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Federal Tax ChangesCode: 21b-FEDCH
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Course description and objectives:
Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Tax Cuts and Jobs Act of 2017 (TCJA) and the inflation-changed limits effective for 2020 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.
Upon completion of this course, you should be able to:
· List the 2020 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 2020 tax credit changes affecting the
o Saver's credit,
o Earned income credit, and
o Adoption credit;
· Recognize the 2020 changes affecting
o Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
o Roth IRA eligibility, and
o Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
· List the changes effective for 2020 with respect to the
o Small employer premium tax credit, and
o Applicable large employer mandate.
Presentation Method: QAS Self-Study
CPE credit: 6 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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