Federal Income Tax Changes Summary - 2018
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Federal Income Tax Changes Summary examines the current tax changes effective for 2018 that are more significant from the perspective of an income tax preparer. Context is provided, as appropriate, to assist in understanding the changes. A brief discussion of the individual taxpayer provisions of the Tax Cuts and Jobs Act of 2017 is also included. |
Course Info:
- Course #: 3225A
- Delivery: Self-Study
- CPE Hours: 3
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- IRS Category: Federal Tax Law Update
- Total Pages: 89
- Questions: 15
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EA Program Approval Number: XE26W-U-00175-18-S
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Course Objectives
- Recall the various standard mileage deductions
- Identify the 2018 standard deduction amounts available to taxpayers
- Recognize the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts
- Recall the retirement savings contribution credit available to eligible taxpayers
- Recognize the rules and income limits applicable to eligibility for the earned income credit
- Identify the adoption credit rules
- * Identify the changes made by the PPACA effective in 2018 related to the:
- Health flexible spending arrangement contribution limits;
- Penalty for individuals who fail to comply with the PPACA mandate to maintain minimum essential coverage in 2018;
- Small business health care tax credit;
- Large employer shared responsibility provision; and
- Large employer reporting and notification requirements.
- Recognize the eligibility rules applicable to Archer MSAs and HSAs
- Identify the maximum contributions that may be made to an Archer MSA
- Recall the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs
- Identify individual tax rate changes affecting taxpayers
- Recognize the changes made to the various exemptions and deductions available to taxpayers
- Recall changes made regarding the available Child Tax Credit
Table of Contents
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