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1040 Update Textbook (2020) - #20301

1040 Update Textbook (2020) - #20301

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Overview

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Description:

Find out the latest tax law changes, guidance and forms from the CARES Act, SECURE Act and other COVID-19 related legislation with practical examples. This textbook also features the standard inflation-indexed updates to prepare you for filing individuals’ 2020 tax returns.

Since eligibility to use the cash method was significantly expanded under the TCJA and the CARES Act retroactively designated qualified improvement property as 15-year property, this textbook covers how to request certain accounting method changes using Form 3115 and the automatic change procedures. Focus is primarily on taxpayers claiming missed depreciation, as well as small business taxpayers changing to the overall cash method of accounting.

1040 Update covers:

  • Analyzing new tax laws and developments, and how they affect your clients, including provisions from the SECURE and CARES Acts
  • Interpreting the latest court decisions and IRS rulings
  • Applying inflation-adjusted amounts to 2020 individual tax returns
  • Identifying extended and expired tax provisions
  • Recognizing a change in method of accounting versus an error
  • Summarizing some of the accounting method changes small business taxpayers can make under the TCJA
  • Claiming missed depreciation by filing Form 3115

Product Details:

Level: Update

Author: NATP Staff

Publisher: NATP

Publication Date: 2020

Format: Print


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Corresponding CPE Courses:

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1040 Update Self-Study Course

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