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with Tanya Baber

2020-2021 Tax Updates-Businesses

Learning Objectives:

  1. Understand the SBA Payroll Protection Loan (PPP) (including second round loans) and how to handle them on the tax return
  2. Learn about numerous changes to the Employee Retention Credit (ERC) and some possible benefits lurking there, as well as the Sick Leave / Family Leave Credits
  3. Understand payroll issues like employee and employer tax deferrals, and how those are reported on tax forms, as well as some fringe benefit changes
  4. Learn about changes to losses – specifically regarding NOLs, Carryback election concerns, and excess business losses
  5. Discover how changes to deductions can impact your business client such as depreciation changes, meals, auto, charitable contributions, and business interest limitations, to name a few

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Course Overview

Course Details
  • Level: Beginner
  • Cost: Free
  • Field of Study: Taxes
  • Advanced Prep: None
  • Credit Type: CE & CPE
  • Credit Hours: 1
Course Description
As we look at tax law changes over the last year, the only thing that really has stayed the same is that everything is changing. With all these changes to the tax law that we have barely been able to sort out after the crazy COVID year of 2020 and all the tax changes that came about (Like the CARES act for example and then the new changes hitting us in 2021). With so many of these changes effective for 2021 as well as new changes for 2022, it is more important than ever to be on top of what you need to know for your clients this tax season and into the year beyond. This two-part course will cover the numerous changes to tax law you will need in order to accurately prepare returns for your business clients and advise them regarding the effect of these changes.
In the second part of this course – we cover Depreciation changes, look at extensions and expansions of CARES Act provisions, Credit changes including the Work opportunity credit, Employee Retention Credit (ERC), and Emergency Paid Sick Leave and Emergency Family and Medical Leave Expansion Act (Whew – that one alone is a mouthful!) We also cover changes to deductions like to meals, auto, charitable contributions, business interest limitation changes, and Corporate AMT credit. We will review payroll issues including Employee and Employer payroll tax deferral, and fringe benefit changes, then look at losses (Like changes to NOL, carryback election concerns, and excess business losses) then look over the myriad of what has been the SBA Payroll protection Loan (PPP) plus second round PPP loans (PPP2). Lastly, we will cover some changes to reporting of Partner Capital Accounts and extensions of various business provisions.
If you have wanted a comprehensive, easy to follow tax update course on the 2020/2021 tax law changes as they relate to businesses, this course is definitely for you!!

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