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Best Overview on Individual Tax Updates Latest

Best Overview on Individual Tax Updates Latest

8 Credits

$80

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00628-21-S)

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0598)

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-U-00628-21-S)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00628-21-S)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

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Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Oct 25, 2021 | 12:00 PM EDT Register
Nov 01, 2021 | 10:00 AM EDT Register

Overview

  • Draft of 2020 1040
    2 mins
  • Electronic Signatures
    28 mins
  • SALT Limits - Attempted Workarounds
    64 mins
  • Claiming Dependents
    92 mins
  • Qualifying Relatives
    116 mins
  • Video Game Virtual Currency
    164 mins
  • What us a Medical Expense?
    201 mins
  • Investment Interest
    228 mins
  • Unadjusted Basis of Assets
    271 mins
  • American Opportunity Credit
    303 mins
  • CARES Act Withdrawals
    366 mins

Course Description

Individual tax is one of the most productive and income-generating subjects for tax practitioners. Though there are specifics available for each individual topic in Individual tax, there is a requirement for the best overview of the update every year. Qualified EA, LPA, and Advisor Mr. Jason Dinesen provides us a birds-eye view with a special focus on individual tax updates including the itemized deduction for 2020, comprehensive planning techniques for children of all ages, latest guidance on taxes for cryptocurrency and digital assets, section 199A updates, the 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

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.

This Individual tax update CPE webinar for CPAs covered major topics:

  • 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 continuing education course offers practitioners planning techniques with regard 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?

This Individual tax update CE webinar for CPAs covered major topics:

  • 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 fintech 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!

This Individual tax update CPE webinar for CPAs covered major topics:

  • 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 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


When your clients are filling out federal tax return this year, they will be asked to either calculate their 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 they don’t qualify to itemize deductions, they 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? 


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.


This online CPE/CE course will go in-depth on the American Opportunity Credit, Lifetime Learning Credit, tuition and fees deductions, 529 College Savings Plans, and the interaction between all of these tax benefits. We'll focus on both the mechanics of these benefits as well as planning opportunities ... and potential potholes. This is an intermediate/advanced online CPE course.

This Online CPE/CE Webinar covers the following Key Topics:

  • Refreshers on educational tax credits, deductions, and other benefits
  • Basic calculations
  • More-complicated calculations
  • Deciding which credit or deduction to choose
  • Maximizing tax credits and 529 plans
  • Student loan interest
  • Dealing with scholarships
  • Potholes associated with scholarships and loans and dependency exemptions
  • Planning and decision making


This CPE/ CE webinar is suitable for any CAP or Tax Professional or Staff Involved in preparation or review of Individual Tax Returns or providing Financial Planning Guidance. 

Click to access more webinars on IRS Audit | Trust & Estate Planning | Latest Tax Updates Free CPE Webinars

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 differs 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

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA