Course Individually
Course Description
The Internal Revenue Code (IRC) is a continually changing tax code that is always being updated and enhanced with new legislature. With the onset of the COVID-19 pandemic, the tax code underwent serious changes to ensure that Americans received help and support during a truly unprecedented time in U.S. history. This course will cover all of the “must-know provisions” enacted into the tax code within the 2020-2021 tax year. It will discuss all updates pertaining to the Tax Cuts and Jobs Act, the legislation that the tax code is currently built upon. This course will also discuss the three major pieces of COVID legislation passed in 2020: the CARES Act, the Consolidated Appropriations Act, and the American Rescue Plan Act of 2021. Finally, this course will discuss how the 2020 COVID legislation has had an impact on our current understanding of the tax code.
Learning Objectives
At the end of this course, students will be able to:
- Identify the amount of aid allocated for local governmental assistance through the American Rescue Plan Act of 2021
- Identify the amount of aid provided to qualifying dependents in direct payments through the American Rescue Plan Act of 2021
- Determine the date extension of the Federal Pandemic Unemployment Compensation (FPUC), as well as the FPUC amount
- Identify the new amount of Child Tax Credit
- Identify what funding was provided to which organizations and programs through the Consolidated Appropriations Act
- Identify the amount of funding allocated for the various programs within the CARES Act
- Determine what the different provisions under the CARES Act are designed to perform
- Identify the maximum amounts of taxpayer income before being phased out of CARES Act rebates
- Review the Individual Tax Reform provisions and identify which sections changed for 2018 and which were updated for 2021
- Review the Business Tax Reform provisions and identify which sections changed for 2018 and which were updated for 2021
- Identify the effective date for all provisions in the Tax Cuts and Jobs Act
CPE Credit: 13 CPE for CPAs and EAs
Level: Intermediate
Instructional Method: Self-Study
NASBA Field of Study: Taxes
Program Prerequisites: Basic understanding of federal tax code.
Advanced Preparation: None
Revision Date: February 25, 2022
