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Top Federal Tax Issues for 2021 | CPE Course Top Federal Tax Issues for 2021 CPE COURSE BONUS CPE COURSE! Earn CPE Credit and stay on top of key accounting and auditing issues. Go to CCHCPELink.com/printcpe Top Federal Tax Issues for 2021 ⏐ CPE Course Annette Nellen, CPA, CGMA, Esq. Greg White, CPA James R. Hamill, Ph.D., CPA Jennifer Kowal, J.D. Klaralee Charlton, J.D., LL.M. Contributors Contributing Editors ..................... Annette Nellen, CPA, CGMA, Esq. Greg White, CPA James R. Hamill, Ph.D., CPA Jennifer Kowal, J.D. Klaralee Charlton, J.D., LL.M. Production Coordinator ..............Mariela de la Torre; Jennifer Schencker; Gokiladevi Sashikumar Production .......................... Sharon Sofinski; Anbarasu Anbumani This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. All views expressed in this publication are those of the author and not necessarily those of the publisher or any other person. © 2020 CCH Incorporated and its affiliates. All rights reserved. 2700 Lake Cook Road Riverwoods, IL 60015 800 344 3734 CCHCPELink.com No claim is made to original government works; however, within this publication, the following are subject to CCH Incorporated’s copyright: (1) the gathering, compilation, and arrangement of such government materials; (2) the magnetic translation and digital conversion of data, if applicable; (3) the historical, statutory and other notes and references; and (4) the commentary and other materials. Do not send returns to the above address. If for any reason you are not satisfied with your book purchase, it can easily be returned within 30 days of shipment. Please go to support.cch.com/returns to initiate your return. If you require further assistance with your return, please call: (800) 344-3734 M-F, 8 a.m. – 6 p.m. CT. iii Introduction Each year, a handful of tax issues typically require special attention by tax practitioners. The reasons vary, from tax legislation, a particularly complicated new provision in the Internal Revenue Code, to a planning technique opened up by a new regulation or ruling, or the availability of a significant tax benefit with a short window of opportunity. Sometimes a developing business need creates a new set of tax problems, or pressure exerted by Congress or the Administration puts more heat on some taxpayers while giving others more slack. All these share in creating a unique mix that in turn creates special opportunities and pitfalls in the coming year and beyond. The past year has seen more than its share of these developing issues. Top Federal Tax Issues for 2021 CPE Course identifies those recent events that have developed into the current “hot issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2021. They have been selected not only because of their impact on return preparation during the 2021 tax season but also because of the important role they play in developing effective tax strategies for 2021 and beyond. This course is designed to help reassure the tax practitioner that he or she is not missing out on advising clients about a hot, new tax opportunity; or that a brewing controversy does not blindside their practice. In addition to issue identification, this course provides the basic information needed for the tax practitioner to implement a plan that addresses the particular opportunities and pitfalls presented by any one of those issues. Among the topics examined in the Top Federal Tax Issues for 2021 CPE Course are: • The Rules on Entertainment, Meals and Snacks in Light of Changes by the Tax Cuts and Jobs Act (TCJA) • Section 199A Qualified Business Income • The Federal Tax Consequences of Presidentially Declared Disaster Areas under the Stafford Act • The Families First Coronavirus Response Act and CARES Act • COVID-19 Employment Tax Changes for Employers and the Self-Employed • Tax Issues Involving Troubled Borrowers • Paycheck Protection Program (PPP) Loans: New Legislation and the Impact on Forgiveness • Retirement Plan Changes by Congress and the IRS in Response to COVID-19 Study Questions. Throughout the course you will find Study Questions to help you test your knowledge, and comments that are vital to understanding a particular strategy or idea. Answers to the Study Questions with feedback on both correct and incorrect responses are provided in a special section beginning at ¶10,100. Final Exam. This course is divided into four Modules. Take your time and review all course Modules. When you feel confident that you thoroughly understand the material, turn to the Final Exam. Complete one, or all, Module Final Exams for continuing professional education credit. Go to