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Annual Seminar – 1040 Individual Tax 2020
November 17, 2020 - November 18, 2020$225 – $350
By the end of this seminar, you should be able to: identify changes to the kiddie tax calculation; apply the rules of penalty assessment and abatement; evaluate changes to itemized deductions and determine the credits that are available to taxpayers including CORONA-19 related credits, and identify reporting required to “reconcile” the EIPs; recognize changes to education credits and deductions, and evaluate rules associated with debt discharge; apply the rules of retirement plan accumulation and distribution; determine the correct reporting of interest, dividends, and capital gains, and identify current IRS issues; implement sound strategies to safeguard confidential taxpayer information; identify the basics of reporting Schedule C self-employment income and expenses; analyze what tax years are retroactively exempt from the IRC Sec. 461(l) loss limitation rules for noncorporate taxpayers; identify the CARES Act’s impact on an individual taxpayer’s net operating loss (NOL), analyze the SBA’s PPP loan forgiveness parameters, and evaluate the CARES Act changes to qualified improvement property (QIP); calculate the qualified business income deduction (QBID) under IRC Sec. 199A; analyze impact of Tax Extender and Disaster Relief Act of 2019 on deductible personal casualty and theft loss deductions; and assess 2020 developments affecting high deductible health plans and HSA contributions.
Delivery Method for this course will be Group Internet-Based. The program level is Basic and there is no advanced preparation needed. There are no prerequisites. Recommended credits are 16.0 CPE credits and the field of study is Taxes.
Gear Up attendee requirements: To receive CPE credit, you must login to the online session. Participants are required to actively participate throughout the online session by responding to attendance prompts when requested.
Gear Up is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing 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. Gear Up is approved for Group Live, Group Internet Based, and QAS Self Study delivery methods.