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Best Overview on Individual Tax Updates 2020 (Basic) 8 Credits 8 Credits

Nov 02, 2020, 11:00 AM EDT

Best Overview on Individual Tax Updates 2020 (Basic) 8 Credits 8 Credits

  • Rating

    4.4

  • Published on

    December, 1969

  • Subject Area

    Taxes

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Live Webinar
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Nov 02, 2020, 11:00 AM EDT

Learning Objectives

  • Identification of income and deduction with examples
  • To list new tax guidelines and identify the related factors as they pertain to child dependency laws
  • To recognize how the blockchain technology works, why it is important and how it differes from existing technology
  • To recognize the tax ramifications of crypto transactions (Investors, miners, Payer/Payee, Like Kind Exchange, Charitable Contributions & Initial Coin Offerings)
  • To recall the application of new tax law to the different deductions that clients would enjoy in the past

Course Overview

Individual tax is one of the most productive and income generating subjects for tax practitioners. Though there are specifics available for each individual topics in Individual tax, there is a requirement for a best overview of the update every year. Qualified EA, LPA, and Advisor Mr. Jason Dinesen provides us a birds-eye view with special focus on individual tax updates including itemized deduction for 2020, comprehensive planning techniques for children of all ages, latest guidance on taxes for crypto currency and digital assets, section 199A updates, latest update on educational tax credits, and key tips to reduce taxes for your clients in this comprehensive live webinar. This webinar would not only give you a highlight of the tax for your individual tax clients, but also prove to be a real winner to be the best tax practitioner. 


Session-1: INDIVIDUAL TAX UPDATE 2020

Tax laws are constantly changing. Tax and financial professionals need to stay current to understand the impact of these changes and to minimize taxes. This practical webinar provides a comprehensive update and an instant working knowledge of all key tax provisions. This course covers all the aspects with regard taxation and latest developments in tax laws. It includes basic formulas and methods that how the income tax is calculated. Further there are which deductions are available for individual tax clients which helps to minimize tax burden of your clients. You will come to know latest amendments from this course and enhance your knowledge to serve best to your individual tax clients.

MAJOR TOPICS COVERED

  • Essentials of Income Taxation
  • Basic Formulas for calculating Income tax
  • Various types of tax years
  • Identification of income and deduction with examples
  • Incomes and Exclusions
  • Factors affecting and determining filing status
  • General tax concepts
  • Estimated Payments
  • Credits


Session-2: CHILDREN OF ALL AGES - COMPREHENSIVE PLANNING TECHNIQUES (NEW)

In light of the Tax Cuts and Jobs Act, this course offers practitioners planning techniques with regards to children. Many clients who are parents are unsure of how to navigate dependency exemptions due to foreseen and unforeseen changes in their lives. What are clients’ options when they marry a person who has children from a prior relationship? What happens should those parents then divorce? Can the stepparent still claim the children as dependents? And if not, what options are available to the stepparent instead?

MAJOR TOPICS COVERED: 

  • Learning about tax rules as they pertain to claiming children as dependents in varying degrees of life circumstances i.e., birth children, adopted children, and stepchildren
  • Identifying the factors that affect dependency such as divorce and issues of custody : Dependency Exemption, Head of Household Status, Earned Income Credit, Child Tax Credit, Child Dependent Care Credit
  • Navigating options to which parents are entitled when they are unable to continue claiming children as dependents as a result of divorce : Form 8332
  • Understanding the definition of a qualified child and learning the 5 tests of qualifications: Child’s relation to taxpayer, Age, Child’s location and length of residency with taxpayer, Child support, Joint return restriction


Session-3: TAXES ON CRYPTOCURRENCY & DIGITAL ASSETS WITH LATEST IRS GUIDANCE

Blockchain technology and cryptocurrencies such as bitcoin and ether are two trending topics in the fin-tech world. Yet, few business professionals can grasp the intricacies, opportunities, and challenges posed by this new technology. Millions of crypto traders are searching daily for tax professionals with expert knowledge of crypto taxation. This free CPE webinar provides you with the up to date training and answers you need to ad crypto tax prep to your practice.

Average return fees are 400% higher for crypto returns. A limited supply of crypto tax experts = more clients for you!

MAJOR TOPICS COVERED: 

  • What block-chain is? 
  • What you can do with it?
  • How to treat the tax returns of your clients who are active in the cryptocurrency market?
  • What is “cryptocurrency” (i.e., Bitcoin)?
  • How the U.S. federal tax system treats common property dispositions and how those rules relate to analogs in cryptocurrency. 

This session also covers current developments surrounding this topic, and especially on how to successfully navigate through tax notices such as :

  • CP200
  • Letter 6173
  • Letter 6174
  • Letter 6174-A

This session should prepare you to take on clients in block-chain businesses as well as ensure that you understand the full compliance measures to give tax advice and complete tax returns for any cryptocurrency use situation by your clients.


Session-4: ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES

Being a Tax Professionals or CPA or Financial Advisor or any finance professional you would have been definitely ask this question Is this deductible?

Because every taxpayer wondered if you can itemize deductions on your tax return? Actually, they wondered what, exactly, itemizing means? They don't even know that Itemized deductions comprised of various types of certain expenses that you incur throughout the year (things that are—surprise, surprise—“tax-deductible”). If the total amount of these expenses is greater than the standard deduction amount, you should itemize instead of taking the standard deduction and may have a reduce tax liability.

