Checkpoint Learning

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Quarterly Tax Update Winter 2021  

CATEGORY: Taxation
COURSE ID: TXQ121, VERSION 1.00
  Online & Mobile
2 CPE Credits
Level: Update

The kiddie tax was introduced to mitigate many of the advantages of having income taxed to a lower-taxed family member. This tax was significantly revised with the TCJA by using estate and trust tax rates, thereby, in many cases, significantly increasing the tax burden on the child. However, in 2019, as part of the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), Congress reversed itself, repealed the use of the income tax rates for estates and trusts, and reinstated the use of the parents marginal rates effective in 2020. It also provided for an election to retroactively apply the change to 2018 and 2019 tax years. Ian Redpath and Shannon Jemiolo review what this means for tax practitioners. Additionally, this course looks at the treatment of employer-provided parking under Sect 274(a). A disallowance provision caused confusion for practitioners and in 2020 the Service issued proposed regulations in this area that may be relied upon. Ian Redpath and Karen Davis consider what it means for practitioners.

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