Federal Income Tax Changes Summary - 2020
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This course examines the current tax changes that are more significant from the perspective of an income tax preparer. Context is provided, as appropriate, to assist in understanding the changes. |
Course Info:
- Course #: 3225C
- Delivery: Self-Study
- CPE Hours: 3
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- IRS Category: Federal Tax Law Update
- Total Pages: 94
- Questions: 15
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EA Program Approval Number: XE26W-U-00257-20-S
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Course Objectives
- To identify the 2020 standard deduction amounts available to taxpayers
- To recognize the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts
- To recall the retirement savings contribution credit available to eligible taxpayers
- To identify the changes made by the PPACA effective in 2020 related to the health flexible spending arrangement contribution limits
- To identify the changes made by the PPACA effective in 2020 related to the small business health care tax credit
- To identify how to calculate full-time equivalent employees (FTEs) for purposes of the Affordable Care Act
- To recognize the eligibility rules applicable to Archer MSAs and HSAs
- To identify the maximum contributions that may be made to an Archer MSA
- To recall the tax treatment rules of contributions to and distributions from Archer MSAs and HSAs
- To recognize a taxpayer’s eligibility to make a Roth IRA contribution
- To recognize the changes made to the standard deduction available to taxpayers
- To recognize the allowable §199A QBI deduction
Table of Contents
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