New Year, New Rules? Federal Tax Update for Individuals and Businesses


RATING
4.2
This program was recorded live on Tuesday, January 18, 2022

You have one year from airing date to use this course as credit.

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Continuing Education

CPE Program Knowledge Level: Update
3 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0150
IRS/RPO Approved Program
#7ZBUJ-U-00094-22-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-U-00094-22-S (QAS Self Study) Archive
Federal Tax Law Update (3 Hours)

For this 3 credit program you need to have purchased a 15 Credit or 3 Credit package

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, looks at the administrative and legislative changes to the rules affecting the filing of both individual and business returns for the 2021 tax year, including any enacted or proposed tax reform. Panelists will provide updates on the start of the current filing season and review changes to forms and schedules. Panelists will discuss recent legislative and administrative developments, especially the tax provisions of the American Rescue Plan Act, relating to filing 2021 tax returns, to ensure complete understanding.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the changes to tax forms for the 2021 filing season, new legislation and guidance affecting those returns, and how to avoid the potential problems that may arise.

Program Learning Objectives

  1. Identify the standard mileage rates for the use of a car beginning on January 1, 2022.
  2. Identify the IRS Letter that serves as the official documentation with details needed to report advance Child Tax Credit (CTC) payments.
  3. Identify the IRS Letter that highlights key changes to the 2021 Child Tax Credit that affects families with dependents under the age of 18.
  4. Identify the 2021 standard deduction for a married couple filing jointly.

Program Outline

  • Individual Returns
    • Changes to Forms and Schedules
    • Inflation Adjustments
    • Significant IRS Regulations and Other Guidance
    • Anticipated Problems

  • Legislation Affecting Individuals
    • 2021 Recovery Rebate Credit
    • Child Tax Credit
    • Child and Dependent Care Credit
    • Earned Income Credit
    • Dependent Care Assistance Exclusion
    • Unemployment Compensation
    • Health Insurance Premium Credit

  • Business Return
    • Changes to Forms and Schedules
    • Inflation Adjustments
    • Significant IRS Regulations and Other Guidance
    • Anticipated Problems

  • Legislation Affecting Business
    • Employer Payroll Tax Credits
    • Self-Employed Tax credit
    • Employee Retention Credit
    • Treatment of Economic Injury Disaster Loans
    • Treatment of Restaurant Revitalization Grants
    • Excess Business Losses (Noncorporate)
    • Payment Card Reporting Requirements
    • Pension Plan Relief

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelist

Lizette Merle

Lizette M. Merle
Bilingual Tax Law Specialist

Lizette Merle is a Bilingual Tax Law Specialist in the Individual Tax Law Section in Tax Forms and Publications, a Division of the IRS. Lizette has been with the IRS for 16 years. As a bilingual TLS she develops and updates tax forms, instructions, and publications to be used by taxpayers. Prior to joining the IRS, she worked in the private sector as a self-employed tax accountant for corporations and individuals. Lizette has a bachelor's degree in Accounting and an MSA in International Taxation from Kaplan University.

Oksana Stowbunenko

Oksana Stowbunenko
Tax Law Specialist (Reviewer)

Oksana Stowbunenko began her career with the IRS in Collections in 2000 and, following the standup of Wage & Investment (W&I), joined Field Assistance. Since then, she has worked for W&I in Stakeholder, Partnerships, Education & Communication (SPEC) as a Tax Specialist and for Large Business and International (LB&I) as an International Tax Compliance Officer. In 2006, she joined W&I Media & Publications as a Tax Law Specialist in the Tax Forms and Publications (TF&P) Division, Business, Exempt Organization, and International Forms and Publications Branch. Currently, as a Tax Law Specialist (Reviewer), Oksana reviews products such as international partnership forms, information reporting forms, and various publications while coordinating with the Department of the Treasury, the Joint Committee on Taxation, the Office of Personnel Management, the Office of Management and Budget, the Social Security Administration, the Department of Justice, the Department of Energy and various branches of the military.

Industry Panelists

David-Mary-Mellem

David L. & Mary R. Mellem, EA
Partners at Ashwaubenon Tax Professionals

David and Mary prepare approximately 1,300 tax returns for individuals, corporations, partnerships, estates, and trusts.  2022 represents David's 44th year and Mary's 38th year of income tax preparation.  They are the partners of Ashwaubenon Tax Professionals.

In addition to teaching tax seminars and preparing tax returns, David and Mary provide research/consulting services for Federal tax matters for fellow tax professionals.

David and Mary are tax references for many sources including www.money.cnn.com and Green Bay area TV stations.  Mary has been a guest on Wisconsin Public Radio several times.  They have been quoted in various newspapers around the country and have published articles in NATP's Tax Practitioner Journal and NAEA's EAJournal.  David and Mary have both been guest panelists on the TaxTalkToday show sponsored by NAEA.  Mary has also been a guest on the Larry Meiller Show on Wisconsin Public Radio several times over the past few tax seasons to answer call-in questions from the listening audience and is scheduled to appear again this season.

They are both members of NATP, NAEA and Fellows of NTPI.  They have served on various NAEA committees.  David is a past editor of the NAEA EAJournal and has served on the NAEA Education Committee and NAEA Education Foundation.  Mary has written the Client Newsletters for the NAEA Journal for several years, and has served on the Public Relations Committee and the NAEA Education Foundation.

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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