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New IRS Form 1040: Business Rules and Schemas, Form 1040-ES and Form 7202: Individual Tax Return and Estimated Tax Payments Reporting Requirements, Penalties and Deadlines

IRS Guidance on Form 1040: Your Individual Tax Return

If you're a sole proprietor, Form 1040 Schedule C will most likely demand your attention. It helps you report your income or loss from a profession you practiced or a business you operated. If you're self-employed, the IRS requires you to file Schedule SE to calculate the self-employment tax due on your net earnings.

How does it impact your benefits under the social security program? What if you're already getting medicare or social security benefits? How are Form 1099 and Form 7202 involved? What are the tax changes and key amounts for 2021 tax year?

How do you report your income, expenses, sales, vehicle information, and other expenditures to the IRS? What documentation do you need and what role does Form W-2 play? What income to consider and what to neglect? What's the definition of statutory employees here? How do you report your returns, allowances, tax credits, or refunds? What are depletion and depreciation sections for?  What are the Modernized e-File Schemas and Business Rules for Form 1040 and Extensions considering the tax year 2021?

This training will answer these along with much more information to bust the myths around this filing. We'll also have polling questions to test your knowledge!

IRS Form 1040-ES: Possible Congressional Action & Estimated Payments

With January 2022 approaching, practitioners are now preparing to file the 4th estimated tax payment of the year 2021. How do you calculate and pay it? What are the penalties involved in the case of non-compliance? What does your form W-4 report? What are the capital gain tax rates for this year? How do the interests, dividends, and capitals impact the filings for self-employed individuals?

Join us to have your tax expert answer all these questions live!


What'll You Learn?

-Form 1040-ES: When are estimated payments required - plus possible Congressional action on estimated payment due dates?
-Changes pertaining to sole proprietors, including FFCRA credits, changes to Form 1099, and reporting business losses on personal returns
-IRS Form 7202 and its relationship with self-employed individuals
-Form W-2, Form W-4, and other documentation requirements
-Form 1040 for 2021: What’s new, how, when and what to report?
-Changes to Form 1099-K and rules for Form 1099-NEC
-Changes to other forms for 2021
-Up-to-the-minute Congressional updates
-What are the different form Schedules and sections for?
-What income to consider and who is required to file?


Bonus Topics

-Expanded child tax credit
-Expanded unemployment
-Changes to charitable contributions
-Expanded daycare credit
-Stimulus payments


Why is it Important to Attend?

Join us to learn the changes to individual taxes for 2021. This training includes a detailed guideline on Form 1040 and Form 1040-ES. We'll discuss the payments, the expansion of the child tax credit, and the expansion of the credit for daycare expenses.

We will also cover topics pertaining to sole proprietors, including changes to Form 1099 reporting, and how a sole proprietor can claim tax credits under the FFCRA. COVID-19 has driven many changes in both 2020 and 2021 and it can be hard to keep up with the changes. This training will clear up those misconceptions.


Who Must Join?

-HR professionals
-Tax professionals
-Payroll professionals
-Tax filers and practitioners

You may ask your Question directly to our expert during the Q&A session.


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