When you’re filling out federal tax return this year, you’ll be asked to either calculate your itemized deductions or to take the standard deduction—an amount predefined by the IRS and based upon your filing status (e.g., single or married filing jointly). If you don’t qualify to itemize deductions, you will choose the standard deduction.

With the change in the tax law, and other previously confusing guidance from Congress and the IRS, clients often ask, can I deduct that? This CPE session will look at the most common deductions clients ask about and how to properly determine, is that deductible and give your client or colleague or friend the best advice? 


Session-5: SECTION 199A UPDATE

The qualified business income (QBI) deduction under Sec. 199A brought issues that ranged from learning and understanding the new Code section to simply making sure the tax software was calculating the deduction correctly. IRC 199A, the new 20% of qualified business income deduction, is the best new tax deduction from the Tax Cuts and Jobs Act. The deduction has a lot of complexities to it, and without proper knowledge of how the deduction works, taxpayers can see large penalties and taxes due. 

The IRS has processed its final regulations on IRC 199A, so practitioners now have more clarity on the different intricacies for the deduction. These create amazing tax opportunities for business owners to increase their deductions to continue to save on their taxes.

This session will look at all the different scenarios involved when calculating the IRC 199A deduction. It will also look at different ways practitioners and taxpayers can protect themselves from some of the more grey areas involved with the 199A deduction. What new info, opportunities, and requirements) do these new forms and guidance throw at our feet? What does it mean for tax returns claiming QBID? Take our all-new, fresh look CPE webinar and learn to command the topic.


Session-6: EDUCATIONAL TAX CREDITS LATEST UPDATE

Paying for educational expenses isn’t easy. At tax time, there are certain educational tax credits that can help offset some higher education costs by lowering the tax liability of households with eligible students. There are even some circumstances where one may be eligible for a tax refund.

If your clients paid for education expenses in the last year, you may be able to save money on their taxes by claiming the American opportunity credit or lifetime learning credit, or opting for the the tuition and fees deduction. The American opportunity credit is generally the most valuable, if they qualify. You clients can claim these education tax credits and deductions even if you paid with a student loan. Parents can take advantage, too, so long as they don't choose a married filing separately status. Here's what to know about each option.

MAJOR TOPICS COVERED

  • The American Opportunity Credit
  • The Lifetime Learning Credit,
  • The deduction for tuition and fees.
  • Section 529 College Savings Plans.
  • Case studies & Tax planning strategies.

Session-7: 12 TIPS TO REDUCE TAXES FOR YOU CLIENTS

We know you’re already well aware of the fact that there are significant changes made to the tax code on an annual basis. You’re also familiar with how detailed these new regulations can be, and how challenging it sometimes is to commit them to memory or to even make sense of them in the first place. 

With the far-reaching changes brought about by recent tax reform, careful planning takes on new importance. This webinar presents the most important income tax planning ideas for your clients which you need to consider this year to take advantage of the present and plan for the future. It highlights areas in the income tax return that suggest future opportunities for the individual client.

MAJOR TOPICS COVERED

  • HSA’s and HRA’s to reduce medical costs
  • Use of the new version of Kiddie Tax
  • IRS agents’ hit list including Meals & Travel
  • Like-Kind Exchanges – IRC 1031 – The Best Tax Shelter ever
  • IRC 121 – Exclusion of gain on sale of personal residences
  • Medical Dependents – A missed opportunity to save families money
  • Reasonable compensation – Save Payroll Taxes while generating QBI deductions
  • Understanding IRC 754 to avoid malpractice

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Certified Public Accountants (CPA-US) 8 CPE Approved
Enrolled Agents (EA) 8 CE Approved
Annual Filing Season Program (AFSP) 8 CE Approved
California Registered Tax Preparers (CRTP) 8 CE Approved
Oregon Registered Tax Preparers (ORTP) 8 CE Approved
License details Credits Status
Certified Public Accountants (CPA-US) 8 CPE Approved
Enrolled Agents (EA) 8 CE Approved
Annual Filing Season Program (AFSP) 8 CE Approved
California Registered Tax Preparers (CRTP) 8 CE Approved
Oregon Registered Tax Preparers (ORTP) 8 CE Approved

Additional Information

Credits

8

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC 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: www.nasbaregistry.com.

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

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MY-CPE LLC, in accordance with the standards set forth in Circular 230 section 10.6, grants Continuing Education (CE) credits based on a 50-minute hour. MY-CPE LLC is approved by the California Tax Education Council (CTEC) (Provider Number – 6273) to offer continuing education courses that count towards the annual continuing education requirement for CTEC Registered Tax Preparers. Additional information regarding registration as a tax preparer can be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free at (877) 850-2832, or by visiting www.ctec.org.

About Instructor

Top Tax Speaker | Jason Dinesen

Jason Dinesen , EA

President, Dinesen Tax & Accounting, P.C.

  • 4.6
  • rating
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  • rating
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Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

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What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

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What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (50%)

Very Good (36%)

Average (11%)

Poor (1%)

Terrible (2%)

AAT

Anthony A Tomash, EA

5

My core business is financial advisory and tax compliments this nicely. I recently became an EA and have filed returns the last three years through a business relationship with a friend. This presentation was excellent for people like me who predominantly file personal returns only. The slide decks are useful reference tools I will revisit and the presenters were excellent. Top notch! Thank you

JS

Judy Smith, AIF

5

myCPE programs allows me to work on my on time schedule. My learning habits are different than most people. I have to read over the handout before the webinar, then I listen to the trainer and take the note on the webinar. And with this program it allows me the time to review before taking the Quiz

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