November 19, 2021

Live Webcast

8 CPE Credits

Don Farmer’s 2021 Federal Tax Update

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    Instructor

    Don
    Farmer

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    Don Farmer, CPA, PA

    Bio

    Don Farmer, CPA, is past president of Don Farmer, CPA, PA. A former tax partner with Deloitte & Touche, LLP, he resigned his position as partner and became a consultant in order to devote most of his time to writing and lecturing. Each year, Don writes and presents CPE programs across the U.S., making presentations in more than 40 states.

2021 Presenter – Don Farmer, CPA, PA
Don Farmer - Presenter

DON FARMER’S 2021 TAX UPDATE WILL GET YOU UP TO SPEED ON THE AVALANCHE OF TAX CHANGES EFFECTIVE IN 2021!

2021 is shaping up as another year for massive tax changes. First, we had the Consolidated Appropriations Act of 2021 (CAA), next the President signed the American Rescue Plan Act of 2021 (ARP), and Congress is currently working on a massive budget reconciliation package. Don’s 2021 tax Update will focus on the provisions of these new laws affecting 2021 returns and 2021 tax planning, including planning with the proposed legislation currently before Congress as well as important IRS releases and court cases. Just some of the topics to be covered include:

  • Maximizing 70% Employee Retention Credit (ERC) Including When Applying For PPP Loan Forgiveness And Discussion Of ERC Qualification For Majority Owner=s Wages.
  • Taking Advantage of Expanded Sick Leave and Family Leave Credits Including For Self-Employed Individuals.
  • Effect On S Corp Stock Basis Of PPP Loans.
  • Which Coronavirus Benefits Are Excludable From Income?
  • Final Accounting Method Regs Effective For 2021 B Who Can Use Cash Method, Expense Inventory, etc., If Gross Receipts $26 Million or Less- Including Changing Accounting Methods.
  • New QBI Regulations.
  • When is a Restaurant Meal 100% Deductible?
  • Major Increase In Number of Businesses Required To File 2021 Information, Partnership, and Corporate Returns Electronically.
  • More Individuals Able To Claim Lifetime Learning Credit.
  • Final Regs Provide Exception To Disallowance Of Deduction for Employee Parking.
  • FSA Carryover Rules For 2021.
  • New Refundable Child Tax Credits, Including Advance Payment of credits.
  • New Refundable Dependent Care Credit.
  • Revised Premium Tax Credit Provisions.
  • 2021 Economic Impact Payments.
  • 100% of AGI Limit For Charitable Contributions.
  • Tax-Free Student Loan Forgiveness.
  • Individuals Who Can Now Obtain An IP PIN

The course format is designed to update CPAs with various levels of experience.

** CFP credit approved (8 hours)

** IRS CE approved

Learning Objectives

To review major developments in federal income taxation for individuals, corporations, and other businesses having the greatest impact on participants, their clients, and their companies. The course will emphasize developments affecting 2021 returns and tax planning, including provisions contained in the American Rescue Plan Act of 2021, the Consolidated Appropriations Act of 2021, any other 2021 legislation, and important regulations, rulings, and court cases. The seminar is designed to update participants concerning 2021 tax developments emphasizing practical solutions to problems and tax planning opportunities.

Major Topics

The seminar includes:

  1. A review of the latest new law provisions effective for 2021, such as the: expanded employee retention credit (including maximizing the credit and PPP loan forgiveness), extended Sick Leave and Family Leave credits, extension of excess business loss limitations through 2026, up to $10,200 exclusion for unemployment benefits, stimulus payments and rebate credit, increased child tax credit and dependent care credit, tax-free forgiveness of student loans, 100% deduction for certain business food and beverage expenses, increased charitable contribution limitations, new revised rules for obtaining PPP loan forgiveness, and more;
  2. A review of any other significant 2021 tax legislation
  3. Final regulations explaining the treatment of inventories and use of the cash method for taxpayers with average gross receipts of $26 million or less
  4. Regulations extending life expectancies for determining RMDs from IRAs and qualified retirement plans
  5. Other 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 expiring tax provisions, and
  • Practical planning ideas for businesses and individuals.

Sponsors

CPE Credits Available

8 CPE Credits
8
Taxes

Things to Know About This Course

Course Level

  • Update

Professional Area of Focus

  • Practitioners
  • Tax
  • Taxation

Prerequisites

At Least One “Tax Season.”

Advanced Preparation

None

Intended Audience

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.

Provider

Don Farmer, CPA, PA

This event has ended.