Event Description

This course analyzes provisions applicable to 2020 income tax returns that help tax practitioners reduce a client’s tax liability. This is of great importance heading to the October 15 filing deadline, as many of the most complex returns are put on extension. Of particular note is the impact of the American Rescue Plan Act of 2021 on 2020 income tax returns, as well as the impact of IRS Notice 2021-20 regarding the Employee Retention Tax Credit and the PPP loan program.

Designed For

All tax practitioners with individual and business clients

Objectives

Minimize the tax liability of individuals and businesses with complex 2020 income tax returns

Major Subjects

Impact of IRS Notice 2021-20 changes on the Employee Retention Tax Credit and PPP loan repayments for 2020 Impact of the American Rescue Plan Act of 2021 on 2020 tax returns Maximizing the Employee Retention Tax Credit in 2020 under the new rules Tax extender provisions taxpayers can use to reduce 2020 tax liability Quick refunds for clients generated by net operating loss rules applicable to 2020 The beneficial consequences of taking bonus depreciation on Qualified Improvement Property for years prior to 2020 and generating a larger refund for a prior year

Prerequisites

None

Instructions

None