- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax Update - 2.0
A taxpayer may claim a tax credit under Sec.24 for each 'qualifying child' (CTC) for whom the taxpayer is allowed a dependency deduction under Sec.151. Enhanced CTC rules apply for tax years beginning in 2018 through 2025, with additional expanded rules applicable for tax year 2021 only. The amounts are subject to a two-step phaseout. Beginning in July, taxpayers could start receiving advance payments of the 2021 credit. This requires a reconciliation of the credit and advances taken when preparing the 2021 return. A qualified conservation contribution can provide great benefits for a client. However, this has been an area of significant fraud, and the IRS is increasing its enforcement, including criminal. Of particular concern are syndicated conservation easements. It is important that practitioners be aware of the benefits and pitfalls in this area to properly advise clients.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
assess the basic tax rules applicable to the child tax credit, including evaluate who qualifies for the CTC, determine the CTC and phaseouts, and analyze the CTC if advance payments are received; and analyze current tax issues related to conservation easements, including assessing the tax benefits of a conservation contribution; analyzing whether property is qualified; and assessing investments in syndicated conservation easements.