Small Business Update for 2021 Tax Returns (Currently Unavailable)

Author: Annette Nellen

CPE Credit:  3 hours for CPAs
3 hours Federal Tax Law Updates for EAs and OTRPs

COVID-19-focused law changes continued to dominate tax considerations in 2021 for small businesses of all types. In addition, changes by the American Rescue Plan Act (March 2021) and Consolidated Appropriations Act 2021 (December 2020), affect 2021 and beyond for small businesses and their owners. Key developments for small businesses from all three branches of the federal government for 2021 and beyond are covered.

Publication Date: April 2022

Topics Covered

  • Tax law changes from the American Rescue Plan Act and Consolidated Appropriations Act 2021 affecting small businesses and their owners, including 2021 changes to child tax credits
  • COVID-19 tax provisions affecting 2021 tax returns for small businesses
  • Expiring provisions at the end of 2021
  • Select rulings for small businesses
  • Compliance challenges and preparer due diligence needs for small businesses

Learning Objectives

  • Identify new developments relevant for small businesses in filing 2021 tax returns
  • Recognize how to explain key COVID-19-legislation tax provisions for small businesses such as employment tax credits and treatment of various grants and loan forgiveness income
  • Identify compliance issues facing small businesses and their owners
  • Recognize which tax provisions was made permanent based on the Consolidated Appropriations Act 2021
  • Differentiate which Section clarified that gross income does not include forgiveness of certain loans, emergency EIDL grants, and certain loan repayment assistance, each as provided by the CARES Act
  • Identify how many years you should keep records for, based on the Paid Leave Credits FAQs
  • Identify a provision that expired on 9/30/21
  • Recognize approximately how many states have state Passthrough Entity Taxes

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
Basic tax preparation experience.

Advance Preparation
None

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