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with Tanya Baber

2020-2021 Tax Updates - Individuals

Learning Objectives:

  • Understand the new economic stimulus payments (round 1 and 2) and how they are reconciled on the 2020 tax return 
  • Learn changes to EITC to allow 2019 income to be used towards 2020 if better 
  • Discover deduction changes  like charitable deductions, medical expense, Tuition Deduction and Mortgage Interest Deduction
  • Learn how CARES Act and CAA affects withdrawals from IRAs, deferral accounts, and in-service money purchase plans in 2020 and 2021
  • Discover how employees requesting a Social security tax deferral may have different reporting on their 2020 tax return, and long term impacts of this deferral into 2021
  • Learn changes brought about from the ARPA of 2021 and how to handle retroactive changes affecting returns already filed

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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

The American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11, 2021, just barely after the Consolidated Appropriations Act of 2021 (CAA) was signed into law December 27 of 2020. Along with these came even more 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 as a direct result (Like the CARES act for example). With so many of these changes effective for the remaining 2020 tax filing year as well as new changes for 2021, 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 from the ARPA and CAA, as well effects of the CARES act and other considerations you will need to know in order to accurately prepare returns for your clients and advise them regarding the effect of these changes.

In the first part of this course – we cover provisions that affect individual taxpayers primarily, like the Economic Impact Payments (round 1 & 2), changes to extenders, unemployment, deductions, credits, and other changes to the landscape of the individual tax return, and it will enable you to quickly grasp recent tax changes and prepare you for tax season and beyond.

If you have wanted a comprehensive, easy to follow tax update course on the 2020/2021 tax law changes, this course is definitely for you!!

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