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
View more courses approved for EAs |
|
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
|
Purchase Membership
Annual Membership: $149
Receive unlimited access to all courses offered by Sequoia CPE for 1 year (no ethics included).
Buy Now
100% Money Back Guarantee
If you are not satisfied with your purchase for any reason, you may receive a
full refund any time in the first 45 days of membership. Please call Customer Service
at 1-800-572-9675 with any concerns or to request a refund.
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.
