 1(g)(7)(A) [Form 8814] AMT - 55 Exemption Amounts & Permanent Patch - 55(d)(1) AMT Exemption Phaseout - 55(d) & 59(j) AMT & Personal Credits AMT Exemption for Children - 59(j) Modified Inflation Adjustment Wage Base for Social Security & Medicare Taxes Earned Income Tax Credit - 32 Disqualified (Excessive Investment) Income - 32(i) Means-Tested Programs Child Tax Credit - 24 Earned Income AGI Phaseout Child & Dependent Care Expenses Tax Credit - 21 Alimony Payment Deduction Repealed Moving Expense Deduction & Reimbursement Repealed State & Local Taxes (SALT) Limited $10,000 Exception Charitable Contributions Cash Contributions - 50/60 Percent Limitation College Athletic Event Seating Rights Repealed Substantiation Exception for Donee Reported Contributions Repealed Mortgage Interest Deduction Limited Securities Rollover Into SSBICs Repealed Educator Expenses - 62 Protective Items Safe Harbor - R.P. 2021-15 Higher Education Tuition Deduction (Repealed) - 222 Tax on Net Investment Income - 1411 Reduced Home Sale Exclusion For Nonqualified Use - 121 Computation Nonqualified Use Post-May 6, 1997 Depreciation Surviving Spouse Home Sale Exclusion - 121 Residential Mortgage Debt Relief - 108 Deductible Mortgage Insurance Premiums (Expired) - 163 Phaseout Insubstantial Benefit Charitable Contribution Limitation - 513 Household (Domestic) Employees - 3121 Adoption Credit - 23 & 137 Education Savings Accounts - 530 & 529 Rollovers Between 529 Tuition & ABLE Programs Notice 2018-58 Hope (American Opportunity) & Lifetime Learning Credits - 25A Lifetime Learning Credit - 25A(a)(1) Phase Out - 25A(d)(2) Hope (with American Opportunity modifications) Credit - 25A(b)(1) Phase Out - 25A(d) Refundable Educational Savings Bonds - 135 Student Loan Interest Deduction - 221 Phase Out Discharge Of Student Loan Indebtedness Expanded - 108 Foreign Earned Income Exclusion - 911 Rehabilitation Credit Modified - 47 Final Regulations of Rehabilitation Credit Conservation Base Expansion - 170(b) Definitions Grandfathered Archer Medical Savings Accounts - 220 Medical Expense Deduction - 213 Personal Casualty Losses Suspended Wagering Losses Limited Health Savings Accounts (HSAs) - 223 High Deductible Health Plan (HDHP) Annual Limit On Contributions Interaction with Obamacare Long-Term Care Premiums - 213(d)(10) Long-Term Care Payments - 7702B(d)(4) ABLE Accounts - 529A Eligible Individual Qualified ABLE Program Contributions Investment Direction Distributions Rollovers Final Regulations (TD 9923) Affordable Care Act (Obamacare) Mandates Individual - Repealed Health Plan Coverage Credit - 36B Employers Small Employers - Fewer Than 50 Employees Large Employers - 50 or More Full-time Employees Marketplaces & The Protecting Affordable Coverage for Employees Act Medical Device Excise Tax - Repealed Health Insurance Provider's Fee - Repealed Tax on "Cadillac" Plans - Repealed Expatriation - 877A Failure to File Tax Return - 6651 Penalties Regarding Preparing Others Tax Returns - 6695 Attorney's Fees - 7430(c)(1) Energy Residential Energy-Efficient Improvements & Property - 25C Qualified Energy Efficiency Improvements (Expired) Qualified Energy Efficient Property (Expired) Personal Solar Property Credit (Phased Expiration) - 25D Renewable Energy Production Tax Credit (Expired) - 45 & 38 H.R. 1865 Changes CAA Extension Credit For Fuel Cell Vehicles (Expired) - 30B Alternative Fuel Vehicle Refueling Property (Expired) - 30C Plug-In Electric Drive Motor Vehicle Credit - 30D Notice 2018-96 Plug-in Motorcycles & 3-Wheeled Electric Vehicles (Expired) - 30D(g) Credit for Energy New Efficient Home (Expired) - 45L Advanced Energy Investment Credit - 48C Energy Efficient Commercial Property Expenditures - 179D Business Business Income of Individuals - 20% Deduction - 199A Limitations Deduction Amount Qualified Trade Or Business Final Regulations & Guidance Corporate Tax Rate Reduced to 21% Alternative Minimum Tax for Corporations (Repealed) - 55 Small Business Exceptions - 448 Excessive Employee Remuneration Limit Modified - 162(m) Qualified