Form 1040 Workshop for Experienced Preparers

Description:

This is a comprehensive course covering all topics-and tax year 2020 involved many- tax preparers will face in preparing Form 1040.

Highlights:

  • Changes made by the Consolidated Appropriations Act, 2021 (CCA, 2021) including clarification of tax treatment of covered loans (First Draw and Second Draw PPP loans), EIDL advances (up to $10,000), and SBA subsidies; authority to waive certain information reporting requirements (Form 1099-C); extension of credits for paid sick and family leave; extension of various expiring provisions; clarifications and technical improvements to the employee retention credit including the extension and modification of the ERC through 06/30/21. Certain charitable contributions deductible by non-itemizers; modification of limitations on (cash) charitable contributions; and temporary special rules for health and dependent care flexible spending arrangements.
  • Changes made by the American Rescue Plan Act of 2021 (ARPA) including the $1,400 recovery rebates for individuals; enhanced child tax credit and advance payments beginning on 07/15/21 through 12/31/21; enhanced EITC; elective substitution of earned income in 2019; refundability and enhancement of child and dependent care credit; credits for paid sick and family leave; credit for sick leave for certain self-employed individuals; credit for family leave for certain self-employed individuals; extension of employee retention credit for wages paid after 06/30/21 and before 10/01/21 (before 01/01/22 for “recovery startup businesses”); premium tax credit and application of premium tax credit in case of individuals receiving unemployment compensation during 2021; tax treatment of restaurant revitalization grants; and modification of treatment of student loan forgiveness.
  • Status of Form 3115 regarding leasehold improvements under Rev. Proc. 2020-25, missed depreciation, and the missed election out of bonus depreciation on prior year tax returns; the new required method for filling Form 3115 for changes in methods of accounting; a complete discussion of the methodology for analyzing an expenditure and treatment as a capitalized expense, a Section 162 expense, or as a write-off under the de minimis rule in Section 263(a)-1(f); and much more

.

Objectives:

Provide an overview and guidance for tax practitioners who will be advising/servicing Form 1040 clients.

Prerequisites:

Familiarity with Form 1040.

Notes:

 

Category:

TX

Credits:

8

Course Level:

Intermediate/Advanced

Members

Standard Fee: $298.00

Non-Members

Standard Fee: $298.00

Register Now

Vendor:

Boston Tax Institute, Ltd.

Start:

January 28, 2022 9:00am

End:

January 28, 2022 4:30pm

Check-in starts at 8:45am

Leader:

Birkholz, Peter

Peter A. Birkholz, MST; Marquette University (BBA); Bentley College Graduate Tax Program (MST); Tax Practitioner in Private Practice, Marlboro.

Designed For:

CPAs, tax practitioners, and accountants.

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