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2022 Tax Update - Must Know Provisions for the Current Tax Season (Course Id 2056)

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Author : Andrew Clark, EA
Course Length : Pages: 157 ||| Word Count: 85,979 ||| Review Questions: 39 ||| Final Exam Questions: 65
CPE Credits : 13.0
IRS Credits : 13
Price : $107.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2056

Description :

The Internal Revenue Code (IRC) is a continually changing tax code that is always being updated and enhanced with new legislature. With the onset of the COVID-19 pandemic, the tax code underwent serious changes to ensure that Americans received help and support during a truly unprecedented time in U.S. history. This course will cover all of the “must-know provisions” enacted into the tax code within the 2020-2021 tax year. It will discuss all updates pertaining to the Tax Cuts and Jobs Act, the legislation that the tax code is currently built upon. This course will also discuss the three major pieces of COVID legislation passed in 2020: the CARES Act, the Consolidated Appropriations Act, and the American Rescue Plan Act of 2021. Finally, this course will discuss how the 2020 COVID legislation has had an impact on our current understanding of the tax code. 

Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : Basic understanding of federal tax code.
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 : 30-Jul-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 - 2056

Keywords : Taxes, 2022, Tax, Update, Must, Know, Provisions, Current, Tax, Season, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be able to:
  • Identify the amount of aid allocated for local governmental assistance through the American Rescue Plan Act of 2021,
  • Identify the amount of aid provided to qualifying dependents in direct payments through the American Rescue Plan Act of 2021,
  • Determine the date extension of the Federal Pandemic Unemployment Compensation (FPUC), as well as the FPUC amount,
  • Identify the new amount of Child Tax Credit,
  • Identify what funding was provided to which organizations and programs through the Consolidated Appropriations Act,
  • Identify the amount of funding allocated for the various programs within the CARES Act,
  • Determine what the different provisions under the CARES Act are designed to perform,
  • Identify the maximum amounts of taxpayer income before being phased out of CARES Act rebates,
  • Review the Individual Tax Reform provisions and identify which sections changed for 2018 and which were updated for 2021;
  • Review the Business Tax Reform provisions and identify which sections changed for 2018 and which were updated for 2021;
  • Identify the effective date for all provisions in the Tax Cuts and Jobs Act.
Course Contents :

Chapter 1 - 2022 Tax Update - Must Know Provisions for the Current Tax Season

Course Learning Objectives

Introduction

Part 1 - COVID Legislation 2020 to 2021

COVID-19 Relief and Stimulus Legislation Summary

2021 Timeline for the American Rescue Plan

American Rescue Plan Act of 2021 March 2021

Key Elements of the American Rescue Plan Act of 2021

Tax provisions

Grants to small businesses

Education funding

Funding for housing

COVID-19 and Healthcare Funding

Transportation provisions

Changes to healthcare

Medicaid and CHIP changes:

State and Local Aid

The Child Tax Credit stimulus changes

New Child Tax Credit 2021 changes

Credit amount increases

New Child Tax Credit change #1: Credit amount increase

New Child Tax Credit change #2: Expanded Credit phaseout

New Child Tax Credit change #3: Credit amounts are refundable

New Child Tax Credit change #4: New advance payments

Offsets and additional information

American Rescue Plan Act of 2021 in More Detail

Key elements of the Act

Tax provisions

Grants to small businesses

Education funding

Funding for housing

COVID-19 and Healthcare Funding

Transportation provisions

Changes to healthcare

Medicaid and CHIP changes:

The Child Tax Credit stimulus changes

New Child Tax Credit 2021 changes

Credit amount increases

New Child Tax Credit change #1: Credit amount increase

New Child Tax Credit change #2: Expanded Credit phaseout

New Child Tax Credit change #3: Credit amounts are refundable

New Child Tax Credit change #4: New advance payments

Part 1 Review Questions

Part 2 - Consolidated Appropriations Act January 2021

Provisions for Coronavirus relief

Regular appropriations

Division A Agriculture, rural development, FDA

Division B Commerce, justice, science

Division C Defense

Division D Energy and water development

Division E Financial services, general government

Division F Homeland security

Division G Interior, environment

Division H Labor, health, education

Division I Legislative branch

Division J Military construction and veterans affairs

Division K State and foreign operations

Division L Transportation, housing and urban development

Other provisions

Healthcare

Tax provisions

Education

Foreign and human rights policy

Energy and environmental provisions

Part 2 Review Questions

Part 3 - CARES Act March 2020

Division A High Level Summary

Title I Keeping American Workers Paid and Employed Act

Title 2 - Assistance for American Workers, Families, and Businesses

Unemployment Assistance Changes

Rebates and Other Individual Provisions

Business Provisions

Title 3 - Supporting Americas Health Care System in the Fight Against Coronavirus

