Stretching the Dollar Today for Tomorrow’s Tax Return: Taking Advantage of Recent Federal Tax Updates in 2021
Recent tax legislation will have a large impact on small businesses in the United States in 2021 and the foreseeable future. To combat the economic damage suffered by businesses across the United States, Congress has passed legislation that all tax professionals and small business owners should take notice of. By making the correct tax moves in 2021, a taxpayer could see a decrease in their tax burden when filing their tax return.
- Review and understand portions of the Consolidated Appropriations Act 2020 that are beneficial to tax professionals and small business owners.
- Understand and describe the process for the second wave of PPP loans
- Understand and review the process for the deductibility of PPP-related expenses and forgiveness exemptions for smaller PPP loans.
- Explain and utilize recently updated tax deductions on a United States tax return
- Describe how the recent tax updates and the tax landscape based on the CARES Act and the Consolidated Appropriations Act 2020 will impact businesses and taxpayers moving forward.
Dr. Bart A. Basi is the current Senior Advisor to The Center for Financial, Legal & Tax Planning, Inc. Dr. Basi is an Attorney and CPA and has a PhD in Economics. Dr. Basi is also an instructor for My Tax Courses Online and presents material for the Annual Filing Season Program for Tax Return Preparers throughout the United States.
Roman Basi is the current President of The Center for Financial, Legal & Tax Planning, Inc. Roman is an Attorney, a CPA, Managing Real Estate Broker, Title Insurance Agent, and an instrument rated private pilot. Roman is nationally recognized tax speaker and presents at professional organizations around the country in addition to being a instructor for My Tax Courses Online.