Crucial Tax Topics 2021-2022 with Art Werner - 2021 Federal Income Tax Update -- What's New and What's on the Horizon
As a tax professional, you are used to advising clients on year-end tax matters. 2021 is no exception. However, considering all the extraordinary issues that your clients have faced in these past few years, year- end planning for 2021 will be much more significant. The House Ways and Means Committee has released a report entitled “Responsibly Funding Our Priorities”. It includes proposed international, corporate, individual and retirement tax “reforms”. This course will provide you with a complete understanding of this proposal as well as integrated planning ideas that will direct your client’s year-end needs. The materials will include all updates in existence at the time of the lecture. In addition, we will opine on the probability of this proposal passing as law.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
Basic Course Information
Major Subjects
- Increase in corporate tax rate
- Increase in top marginal income tax rate
- Increase in capital gains rate
- Changes in Net Investment Income Tax rate to trade or business income of certain high-income individuals
- New QBI limitations for IRC §199A
- Limitation on excess business losses
- Surcharge on high-income individuals, trusts, and estates
- Elimination of higher unified credit
- Increase in limitation of IRC §2032A special use valuation
- Grantor Trust rule changes
- Reduction in valuation discounts
- Retirement plan contribution limitations for high-income taxpayers
- RMD increase for high-income taxpayers
- Elimination of “back-door IRAs
- Various IRA changes
- Many additional miscellaneous changes
- Year-end estate and gift planning ideas
- Year-end gifting ideas
- Charitable transaction planning
- Roth conversion ideas
Learning Objectives
- Recognize and complete various tax forms and other individual income tax returns for the 2021 tax season