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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 : |
IRS Newsroom
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| 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:
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| 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 |
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