Federal Taxation

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House passes PPP deadline extension in 415-3 vote

March 17, 2021

A bill to move the Paycheck Protection Program application deadline from March 31 to May 31 sailed through the U.S. House of Representatives on Tuesday night, passing in a 415-3 vote that sends the legislation to the Senate for consideration.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal
  • federal tax

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

March 17, 2021

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

  • coronavirus
  • state tax
  • advocacy - federal
  • federal tax

SBA EIDL Payments Not Due Until 2022

March 15, 2021

mall businesses have even more time to pay off certain emergency loans as the SBA said the first due date for repayment of EIDLs made in 2020 is extended from 12 months to 24 months from the date of the note. For loans made in 2021, including loans under the COVID-19 EIDL program, the first payment due date is extended from 12 months to 18 months from the date of the note.

  • business and industry
  • coronavirus
  • practice management
  • federal tax

American Rescue Plan's Individual Tax Breaks

March 11, 2021

The signing of the American Rescue Plan comes just a few days before extended unemployment benefits were scheduled to start running out. There are several tax breaks for individuals to take note of.

  • coronavirus
  • personal financial planning
  • state tax
  • federal tax

Inside the tax provisions of the stimulus act

March 09, 2021

The Senate has approved the House's $1.9 trillion stimulus bill, designed to provide relief and address other issues related to the COVID pandemic.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal
  • federal tax

Senate passes Biden's $1.9 trillion relief package including $1,400 stimulus checks

March 06, 2021

The Senate passed President Joe Biden's $1.9 trillion stimulus package on Saturday, sending the amended bill back for a vote in the House followed by the president signing the legislation.

  • coronavirus
  • advocacy - federal
  • federal tax

DRS Commissioner Issues Guidance on H.B. No. 6516

March 05, 2021

As Governor Lamont is expected to sign House Bill No. 6516, An Act Mitigating Adverse Tax Consequences from Employees Working Remotely During COVID-19, and Concerning the Removal of Liens on the Property of Public Assistance Beneficiaries and a Three-Tiered Grants in Lieu of Taxes Program, into law, the purpose of this Commissioner's Bulletin is to make taxpayers aware of the impact the legislation will have on tax filing and payment obligations, including individual income tax returns and associated liabilities due on or before April 15th, 2021.

  • coronavirus
  • state tax
  • advocacy - state
  • federal tax

IRS issues employee retention credit guidance

March 02, 2021

In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020.

  • business and industry
  • coronavirus
  • practice management
  • federal tax

CT Senate Passes Bill to Address Commuter Tax Issues

March 01, 2021

House Bill 6513 (HB 6513), An Act Mitigating Adverse Tax Consequences Resulting From Employees Working Remotely During Covid-19, and Concerning The Removal Of Liens On The Property Of Public Assistance Beneficiaries And Three-Tiered Grants In Lieu Of Taxes Program, passed the Senate today.

  • state tax
  • advocacy - state
  • federal tax

IRS issues guidance for taxpayers caught up in unemployment overpayment debacle

March 01, 2021

A number of people who watched our report on unemployment overpayments Friday have reached out looking for answers. Connecticut is not the only state dealing with overpayment issues. The Internal Revenue Service is now issuing guidance.

  • coronavirus
  • state tax
  • advocacy - state
  • federal tax

NEW 2020 Stimulus Bill: Tax Provisions You Need to Know NOW

Mar 23rd 1:00pm - 3:00pm

Online

2.00 Credits

• PPP2 - The next round of the Paycheck Protection Program and how it integrates with PPP1 • PPP1 and PPP2 related deductions • Stimulus payments for individuals, including dependents • Expanded and refundable child care credit • Credits for child care providers • Employer credit for child care payments • Employee retention credit for domestic workers • Child and family care for essential workers • Extended unemployment period and additional payment • Extensions of prior legislation: mortgage loan forgiveness, interest deduction, energy provisions, depreciation of special assets • And much more!

Individual Tax Update 2020

Mar 24th 9:30am - 11:30am

Online

2.00 Credits

The major topics that will be covered in this course include:2020-21 tax legislation and developments related to individual taxpayers2020 tax rates and inflation-adjusted figuresReview and update of Section 199A deductionChanges in Form 1040 and its related forms and schedulesRental real estate and other passive activities lossesCapital gains and lossesKey rulings, regulations and cases affecting individual taxpayersDiscussion Leader(s) Steven C. Dilley, CPA, JD, PhD

NEW 2020 Stimulus Bill: Tax Provisions You Need to Know NOW

Apr 5th 10:30am - 12:30pm

Online

2.00 Credits

• PPP2 - The next round of the Paycheck Protection Program and how it integrates with PPP1 • PPP1 and PPP2 related deductions • Stimulus payments for individuals, including dependents • Expanded and refundable child care credit • Credits for child care providers • Employer credit for child care payments • Employee retention credit for domestic workers • Child and family care for essential workers • Extended unemployment period and additional payment • Extensions of prior legislation: mortgage loan forgiveness, interest deduction, energy provisions, depreciation of special assets • And much more!

