While 2020 brought forth drastic change to our tax laws, 2021 is set to bring its own set of challenges. Setting aside the outcome of the 2020 Senate and Presidential Elections, this Session will focus on the annual IRS tax updates for 2021, while expounding on the impact of the CARES Act legislation (i.e., the Paycheck Protection Program) for tax filing purposes.
Upon completion of this course, the participants will be able to:
• Understand the customary IRS 2021 updates on aspects including but not limited to, the income tax brackets, standard deductions, estate/gift exemptions, other material exemptions, etc.;
• Understand adjustments for Pension Plans and Retirement Accounts;
• Understand best practices on how to minimize the tax impact on Forgiveness of Paycheck Protection Program Loans on 2020 Tax Returns;
• Describe how the 2021 IRS updates and the tax landscape based on the CARES Act will impact businesses and taxpayers moving forward.