This course explores business tax changes that have been enacted in 2021, as well as proposed changes that may impact many business clients of general tax practitioners. At this challenging time in which major legislation still hangs in the balance, it is critical that practitioners stay up-to-date on enacted and proposed changes.
BENEFITS
- Be familiar with business related tax changes for 2021
HIGHLIGHTS
- Major tax changes proposed in the Build Back Better Act
- Tax changes enacted as part of the Infrastructure Investment and Jobs Act (IIJA), including cryptocurrency reporting
- Elimination of the Employee Retention Tax Credit (ERC) as of October 1, 2021
- What is an eligible recovery start-up business for purposes of claiming the ERC in the last quarter of 2021?
- Business interest limits under Sec. 163(j)
- New changes to the Sec. 461(l) loss limitation provisions
- IRA and retirement plan changes
- New and revised tax credits
- TIGTA evaluation of S corporation shareholder compensation
- COBRA health insurance coverage
- New rules relating to Sec. 1202 stock
- 5% and 3% surcharges on high income individuals
COURSE LEVEL
Update
PREREQUISITES
A basic familiarity with business tax returns