Event Detail

1040 Workshop for Experienced Preparers

Description:

Topics include 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.

Topics also include 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.

Finally, topics include the 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.

This is an 8-hour live video conference (8 CPE credits) led by Peter A. Birkholz, MST, EA, who has more than 51 years of tax practice experience including 13 years working on the first online computerized tax preparation software program.

Zoom Live Video Conference: January 28th from 9am-4:30pm ET

Highlights:

Taxes

Objectives:

After completing this program, participants will be able to identify and resolve various issues involved in the preparation of Form 1040 returns.

Prerequisites:

 

Notes:

 

Designed For:

CPA, EA, Attorney, CFP, or other practitioners with 2 or more years of work experience and some familiarity with the subject matter

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