Self-Study Course Details
Course Description

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the inflation-changed limits effective for 2021 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

 

Learning Objectives

Upon completion of this course, you should be able to:

  • Recognize the 2021 changes in various amounts including the –
    • Standard mileage rates,
    • Standard deduction,
    • AMT exemption amount,
    • Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
    • Deductions for qualified long-term care insurance premiums;
  • Identify the 2021 tax credit changes affecting the –
    • Saver’s credit,
    • Earned income credit, and
    • Adoption credit;
  • Recognize the 2021 changes affecting –
    • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
    • Roth IRA eligibility, and
    • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
  • Explore the changes effective for 2021 with respect to the –
    • Small employer premium tax credit, and
    • Applicable large employer mandate;
  • Discover the principal CARES Act provisions, including those related to the –
    • Paycheck Protection Program,
    • Pandemic Unemployment Assistance program,
    • Net operating loss (NOL) carryback rules,
    • Health savings account (HSA) rules concerning first-dollar payment for telehealth and COVID-19 testing and treatment,
    • Foreign income exclusion,
    • Section 1031 exchange timing,
    • Correction of the deductible period applicable to qualified improvement property,
    • Modification of limitation on losses for non-corporate taxpayers,
    • Limitation on business interest expense deductions,
    • Employer payments of student loans, and
    • Expansion of economic injury disaster loans (EIDLs); and
  • Apply the various CARES Act provisions affecting –
    • Recovery rebate rules,
    • Expanded tax-favored use of retirement funds,
    • Charitable contribution rules, and
    • Qualified improvement property depreciation.
Learning Objectives
  • Refer to the course description for the learning objectives.
Prerequisites
  • None
Advanced Preparation

None

Author Details
  • Paul Winn
    Paul Winn

    Paul J. Winn CLU ChFc is a financial writer, editor and trainer in the insurance industry. Past positions have included product developer, compensation officer, marketing VP, VP of strategic planning as well as being President of Maryland Financial Corporation. Mr. Winn has served on multiple Insurance Industry Boards including Baltimore Chapter of CLU and ChFC and Member/Secretary, Advisory Board to New York State Insurance Department. He is well known as a writer and editor of major mutual life insurance company’s agent-training ”university” and has created more than 100 training/continuing education courses. He is also a published book author.

NASBA Sponsor
  • National Registry of CPE Sponsors for the QAS self-study delivery method
    Encoursa 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: NASBAregistry.org.
IRS Approved
  • National Registry of CPE Sponsors for the QAS self-study delivery method
    Encoursa LLC is an IRS-approved continuing education provider. Provider #: KKRBE

$79.00

CPE
  • Webinars: CPE certificates will be accessible through your dashboard 1 hour after a webinar concludes.

    Self-Study: CPE certificates will be accessible through your dashboard immediately after passing the qualified assessment.

    For specific instructions on accessing your CPE, please see our FAQ section on our support page.

  • Multiple Attendees on Webinars: Each attendee should register separately for the webinar. If more than 1 attendee participated from the same device, please contact us after the event to let us know. For group signups for paid events, please contact us.

Sign Up For Our All-Access Pass:

Unlimited Access

12+ unique premium webinars each month and 400+ hours of on-demand self-study courses.

Save Time

CPE should be about learning, not wasting time searching all over for the right training.

Save Money

Complete your CPE requirements at one affordable price.

On-the-Go Learning

Learn at your own pace from your computer, tablet, or mobile device.