Top Federal Tax Issues for 2021 CPE Course: Module 1

Author: Annette Nellen, James R. Hamill

CPE Credit:  6 hours for CPAs
6 hours Federal Tax Related for EAs and OTRPs
6 hours Federal Tax Law for CTEC

Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot” issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2021. They have been selected not only because of their impact on return preparation during the 2021 tax season but also because of the important role they play in developing effective tax strategies for 2021 and beyond. Module 1 reviews the rules on entertainment, meals, and snacks in light of changes by the Tax Cuts and Jobs Act (TCJA) and IRC Section 274. The affect of these changes on substantiation, recordkeeping, and tax planning are also addressed. This module also covers the final rules that govern the qualified business income deduction.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: October 2020

Designed For
CPAs, Tax Professionals

Topics Covered

  • Entertainment and food changes to Code Sec. 274 made by the TCJA
  • Proposed regulations on meals and entertainment released in February 2020
  • Current issues in the food and fun area and how to address them
  • Reminders for Practitioners
  • General Provisions
  • Ancillary Issues
  • Rental as a trade or business
  • Aggregation options
  • Segregation rules
  • Section 707 payments

Learning Objectives

  • Identify and explain the tax rules applicable to a company's expenditures on entertainment, snacks, and meals for customers and employees
  • Recognize and apply the rules of the proposed regulations under Code Sec. 274 released in February 2020
  • Recognize and apply the Tax Cuts and Jobs Act (TCJA) changes and the IRS guidance addressing these changes
  • Compute the Section 199A deduction for taxpayers above the threshold income level and for other taxpayers
  • Identify planning opportunities to maximize the deduction
  • Define a service business as that term is used in Section 199A
  • Describe the basic structure of Section 199A
  • Recognize how qualified business income (QBI) applies to clients
  • Define a trade or business as the term applies to Section 199A
  • Identify aggregation factors
  • Recognize what is included as a service business
  • Identify unadjusted basis immediately after acquisition (UBIA)
  • Recognize when a special allocation of UBIA or W-2 wages may be made by a partnership


Instructional Method

NASBA Field of Study
Taxes (6 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $129.00

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