**This course is now expired and no longer qualifies for IRS CE Credit. To avoid study material confusion, the course materials and final exam have been removed from this course.
Course Syllabus
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. This course is a basic tax level course with no prerequisites, and qualifies for 3 CE credits in the Tax Law Updates category.
Learning Objectives
Upon completion of this course, you should be able to:
- List 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;
- List the changes effective for 2021 with respect to the –
- Small business employer premium tax credit, and
- Applicable large employer mandate;
- Describe 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.
Course Assignments
- Study each Chapter
- Answer review questions at the end of each chapter
- Pass the Final Exam with a score of 70 percent or better
Final Exam and Certification
The final exam consists of 15 multiple-choice questions on the information covered in the course materials. To receive credit for this course, you must click on the Exam below to initiate the exam. A passing score of 70 percent or better will receive course credit and a Certificate of Completion.
Course Materials:
- <Course Materials Removed (Out-dated)>