Tax Season Update with Steve Dilley

Apr 6th 9:00am - 1:00pm

Online

4.00 Credits

The major topics that will be covered in this course include:2020-21 legislative, judicial and IRS developments impacting practitioners during the upcoming filing season2020 tax rates and inflation-adjusted figuresReview and update of the Section 199A deductionDepreciation and capitalization regulationsReview of any significant changes in tax formsAnalyze significant regulations, IRS rulings, and court cases affecting individuals, corporations, S corporations and partnershipsDiscussion Leader(s) Steven C. Dilley, CPA, JD, PhD

Key Tax Issues for Individual Taxpayers

Apr 8th 2:00pm - 4:00pm

Online

2.00 Credits

The major topics that will be covered in this course include:Recent federal tax legislation, cases and rulings affecting individual taxpayersReview the revised Form 1040 and its related schedules and formsGross income, wages, Schedule C and Schedule EItemized deductionsCapital gains and lossesTax Planning tipsDiscussion Leader(s) Douglas J. Van Der Aa, CPA, JD

NEW 2020 Stimulus Bill: Tax Provisions You Need to Know NOW

Apr 22nd 12:30pm - 2:30pm

Online

2.00 Credits

• PPP2 - The next round of the Paycheck Protection Program and how it integrates with PPP1 • PPP1 and PPP2 related deductions • Stimulus payments for individuals, including dependents • Expanded and refundable child care credit • Credits for child care providers • Employer credit for child care payments • Employee retention credit for domestic workers • Child and family care for essential workers • Extended unemployment period and additional payment • Extensions of prior legislation: mortgage loan forgiveness, interest deduction, energy provisions, depreciation of special assets • And much more!

Surgent's 2019 Tax Update

Available Until Mar 31st

Online

3.00 Credits

Reduction in individual and corporate tax rates Taxation of pass-through entities Deduction of home mortgage interest State and local tax deductions New alimony rules Standard deduction and itemized deductions Child tax credit Use of §529 accounts Survival of personal AMT and repeal of corporate AMT Estate and gift tax Bonus depreciation rules and expansion of §179  Business interest Modification of NOL rules Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more

Surgent's Advanced Individual Income Tax Return Issues

Available Until Mar 31st

Online

12.00 Credits

New issues for the current year tax return Installment sales -- understanding the complicated issues Form 8582: Passive losses with carryovers -- Complicated case with filled-in forms Capital gain and loss issues -- The problem with proper reporting of installment sales issues; when is a stock worthless; and much more… At-risk rules: What a return preparer really needs to know Passive loss issues -- You can’t just trust your software. What to watch out for, and the questions you need your clients to answer in order to do it right! Incentive and nonqualified stock options -- Reporting; key strategies for planning; dealing with the alternative minimum tax Alternative minimum tax -- Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client Form 6251: Detailed calculation example Understand how to properly report advanced transactions in financial instruments and investments Understand the special problems and new issues for the current return Identify the causes of alternative minimum tax liability and what can be done to reduce or eliminate it

Surgent's Advanced Individual Income Tax Return Issues

Available Until Mar 31st

Online

8.00 Credits

New issues for the current year tax return Installment sales -- understanding the complicated issues Form 8582: Passive losses with carryovers -- Complicated case with filled-in forms Capital gain and loss issues -- The problem with proper reporting of installment sales issues; when is a stock worthless; and much more… At-risk rules: What a return preparer really needs to know Passive loss issues -- You can’t just trust your software. What to watch out for, and the questions you need your clients to answer in order to do it right! Incentive and nonqualified stock options -- Reporting; key strategies for planning; dealing with the alternative minimum tax Alternative minimum tax -- Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client Form 6251: Detailed calculation example Understand how to properly report advanced transactions in financial instruments and investments Understand the special problems and new issues for the current return Identify the causes of alternative minimum tax liability and what can be done to reduce or eliminate it

Surgent's Federal Tax Update

Available Until Mar 31st

Online

4.00 Credits

Continuing coverage of tax reform implications related to both individuals and businesses How the Code affects tax planning for individuals and businesses Retirement plans and IRAs Review of pertinent cases and rulings regarding exclusions, character issues, retirement planning, travel and other items affecting your individual taxpayers Practice aids, including all the numbers applicable for the current year - inflation-adjusted amounts, mileage rates, retirement contributions, and more Other late-breaking tax law changes