Web CPE

Program outline: Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws. The 2021 Annual Tax Season Update course is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2020 income. The Annual Tax Filing Season Update course discusses new tax law and recent updates for the 2021 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.

Learning objectives: After completing this course you will be able to:

Identify the changes made to various requirements by the SECURE Act, including – Traditional IRA contribution eligibility, Traditional IRA and qualified plan lifetime required minimum distributions, Qualified birth and adoption distributions, Inherited IRA distribution requirements, Taxation of a child’s unearned income, Qualified Tuition Plan distributions, and Deductions for unreimbursed medical expenses;
Recognize the status of various tax extenders, including – Reinstatement of the credit for nonbusiness energy property; Tuition and fees deduction; Itemized deduction for mortgage insurance premiums; and Exclusion of cancellation of debt income from qualified principal residence indebtedness;
Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns;
Recognize the federal income tax filing statuses and the criteria for their use;
Identify the types of income that must be recognized;
Apply the tax rules to the various credits and adjustments to income that are available to taxpayers;
Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns; and
Identify the duties and restrictions imposed on tax preparers under Circular 230.

Program level: Overview

Prerequisites: General understanding of federal income taxation.

Advance preparation: None

Type of delivery method: Self Study

Recommended CPE credits: 9

Final examination expiration date: The program participant will have one year from the date of purchase to complete the course and final examination.

Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org