2020 Filing Season Income Tax Update

Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws. The 2020 Tax Filing Season Update course is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2019 income. The course examines the Tax Cuts and Jobs Act of 2017 and changes in various limits that reflect inflation, provides a general tax review, and discusses important rules governing tax return preparer ethics, practices, and procedures.

Course Info:

Course #: 3230C
Delivery: Self-Study
CPE Hours: 6
Course Level: Basic
Prerequisites: None
Advanced Preparation: None
NASBA Area of Study: Taxes
Total Pages: 180
Questions: 30

EA Program Approval Number: XE26W-U-00223-19-S
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Course Objectives

To recall the inflation-related adjustments to standard mileage rates
To identify the rules and limits applicable to the education savings bond program
To recognize the limits concerning deductibility of premiums for and includibility of benefits under qualified long term care insurance policies
To recall the Retirement Savings Contribution Credit
To identify the small business tax credit and large employer shared responsibility requirement under the Affordable Care Act
To recall the changes made to applicable Archer MSA and Health Savings Account limits due to inflation adjustment
To identify the tax laws to alimony paid under divorce agreements entered into after 2018
To recognize the status of the Affordable Care Act individual mandate penalty
To identify those items included in a taxpayer’s taxable earnings
To recall the tax treatment of retirement income
To recognize the tax treatment given to nonqualified annuity distributions
To recall the characteristics of a business and a hobby
To identify deductions for business use of a home
To identify the recordkeeping requirements applicable to income and expenses from self-employment
To recognize the tax treatment of entertainment expenses incurred by a business
To identify the tax treatment given capital gains and losses
To identify the maximum state and local tax deductions
To recall the tax treatment of mortgage and home equity loan interest
To recognize the changes to charitable contribution deductions
To identify the changes to casualty and theft loss deductions
To recall the tax treatment of moving expense reimbursements
To identify the eligibility requirements for claiming the child tax credit, credit for other dependents, child and dependent care tax credit, education tax credit, and the earned income tax credit
To recall the available tax balance due and refund options
To recognize the tax return due dates and methods for filing for extensions
To recall the Alternative Minimum Tax exemption and phaseout amounts
To recognize the limit changes made to: the Kiddie tax, § 529 Qualified Savings Plans, ABLE accounts, student loan indebtedness, net operating losses (NOLs), employee fringe benefits, and depreciation of rental property
To identify the Affordable Care Act penalties and tax credits
To recognize the red flags indicating possible tax-related identity theft and suggested assistance to its victims
To identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC
To recall the e-file requirements

Table of Contents

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Sequoia CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.