cchcpelink.com/printcpe to complete your Final Exam online for immediate results. My Dashboard provides convenient storage for your CPE course Certificates. Further information is provided in the CPE Final Exam instructions at ¶10,300. Please note, iv manual grading is no longer available for Top Federal Tax Issues. All answer sheets must be submitted online for grading and processing. Note: The material contained in this publication was current at the time it went to print. October 2020 PLEDGE TO QUALITY Thank you for choosing this CCH® CPE Link product. We will continue to produce high quality products that challenge your intellect and give you the best option for your Continu- ing Education requirements. Should you have a concern about this or any other Wolters Kluwer product, please call our Customer Service Department at 1-800-344-3734. COURSE OBJECTIVES This course was prepared to provide the participant with an overview of specific tax issues that impact 2020 tax return preparation and tax planning in 2021. Each impacts a significant number of taxpayers in significant ways. Upon course completion, you will be able to: • Identify and explain the tax rules applicable to a company’s expenditures on entertain- ment, snacks, and meals for customers and employees • Recognize and apply the rules of the proposed regulations under Code Sec. 274 released in February 2020 • Recognize and apply the Tax Cuts and Jobs Act (TCJA) changes and the IRS guidance addressing these changes • Compute the Section 199A deduction for taxpayers above the threshold income level and for other taxpayers • Identify planning opportunities to maximize the deduction • Define a service business as that term is used in Section 199A • Describe the basic structure of Section 199A • Recognize how qualified business income (QBI) applies to clients • Define a trade or business as the term applies to Section 199A • Identify aggregation factors • Recognize what is included as a service business • Identify unadjusted basis immediately after acquisition (UBIA) • Recognize when a special allocation of UBIA or W-2 wages may be made by a partnership • Calculate interest and penalties if tax is not paid by the Notice 2020-18 due date • Identify which clients are best served by filing early • Recognize the amount of taxes clients must pay by April 15 • Describe the key features of the Families First Coronavirus Response Act and the CARES Act that apply to businesses and individual taxpayers • Recognize how provisions of these acts apply in common factual scenarios • Identify how to determine whether taxpayers are eligible for provided benefits under the acts v • Recognize how Pandemic Emergency Unemployment Compensation applies • Describe what happens to an EIDL loan received before April 3, 2020, for COVID-19 related purposes • Identify employment tax relief for employers and self-employed individuals in the FFCRA and CARES Acts • Compute the employee retention credit with and without the employer OASDI tax deferral provision • Recognize how the payroll/self-employment tax relief interacts with other COVID-19 and general tax provisions • Explain the difference in tax treatment between cancellation of recourse debt and foreclosures of property securing non-recourse debt • Identify situations when cancellation of indebtedness income may be excluded under Code Section 108 • Describe which types of debt modifications are treated as exchanges, and the tax consequences • Explain the tax treatment of claims in bankruptcy and the taxation of the bankruptcy estate • Identify what is considered first in the order of basis reduction • Recognize how to compute the amount of debt forgiveness • Recognize how to compute the limit on nonpayroll expenses • Develop practical steps for unused funds near the end of the 8-week covered period • Compute the maximum loan amount for sole proprietors and partnerships • Identify remaining areas where guidance is still lacking • Describe the efforts by Congress and the IRS in response to the COVID-19 pandemic • Describe the retirement distribution changes implemented by the SECURE Act and CARES Act • Recognize and analyze the options available to employees to use retirement funds for current liquidity needs • Recognize recommended plan changes to employer retirement plans based on shrink- ing revenue and employee reductions • Identify the impact of using government loan proceeds to contribute to retirement plans • Recommend estate planning techniques to achieve client goals in light of modified withdrawal options Additional copies of this course may be downloaded from cchcpelink.com/printcpe.
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