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2022/2021 Easy Update and Inflation Adjustments for Tax With Coronavirus Legislation (Plus Reminders on Select Provisions) - Mini Course (Course Id 1947)

QAS / Registry / EA
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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 :
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.

    At the start of the materials, participants should identify the following topics for study:
      * Tax brackets
      * 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
Learning Objectives:
    After reading the materials, participants will be able to:
      1. Recognize the various issues affected by inflation and recent tax law developments especially as they relate to individual tax brackets, exemptions & deductions, the AMT, the child tax credit, alimony, HSAs, education plans, and energy credits.
      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


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


Nonqualified Use

Post-May 6, 1997 Depreciation

Surviving Spouse Home Sale Exclusion - 121

Residential Mortgage Debt Relief - 108

Deductible Mortgage Insurance Premiums (Expired) - 163


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)


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)


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


Investment Direction



Final Regulations (TD 9923)

Affordable Care Act (Obamacare)


Individual - Repealed

Health Plan Coverage Credit - 36B


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)


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 Income of Individuals - 20% Deduction - 199A


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


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


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


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


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


Identification Number

Backward Calculation

Advance Refund

Noticing Requirement


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


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


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


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


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)


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


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


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


Tax Treatment of COVID-19 Relief



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