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Don Farmer Federal Tax Update

Description

DON FARMER’S 2021 TAX UPDATE WILL GET YOU UP TO SPEED ON THE AVALANCHE OF TAX CHANGES EFFECTIVE IN 2020 AND 2021 INCLUDING PROVISIONS IN THE 5,593 PAGE CONSOLIDATED APPROPRIATIONS ACT OF 2021 SIGNED BY THE PRESIDENT ON 12/27/20.

2020 has been a most unusual year! Not only because of COVID-19, but also for the volume of tax changes. The Consolidated Appropriations Act of 2020 was signed on 12/20/19 and contains more than 25 retirement plan changes for 2020; then came the FFCRA signed on 3/18/20 providing employers credits for payments of Sick Leave or Family Leave wages; next the CARES Act was signed on 3/27/20 providing Economic Impact Payments (EIPs) to individuals and tax relief to Individuals and businesses; and finally, the Consolidated Appropriations Act of 2021 (CAA) was signed on 12/27/20 providing retroactive pro-taxpayer changes to the PPP loan provisions, new rules for taxing EIDL grants, and a mirid of income tax changes affecting individuals and businesses including an extension of more than 30 tax benefits scheduled to expire after 2020. In addition, the IRS has issued important regulations and other guidance during 2020.

The following are just some of the topics Don will cover in his Tax Update:

  • PPP Loan Forgiveness Including Key IFRs and FAQs And Retroactive Changes Made By CAA Including Deductibility Of Expenses Qualifying For Forgiveness And Second Round Loans
  • New Simplified Forgiveness Procedures for PPP Loans Of $150,000 or less
  • New Expenses Qualifying Retroactively For Loan Forgiveness And New “Covered Periods” For Determining Loan Forgiveness
  • Retroactive Increase In PPP Loan Amounts For Farmers, Ranchers, And Others
  • 2-Year NOL Carryback Option For Farmers And Ranchers
  • Contributing To IRAs After 70 ½
  • Changes To Rules For QCDs From IRAs
  • Penalty-Free Withdraws From IRA Or Other Retirement Plan For Birth or Adoption Of a Child
  • 10-Year Payout Requirement For IRAs And Qualified Plans At Death 
  • 100% of AGI Limit For Charitable Contributions
  • New FSA Relief For 2020 And 2021
  • Employee Retention Credit Including Pro-Taxpayer Changes Made By The CAA
  • Sick Leave And Family Leave Credits
  • 5-Year NOL Carrybacks
  • Final Regs On Using Cash Method, etc., if Gross Receipts $26 Million or Less 
  • §168(k) Deduction For QIP & Final 168(k) Regs
  • Deductions On Termination of Estate or Trust
  • Final Meal And Entertainment Deduction Regs
Learning Objectives

To review major developments in federal income taxation for individuals, corporations, and other businesses having the greatest impact on participants, clients, and companies.

  • The course will emphasize 2020 developments including recent developments and planning ideas regarding the Secure Act, the Taxpayer First Act, the Tax Cuts and Jobs Act (TCJA), and any 2020 legislation.
  • This course includes a 200+ page reference manual.
  • The seminar is designed to update participants concerning 2020 tax developments emphasizing practical solutions to problems and tax planning opportunities.
Major Topics

The seminar includes:

  1. A review of the latest developments and guidance for important TCJA provisions, such as the: 20% §199A deduction; 100% §168(k) depreciation deduction; final 2020 §163(j) regulations limiting the business interest expense deduction; accounting method changes for small businesses; individual excess loss provisions; final Qualified Opportunity Fund regulations and more;
  2. Review of SECURE Act provisions first effective in 2020, including new contribution and distribution rules for IRAs and qualified plans;
  3. Releases regarding the Taxpayer First Act;
  4. A review of any other significant 2020 tax legislation;
  5. Proposed regulations for determining when contributions to charitable organizations are deductible as trade or business expenses; and
  6. New tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses.

The presentation will emphasize tax planning opportunities resulting from these recent developments. The course material also includes:

  • A checklist of developments first effective in 2020
  • A checklist of expiring and/or recently expired tax provisions
  • Selected new or modified Federal tax forms for 2020
  • Practical planning ideas for businesses and individuals
Provider
Don Farmer, CPA PA
Course Level
Update
CPE Field of Study
Tax
8
Who Should Attend

Individuals having one or more Tax Seasons and a general understanding of individual, corporate and business income taxation who are involved in the preparation and/or review of individual, corporate and business income tax returns or who provide tax planning advice to individuals and businesses.

Instructor(s)
Don Farmer
Prerequisites

At least one year of tax return preparation experience.

Advanced Preparation

None

Location
Webcast
Event Information
When
Jan 19, 2021
8:30 am - 4:30 pm MST
Location
Webcast
Total CPE Credits
8
Format
Webcast

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Don Farmer Federal Tax Update


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