Title 4 - Economic Stabilization and Relief to Severely Distressed Sectors

Title 5 - Coronavirus Relief Funds

Title 6 - Miscellaneous Provisions

Key Knowledge for CPAs

Unemployment Insurance

Individual Stimulus Checks

Keeping Workers Paid and Employed Act

Business Tax Provisions

Individual Tax Provisions

Emergency Lending Fund for Industries

Emergency Aid to State, Local, and Tribal Governments

Division A Outline

Division B Outline

Title I

Title II

Title III

Title IV

Title V

Title VI

Title VII

Title VIII

Title IX

Title X

Title XI

Title XII

Part 3 Review Questions

Part 4 - Tax Cuts and Jobs Act - INDIVIDUAL TAX REFORM

A. Reduction and Simplification of Individual Income Tax Rates

Individual income tax

Tax Bracket Amounts and Rates for 2020

Tax Bracket Amounts and Rates for 2021

1. Increase in standard deduction

2. Repeal of the deduction for personal exemptions

3. Alternative inflation adjustment

B. Treatment of Business Income of Individuals, Trusts, and Estates

1. Deduction for qualified business income

Deduction for qualified business income

C. Simplification and Reform of Family and Individual Tax Credits

1. Enhancement of child tax credit and new family credit

2. Credit for the elderly and permanently disabled

3. Repeal of credit for plug-in electric drive motor vehicles

4. Termination of credit for interest on certain home mortgages

5. Modification of taxpayer identification number requirements for the child tax credit, earned income credit, and American Opportunity credit

6. Procedures to reduce improper claims of earned income credit

7. Certain income disallowed for purposes of the earned income tax credit

8. Limitation on losses for taxpayers other than corporations

9. Reform of American opportunity tax credit and repeal of lifetime learning credit

10. Consolidation and modification of education savings rules

11. Reforms to discharge of certain student loan indebtedness

12. Repeal of deduction for student loan interest

13. Repeal of deduction for qualified tuition and related expenses

14. Repeal of exclusion for qualified tuition reductions

15. Repeal of exclusion for interest on United States savings bonds used for higher education expenses

16. Repeal of exclusion for educational assistance programs

17. Rollovers between qualified tuition programs and qualified ABLE programs

18. Repeal of overall limitation on itemized deductions

D. Simplification and Reform of Deductions and Exclusions

1. Modification of deduction for home mortgage interest

2. Modification of deduction for taxes not paid or accrued in a trade or business

3. Repeal of deduction for personal casualty and theft losses

4. Limitation on wagering losses

5. Modifications to the deduction for charitable contributions

6. Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor

7. Repeal of deduction for medical expenses

8. Repeal of deduction for alimony payments and corresponding inclusion in gross income

9. Repeal of deduction for moving expenses

10. Termination of deduction and exclusions for contributions to medical savings accounts

11. Denial of deduction for performing artists and certain officials; Modification of deduction for educator expenses

12. Suspension of exclusion for qualified bicycle commuting reimbursement

13. Limitation on exclusion for employer-provided housing

14. Modification of exclusion of gain on sale of a principal residence

15. Sunset of exclusion for dependent care assistance programs

16. Repeal of exclusion for qualified moving expense reimbursement

17. Repeal of exclusion for adoption assistance programs

E. Simplification and Reform of Savings, Pensions, Retirement

1. Repeal of special rule permitting recharacterization of IRA contributions

2. Reduction in minimum age for allowable in-service distributions

3. Modification of rules governing hardship distributions

4. Modification of rules relating to hardship withdrawals from cash or deferred arrangements

5. Extended rollover period for the rollover of plan loan offset amounts in certain cases

6. Modification of nondiscrimination rules for certain plans providing benefits or contributions to older, longer service participants