Equity Grants - 83(i) Entertainment Activities & Facilities Deduction Repealed - 274 Final Regulations on Meal & Entertainment Deductions - TD 9925 Transportation Fringes - 132(f) - Excludable but Not Deductible Food, Beverage & Meal Expenses Eating Facilities Temporary 100% Deduction for Meals & Beverages - 274(n)(2)(D) Restaurant Defined - Notice 2021-25 Per Diem Rates - Notice 2021-63 Business Interest Limited - 163(j) Notice 2018-28 Final Regulations on Business Interest Limitation on Non-corporate Losses - 461(l) IRS Guidance - IR-2018-254 Net Operating Loss Deduction Modified - 172 IRS Guidance - IR-2018-254 Expenses for Child Care Facilities & Services - 45F Family & Medical Leave Credit - 45S Uniformed Services Wage Credit - 45P Health Care Coverage Credit - 45R Reporting - 6051(a)(14) Small Employer HRA - 9831(d)(2) Bonus (or Additional First-year) Depreciation - 168(k) Qualified Property - 168(k)(2) Depreciation Limits on Business Vehicles - 168(k)(2)(F) Nonqualified Property - 168(k)(2) Final Regulations for 100% Bonus Depreciation - TD 9916 Vehicle Depreciation Caps - 280F(a) $25,000 Limit - 179(b)(5)(A) Expensing - 179 General Business Credit - 38 Special Film & TV Production Expensing (Expired) - 181 Estimated Tax Payments - 6654 Standard Mileage Rates Cents Per Mile & FAVR Values - Final Regs (TD 9893) Self-Employment Tax & CRP Payments - 1402 Social Security, Medicare & FUTA (or Payroll) Taxes FICA - 3101, 3111 & 3121 Presidential Deferral of Certain Employment Taxes SECA - 1401 Wage Base Final Regulations on Wage Withholding & New W-4 (T.D. 9924) Additional Hospital Insurance Tax On Certain High-Income Individuals FUTA - 3301 & 3306 Research Tax Credit - 41 Incremental Alternative Simplified Credit Relation to 174 Qualified Expenses Repatriation of Deferred Foreign Income - 965 Amortization of Research & Experimental Expenditures - 174 Low-Income Housing Tax Credit - 42 Rate Freeze Basis Amount Military Allowances & Low-Income Housing - 42(h) & 142(d) Average Income Test for Low-Income Housing Projects Cafeteria Plans - 125 Employer-Provided Educational Assistance - 127 Parking & Transit Passes - 132 Bicycle Fringe Benefit Exclusion (Suspended)- 132(f) Cents-per-Mile Valuation Method - 61 Employee Achievement Awards Exclusion Modified - 74 Moving Expense Reimbursement Exclusion (Repealed) - 132 Travel Per Diem Rates - 162 & 274 Work Opportunity Tax Credit (WOTC) - 51 Targeted Groups Credit Amount Special Long-Term Family Assistance Recipients Calculation Special Veterans Calculation as a Result of VOW Prior to 2018 Leasehold Improvement, Retail Improvement & Restaurant Property - 168 Qualified 15-Year Leasehold Improvement Property - 168(e)(3)(E)(iv) Qualified Leasehold Improvement Property Subsequent Owner Qualified 15-Year Retail Improvement Property - 168(e)(E)(ix) Qualified Retail Improvement Property 15-Year Restaurant Improvement Property - 168(e)(3)(E)(v) Qualified Restaurant Property Expensing & Bonus Depreciation Permitted Expensing - 179 Bonus Depreciation - 168 Recapture Considerations - 1245 & 1250 2018 & Later Qualified Improvement Property - 168(e)(6)(A) Recovery Period & Depreciation Method - 168(b)(3)(G) Qualified Improvement Property - 168(e)(6)(A) Final Distribution Regulations - 385 Recovery Period Of Certain Farm Property Shortened - 168 Like-kind Exchanges Limited to Real Property - 1031 Real Property Defined for Like-Kind Exchanges - Prop. Reg. Inherently Permanent Structures: Buildings and Machinery Inherently Permanent Structures: Structural Components Unsevered Natural Products are Real Property Intangible Assets as Real Property Incidental Personal Property and Qualified Intermediaries Enhanced Charitable Deduction for Food - 170 Qualified Small Business Capital Gains - 1202 75% Exclusion - February 17, 2009 to September 27, 2010 100% Exclusion - September 27, 2010, to Present Domestic Production Activities Deduction (Repealed) - 199 New Markets Tax Credit - 45D Qualified Equity Investment Qualified Low-Income Community Investments Qualified CDE Credit Amount