Two Day Federal Tax Update

Course Details

Date

Monday, January 11 – Tuesday, January 12, 2021

8:00am – 4:00pm (Registration: 7:30am)

Location

WYOCPA Zoom

504 W. 17th Street Suite 200

Cheyenne, WY 82001

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Field of Study

Taxation

CPE Credit

16 hours CPE credit

Level of Knowledge

Update

Description

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2020 has seen the year-end 2019 Secure Act, the March 2020 FFCRV Act, the March 2020 CARES Act, the June 2020 PPPFA and numerous rulings and court cases. Don't worry, we've got you covered! New this year are hundreds of hyperlinks to the 100% free online tax research product at MyTaxDesk, so you don't even have to worry about your research library and finding the citation!

 

  • We start the day with an in-depth discussion, explanation and example forms for the PPP loan forgiveness rules, including tax reporting and Forms 3508 and 3508 EZ, expense adjustments and all of the latest SBA and IRS guidance including major changes up to the day before your class!
  • We then move to the payroll-related changes and again discuss, in depth with examples:
    • The Paid Sick Leave Program and credit
    • The new FMLA rules and credit
    • The new Employee Retention Credit
    • Disaster Relief Payments
    • New Form 1099-NEC replacing the 1099-MISC
    • Court cases on employee v. Independent Contractor
  • Next are the general business changes
    • Excess business loss changes
    • New business interest rules with examples
    • New court cases on business and hobby losses
    • New Regulations (again!) on meals and entertainment deductions
    • Quick review of other changes in credits, fringe benefits, health care and pensions
  • Partnerships once again have seen lots of changes and we provide the latest guidance on:
    • Tax basis capital reporting
    • New and revised 1065 schedules and forms
    • Late filing penalty relief
    • CPAR interpretations
  • Accounting methods-In Depth
    • New rules on inventory
    • Completed Forms 3115 for 4 different situational accounting method changes
  • The QBI deduction's latest guidance
  • Corporations:
    • C Corporate changes from the CARES Act
    • Potential 2021 changes after the election
    • S Terminations and new K-1's
    • Net operating losses under CARES
  • Depreciation-the new QIP rules and fixes
  • Tax exempt reporting clarification

And, we will have special coverage of post-election changes if they occur!

 Federal Tax Update-Individual

 What a year 2020 has been. The FTU-individual is here to clear up the tax changes. And, we keep it updated through the day before the class. This manual also includes hyperlinks to the new online free tax library. 

  • New and revised Forms for 2020: 1040, Sch. 1, Form 8615-E, Form
  • In-depth coverage of the biggest retirement plan change year since 1986 with new limits, penalty relief, RMD changes, new income averaging, new 1-year rollover term and planning ideas
  • The new charity rules-pre-AGI and 100% AGI limits
  • The stimulus credit-the most overlooked credit for 2020, plus the reconciliation requirement
  • More court cases on "real estate professionals" and passive losses
  • Estate and gifts-the biggest tax planning year in a decade!
  • A revisit to Foreign reporting requirements in respect to a 1/2 dozen new court cases
  • A dozen new IRS rules, guidance, and breaks
  • Basis-the old "don't worry about it" days are over-clear guidance, with forms
  • Clear guidance in problem areas on mortgage interest, vacation rentals and virtual currency
  • Be prepared for 2020 debt forgiveness with our new discussion, with forms of COD income

Course Pricing

WYOCPA Member Fee
$560.00

Non-Member Fee
$660.00

Late Registration Fee (will be added after January 4, 2021)
$100.00

Your Price
$660.00

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