7. Modification of rules applicable to length of service award programs for bona fide public safety volunteers

F. Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes

G. Alternative Minimum Tax

H. Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage

I. Other Provisions

1. Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for savers credit

2. Extension of time limit for contesting IRS levy

3. Treatment of certain individuals performing services in the Sinai Peninsula of Egypt

4. Modifications of user fees requirements for installment agreements

5. Relief for 2016 disaster areas

6. Attorneys fees relating to awards to whistleblowers

7. Clarification of whistleblower awards

8. Exclusion from gross income of certain amounts received by wrongly incarcerated individuals

Part 4 Review Questions

Part 5 - Tax Cuts and Jobs Act - BUSINESS TAX REFORM

A. Tax Rates

1. Reduction in corporate tax rate

B. Cost Recovery

1. Increased expensing

2. Modifications to depreciation limitations on luxury automobiles and personal use property

3. Modifications of treatment of certain farm property

4. Applicable recovery period for real property

5. Use of alternative depreciation system for electing farming businesses

6. Expensing of certain costs of replanting citrus plants lost by reason of casualty

C. Small Business Reforms

1. Expansion of section 179 expensing

2. Small business accounting method reform and simplification

3. Modification of treatment of S corporation conversions to C corporations

D. Reform of Business Related Exclusions, Deductions, etc.

1. Interest

2. Modification of net operating loss deduction

3. Like-kind exchanges of real property

4. Revision of treatment of contributions to capital

5. Repeal of deduction for local lobbying expenses

6. Repeal of deduction for income attributable to domestic production activities

7. Entertainment, etc. expenses

8. Repeal of exclusion, etc., for employee achievement awards

9. Unrelated business taxable income increased by amount of certain fringe benefit expenses for which deduction is disallowed

10. Limitation on deduction for FDIC premiums

11. Repeal of rollover of publicly traded securities gain into specialized small business investment companies

12. Certain self-created property not treated as a capital asset

13. Repeal of special rule for sale or exchange of patents

14. Repeal of technical termination of partnerships

15. Recharacterization of certain gains in the case of partnership profits interests held in connection with performance of investment services

16. Amortization of research and experimental expenditures

17. Certain special rules for taxable year of inclusion

18. Denial of deduction for certain fines, penalties, and other amounts

19. Denial of deduction for settlements subject to nondisclosure agreements paid in connection with sexual harassment or sexual abuse

20. Uniform treatment of expenses in contingency fee cases

E. Reform of Business Credits

1. Repeal of credit for clinical testing expenses for certain drugs for rare diseases or conditions

2. Repeal of employer-provided child care credit

3. Rehabilitation credit

4. Repeal of work opportunity tax credit

5. Repeal of deduction for certain unused business credits

6. Termination of new markets tax credit

7. Repeal of credit for expenditures to provide access to disabled individuals

8. Modification of credit for portion of employer social security taxes paid with respect to employee tips

9. Employer credit for paid family and medical leave

F. Energy Credits

1. Modifications to credit for electricity produced from certain renewable resources

2. Modification of the energy investment tax credit

3. Extension and phaseout of residential energy efficient property credit

4. Repeal of enhanced oil recovery credit

5. Repeal of credit for producing oil and gas from marginal wells

6. Modification of credit for production from advanced nuclear power facilities

G. Bond Reforms

1. Termination of private activity bonds

2. Repeal of advance refunding bonds

3. Repeal of tax credit bonds

4. No tax-exempt bonds for professional stadiums

H. Insurance

1. Net operating losses of life insurance companies

2. Repeal of small life insurance company deduction

3. Surtax on life insurance company taxable income

4. Adjustment for change in computing reserves

5. Repeal of special rule for distributions to shareholders from pre-1984 policyholders surplus account

6. Modification of proration rules for property and casualty insurance companies

7. Modification of discounting rules for property and casualty insurance companies

8. Repeal of special estimated tax payments

9. Computation of life insurance tax reserves

10. Modification of rules for life insurance proration for purposes of determining the dividends received deduction

11. Capitalization of certain policy acquisition expenses

12. Tax reporting for life settlement transactions, clarification of tax basis of life insurance contracts, and exception to transfer for valuable consideration rules

I. Compensation

1. Modification of limitation on excessive employee remuneration

2. Excise tax on excess tax-exempt organization executive compensation

3. Treatment of qualified equity grants

4. Increase in excise tax rate for stock compensation of insiders in expatriated corporations

J. Other Provisions

1. Treatment of gain or loss of foreign persons from sale or exchange of interests in partnerships engaged in trade or business within the United States

2. Modification of the definition of substantial built-in loss in the case of transfer of partnership interest

3. Charitable contributions and foreign taxes taken into account in determining limitation on allowance of partners share of loss

4. Cost basis of specified securities determined without regard to identification

5. Expansion of qualifying beneficiaries of an electing small business trust

6. Charitable contribution deduction for electing small business trusts

7. Production period for beer, wine, and distilled spirits

8. Reduced rate of excise tax on beer

9. Transfer of beer between bonded facilities

10. Reduced rate of excise tax on certain wine

11. Adjustment of alcohol content level for application of excise tax rates

12. Definition of mead and low alcohol by volume wine

13. Reduced rate of excise tax on certain distilled spirits

14. Bulk distilled spirits

15. Modification of tax treatment of Alaska Native Corporations and Settlement Trusts

16. Amounts paid for aircraft management services

17. Opportunity zones

18. Provisions relating to the low-income housing credit

Part 5 Review Questions

Glossary

CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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