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2021 Annual Federal Tax Season Update

2021 ANNUAL FEDERAL TAX SEASON UPDATE

Access the learning materials in the course materials section.
CPE Processing Fee$180.00
Webinar TranscriptionN/A
Presentation Length Hour(s)9.0 hours
CPE Credits 9.0 hours
Subject Area 9.0 - Taxes (Federal Tax Update)
CE Credits 9.0 hours
Course Id# - 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 S
Course LevelBasic
Instructional MethodQAS Self-Study
PrerequisitesNone
Advance PreparationNone
Recorded DateJan 03, 2021
Date OfferedJan 04, 2021
Course Description

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:


Upon completion of this course, you should 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

Self-Study Course Instructions:

FOR DOCUMENT-BASED COURSES

Download the course document(s) (below) and follow prompts contained in the document.



FOR RECORDED COURSES WITH VIDEO

Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable.

Play the recording, noting the sectional guides indicating where topics on the agenda are covered and the prompts to pause video playback to respond to a review question (located below the video playback area). The timestamps for review questions are also noted below.

Upon completing the video and successfully answering all review questions, you will then take the final exam.

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Additional Materials
Course Document and Index
Glossary
Review Questions
Review Questions
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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Paul Winn

Winn Publications
Financial Writer, Editor & Trainer
pjwinn@verizon.net
(757) 253-8075

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Paul J. Winn, CLU, ChFC has over thirty years experience in the life insurance and investment industry. As well as fifteen years as a financial writer, editor, and trainer. Paul has worked for Mutual Life Insurance Company of New York, Security Mutual Life Insurance Company, Principal Financial Group, and the Maryland Financial Corporation. Paul is a Published book author, writer & editor of major mutual life insurance company’s agent-training “university”, and the creator of more than 100 training courses in computer-based training, print and scripted classroom formats.

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Training and continuing education courses dealing principally with life insurance, health insurance, annuities and taxation.