Description

In this course, we review: current year developments, recurring problems, and planning ideas. Using a combination of humor and examples, we will focus on tax developments that affect 2021 individual income tax return preparation and planning. As time permits, we will also review the major areas of individual income taxation to fine tune practitioners for “tax season.”

Objective

This course is designed to: * Provide explanations and planning ideas relating to the latest 2021 tax developments impacting individuals, including the most recent guidance on provisions of the Tax Cuts And Jobs Act (TCJA), the SECURE Act, and the Taxpayer First Act * Help practitioners prepare for “tax season” * Review and update various tax law provisions and planning ideas affecting individuals * The course includes a reference Manual with each chapter containing basic rules, selected items of interest, 2021 developments, planning ideas, and listings of related IRS forms and publications * Where applicable, each chapter of the Manual includes a segment devoted to the impact of “TCJA” on that chapter’s topic.

Highlights

Review of Individual Income Taxation Including: * Key Provisions (including developments) of TCJA, such as: The Child Tax Credit; New Family Tax Credit; Excess Business Loss Limitation for Individuals; Changes in Tax Benefits Related to Education; Miscellaneous Itemized Deductions; Home Mortgage Interest; State and Local Taxes; Repeal Of Alimony Deduction; 20% §199A Deduction; and more! * Provisions of the SECURE Act Including New IRA and Qualified Plan Contribution and Distribution Provisions; New Kiddie Tax Rules; Modifications to 529 Plans; Etc. * Provisions of the Taxpayer First Act Affecting Individuals. * Planning Ideas, Including Planning With New Tax Legislation. * Important 2021 Regulations, Court Cases, Rulings And Other Non-Legislative Developments. * Affordable Care Act Developments Including Recapture of Advance Premium Tax Credits * Net Investment Income Tax Provisions * Forgiveness Of Indebtedness Exclusion Provisions. * Review Of Home Mortgage Interest, Investment Interest And Business Interest Rules. * Section 1031 [email protected] Exchanges. * Planning With The §121 Gain Exclusion For A Principal Residence. * Review Of The Home Office And Hobby Loss Rules. * Review Of Individual Tax Credits. * Charitable Contributions (Including Treatment As a §162 Trade or Business Expense). * Passive Activity Developments (Including Developments For Qualified Real Estate Professionals).

Who Should Attend

Individuals Who Prepare Individual Income Tax Returns or Who Are Involved in Individual Income Tax Planning.

Required Knowledge

Detailed Knowledge of Individual Income Taxation and Individual Income Tax Return Preparation.

Advanced Prep

At Least One “Tax Season.”