This 6 hour law course is for tax professionals who must complete 18 hours of continuing education for 2021 in order to help individuals file their 2020 tax returns. There are three core parts to this course.
Domain 1 provides dollar amount and rate inflations for the 2020 tax year with walk-through examples of how to figure some of these related calculations. Due to RP 2019-44 being so lengthy, a good hour of the class is dedicated to those adjustments. Special attention is given to explaining concepts, not just providing the updated numbers; context is essential. A few minor notes relating to the CARES Act have been included, where relevant. The list of tax extenders at the end examines qualifications and limitations for each.
The second domain in the series is the longest of the three because it returns to the basics and ensures students understand key concepts they'll continue to work with. Taxability of earnings starts us out with what constitutes employee compensation. Schedules A through D and supplementary forms, topics, and instructions are all reviewed. Though not intended to be exhaustive, these walk-throughs should serve tax preparers well in navigating any revisions and calculations. Of particular interest will be the changes relating to retirement income limits and the repeal of the alimony deduction. Modern influences of virtual currency and disaster losses find their way into our discussion. Itemized deductions and tax credit eligibility will require a full hour. Then we'll end with an overview of key topics.
Finally, Domain 3 explores warning signs of tax-related identity theft, precautions to mitigate risk, and what to do if a client or tax preparer has suspicions about information abuse. E-file requirements, the purpose and expiration date calculation for ITINs, and the requirements of the Annual Filing Season Program are also covered. Penalties for failure to comply with one's duties as a tax professional are given context.
Videos, images, flowcharts, and tables are used where possible to promote comprehension. A 100 question final exam will wrap up the course.
Show Course ID: 0
- Approved By: Internal Revenue Service (IRS)
Jeremy Allen, CPA, was born and raised in Chicago, Illinois. He graduated with a Bachelor's of Science in Accounting from the University of Oregon Charles H. Lundquist College Of Business. He has been a licensed CPA in the state of Oregon since 2007. He specializes in Corporate Taxation and Planning. He enjoys working with start-up businesses, online businesses, and multi-state entities. He is an avid member of Crossfit Grants Pass. In his free time he enjoys traveling and camping with his family. Go Ducks!