2021 Tax Update – Must-Know Provisions for the Current Tax Season – Self Study Course

Current Status
Not Enrolled
Price to Purchase
Course Individually
$29.95

Course Description

The last couple of years has seen many updates and changes to the tax code. The past year was unpresented with a global pandemic as the primary driving force for the latest updates to the tax code. This course will review the changes in tax codes from the American Rescue Plan for 2021, the Consolidated Appropriation Act, and the CARES Act. Important provisions from these three bills will be reviewed with emphasis being placed on the most current bill. This course will review the highlights of the American Rescue Plan of 2021. It will review individual stimulus payment amounts, credits, and business loans. This course will review the highlights of the Consolidated Appropriation Act. Finally, this course will review the highlights from the CARES Act.

Learning Objectives

At the end of this course, students will be able to:

  • Identify the amount of aid allocated for local governmental assistance provided in the American Rescue Plan for 2021.
  • Identify the amount of aid provided to qualifying dependents in direct payments provided by the American Rescue Plan for 2021.
  • Determine the date extension of the Federal Pandemic Unemployment Compensation (FPUC), as well as the FPUC amounts provided in the American Rescue Plan for 2021.
  • Identify the new amount of Child Tax Credit provide in the American Rescue Plan for 2021.
  • Identify the total cost of the Consolidated Appropriation Act.
  • Identify the maximum amount of AGI taxpayers can earn before they are phased out of stimulus payments in the Consolidated Appropriation Act.
  • Review the amount of funds allocated for specific provisions within the Consolidated Appropriation Act.
  • Identify the amount of funding allocated for the various programs within the CARES Act including the Paycheck Protection Program.
  • 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 stimulus payments.
  • Determine the maximum amount of employees an employer may have before losing employee retention credit capabilities.

CPE Credit: 6 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: April 6, 2021