To review major developments in federal income taxation for individuals, corporations, and other businesses having the greatest impact on participants, their clients, and their companies. The course will emphasize developments affecting 2021 returns and tax planning, including provisions contained in the American Rescue Plan Act of 2021, the Consolidated Appropriations Act of 2021, any other 2021 legislation, and important regulations, rulings, and court cases. The seminar is designed to update participants concerning 2021 tax developments emphasizing practical solutions to problems and tax planning opportunities.

The seminar includes:

1. A review of the latest new law provisions effective for 2021, such as the: expanded employee retention credit (including maximizing the credit and PPP loan forgiveness), extended Sick Leave and Family Leave credits, extension of excess business loss limitations through 2026, up to $10,200 exclusion for unemployment benefits, stimulus payments and rebate credit, increased child tax credit and dependent care credit, tax-free forgiveness of student loans, 100% deduction for certain business food and beverage expenses, increased charitable contribution limitations, new revised rules for obtaining PPP loan forgiveness, and more;
2. A review of any other significant 2021 tax legislation
3. Final regulations explaining the treatment of inventories and use of the cash method for taxpayers with average gross receipts of $26 million or less
4. Regulations extending life expectancies for determining RMDs from IRAs and qualified retirement plans
5. Other new tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses. The presentation will emphasize tax planning opportunities resulting from these recent developments.

The course material also includes:

• A checklist of expiring tax provisions, and
• Practical planning ideas for businesses and individuals.

None