( 4-hour CE credit for year 2020)  Price $44.   Self-study

Program Description:

Federal Income Tax Changes

Federal Income Tax Changes examines the current tax changes that are more significant from the perspective of an income tax preparer. Context is provided, as appropriate, to assist students in understanding the changes.  A brief discussion of the individual taxpayer provisions of the Tax Cuts and Jobs Act of 2017 is also included.

Upon completion of the course, students should be able to:

  • List the current year changes in various amounts including –

o   Standard mileage rates,

o   The standard deduction,

o   The AMT exemption amount,

o   The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and

o   Deductions for qualified long-term care insurance premiums;

  •  Identify the current year tax credit changes affecting the –

o   Child tax credit,

o   Saver’s credit,

o   Earned income credit, and

o   Adoption credit;

  • Recognize the changes affecting –

Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,

Roth IRA eligibility, and

Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans; and

  • List the changes affecting the –

Individual penalties under the shared responsibility provision mandating maintenance of health insurance coverage,

Small employer premium tax credit, and

Applicable large employer mandate.