H.R. 1865 & CCA Changes Motorsports Entertainment Complexes - 168(i)(15) Empowerment Zones (Expired) - 1391 Imputed Interest Small Transaction Exception - 1274A Denial of Deduction for Certain Fines Expanded - 162(f) Final Regulations On Nondeductibility Of Fines And Penalties Denial of Sexual Harassment Settlement Deductions - 162(q) Technical Termination Of Partnerships Repealed - 708 Increased Holding on Partnership Profit Interests - 1061(a) Limitation On Allowance Of Partners Share Of Loss - 704(d) Built-In Loss Definition On Partnership Interest Transfer - 743 Foreign Person Sale of U.S. Partnership Interest - 864(c) S to C Corporate Conversion Rules Modified - 481(d) S Corporation Built-In Gain Period - 1374 S Corporation Charitable Contributions - 1367 Beneficiaries Of An Electing Small Business Trust - 1361 Charitable Deduction for Electing Small Business Trust - 641 Small Life Insurance Company Deduction Repealed - 806 UBIT Separately Computed - 512 UBTI Increased by Taxable Fringe Benefits - 512 Tax-Exempt Organization Executive Compensation Tax - 4960 Final Regs On Tax Exempt-Organization Executive Compensation Payments To Controlling Exempt Organizations - 512(b) Backup Withholding Percentage Reduced - 3406 Private College And University Investment Income - 4968 Final Regulations on Collegiate Net Investment Income - TD 9917 Dividends Of Regulated Investment Companies (RIC's) - 871 Information Reporting & Penalties - 6721 et al Corrections Resulting in Reduced Penalties Small Businesses Reasonable Cause Failure to File Partnership Return - 6698 Failure to File S Corporation Return - 6699 Retirement Plans SECURE Act of 2019 Expanding & Preserving Retirement Savings Administrative Improvements Revenue Provisions Notice 2020-68 - SECURE Act Guidance Defined Benefit Plans - 415(b)(1)(A) Defined Contribution Plans - 415(c)(1)(A) Rollover Period For Plan Loan Offset Amounts Extended Compensation Limit - 401, 404 & 408 IRA Contribution Limit - 219 Catch-up Contribution - 219(b)(5)(B) IRA AGI Phaseout Limits - 219 Individual Taxpayer is an Active Plan Participant Spouse is an Active Plan Participant Charitable Distributions from IRAs - 408 Roth Contribution Limit - 408A(c)(2) & 219 Roth AGI Phaseout Limits - 408A(c)(3) Rollovers to Roth IRAs In-Plan Rollovers to Roth Accounts Roth IRA Conversions for Retirement Plans Special Roth IRA Recharacterization Repealed Designated Roth Accounts for 457 Plans 401(k), 403(b) & 457 Elective Deferral & Catch-up Limits SIMPLE Plans Simplified Employee Pensions (SEPs) Contribution Limit Compensation Limit Retirement Savings (Savers) Credit - 25B(b) Nonspouse Rollovers - 402 H.R. 1865 Change - 10 Year Rule Disaster-Related Rules for Retirement Plans Disaster Use of Retirement Funds Retention Credit Final Regs on Withholding on Periodic Retirement Payments Estate, GST & Gift Taxes - 2001, 2601 & 2501 Estate Tax - 2001 Repeal & Reinstatement of Estate & GST Taxes Applicable Exemption Amount - 2010 Making Large Gifts Now Won't Harm Estates After 2025 Basis of Inherited Property - 1014 2010 Special Election Portability - 2010(c)) State Death Tax Credit Replaced with Deduction - 2058 Final Regulations on Estate and Trust Deductions - TD9918 Real Property Valuation - 2032A Interest on Estate Tax Installments - 6166 & 6601 Estate & Trust Income Tax Rates - 1(e) Consistent Basis Reporting Between Estate & Heirs GST Tax - 2601 Rates Applicable Exemption Amount for GST - 2010 Gift Tax - 2501 Reunification of Estate & Gift Taxes Applicable Exemption Amount for Gift Tax - 2505 Annual Exclusion for Gifts - 2503 Noncitizen Spouse Exclusion - 2523(i)(1) Notice of Large Gifts Received from Foreign Persons - 6039F Coronavirus High-Deductible Health Plans Families First Coronavirus Response Act Employee Paid Sick, Family & Medical Leave Employer Tax Credits Paid Sick Leave (EPSLA) Credit Paid Family & Medical (EMFLEA) Credit Payment for the Cost of Providing Leave Self-Employed Individuals Small Business Exemption Effective Date Federal Gift & GST Tax Filing & Payment Deadline (3/20/20) Income Tax Filing & Payment Deadline (3/20-21/20) Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Rebate/Credit (Economic Impact Payments) - EIPs Eligibility Identification Number Backward Calculation Advance Refund Noticing Requirement Phaseout Retirement Funds - Early Withdrawal Tax & Loan Limits Distributions & 10% Penalty - 72(t)(1) Coronavirus Related Distribution Repayments of Coronavirus-Related Distributions Loan Limits Temporary Waiver of RMD Rules Application Charitable Deductions $300 Above-the-Line Charitable Deduction Qualified Charitable Contribution Individual Cash Contribution Limit During 2020 Qualified Contributions Corporate Cash Contribution Limit During 2020 Contribution Of Food Inventory During 2020 Repayment of Employee Student Loans Eligible Student Loan Repayments Employee Retention Payroll Tax Credit Penalty Relief Eligible Employers Household Employers Self-Employed Individuals Partial Business Suspension Reduction in Quarterly Gross Receipts Wages Employers With Less Than 100 Employees Employers With More Than 100 Employees Refundable Credit Employer Payroll Tax Delay Applicable Date Estimated Tax Payments Net Operating Losses Loss Limitation For Noncorporate Taxpayers Business Interest Limitation Qualified Improvement Property Paycheck Protection Program & Loan Forgiveness Who Could Apply? Eligible Debt Forgiveness Definitions Unemployment Benefits Advancing of Credits for Paid Sick & Family Leave High Deductible Health Plans & Telehealth Services Section 1031 & Rollover Periods Consolidated Appropriations Act (CAA) COVID-related Tax Relief Act of 2020 (COVIDTRA) Additional (Second) Recovery Rebate - 6428A Eligibility Advance Payments Changes to CARES Economic Impact Payments (EIPs) - 6428(c)&(g) Educator Expense Deduction Expanded to PPE - 62 Deduction Of Expenses Paid With Forgiven PPP Debt - 61 & 162 Deduction Of Expenses Paid With Forgiven EID Loans & Grants Debt Discharge Reporting Waived - 6050P Authority To Share SSI & SSDI Information - 6103(k)(15) Information for Educational Institutions - 6103(l)(13) American Opportunity & Lifetime Learning Credits - 25A Money Purchase Plan Virus-Related Distributions - 401 Net Operating Farming Loses - 172 Economic Aid to Hard-Hit Small Businesses, Nonprofits, & Venues Act Paycheck Protection Program Round 2 (PPP-2) Eligibility Section 501(c)(6) Not-For-Profit Organizations Loan Amount Maximum Time to Spend Loan Proceeds (Covered Period) Use of Loan Funds Qualifying for Forgiveness Taxation Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR) Medical Expense Percentage Limit - 213 Energy Efficient Commercial Property Deduction - 179D Unified Phaseout for AOTC & Lifetime Learning Credit - 25A Higher Education Tuition Deduction - 222 New Markets Tax Credit - 45D Work Opportunity Tax Credit (WOTC) - 51 Residential Mortgage Debt Relief - 108 Motorsports Entertainment Complexes - 168(i)(15) Special Film & TV Production Expensing - 181 Family & Medical Leave Credit - 45S Employer-Provided Educational Assistance - 127 Renewable Energy Production Tax Credit - 45 & 38 Deductible Mortgage Insurance Premiums - 163 Residential Energy-Efficient Improvements & Property - 25C Credit For Fuel Cell Vehicles - 30B Alternative Fuel Vehicle Refueling Property - 30C Plug-in 2-Wheeled Electric Vehicles (Motorcycles) - 30D(g) Credit for Energy New Efficient Homes - 45L Personal Solar Property Credit - 25D American Rescue Plan Act Of 2021 Recovery Rebates Income Limitations Qualified Taxpayers Child Tax Credit - 24 Phaseout Advance Payments Earned Income Tax Credit (2021 Only) - 32 Dependent Care Tax Credit - 21 Unemployment Benefits Exclusion of Forgiven Student Loans - 108 Paycheck Protection Program (PPP) Paid Sick and Family Leave Credits Employee Retention Tax Credit Limit on Excess Business Losses - 461(l) $1 Million Compensation Limit - 162(m) Retirement Plan Funding COBRA Coverage Assistance Refundable Payroll Tax Credit Notices Tax Treatment of COVID-19 Relief Glossary |
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