2019 Filing Season Income Tax Update
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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 2019 Tax Filing Season Update course is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2018 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 #: 3230A
- Delivery: Self-Study
- CPE Hours: 6
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Taxes
- Total Pages: 154
- Questions: 30
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EA Program Approval Number: XE26W-U-00181-18-S
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Course Objectives
- Recognize the Act’s effect on the individual income and capital gains tax rates, standard deductions, filing requirements and exemptions resulting from passage of the Tax Cuts and Jobs Act
- Recall the Act’s impact on the tax treatment of alimony and taxpayer moving expenses
- Recognize the provisions of the enhanced child tax credit
- Recall the changes to the AMT and the §529 plan changes
- Recognize the changes affecting the discharge of student loan indebtedness and net operating losses
- Identify the Act’s effect on the ACA’s requirement to maintain health coverage and its changes to employee fringe benefits
- Recognize the tax limits subject to annual inflation adjustments
- Identify items included in a taxpayer’s taxable earnings
- Recognize the items included in self-employment income and expenses
- Identify the tax deduction for business use of a home
- Recognize the tax treatment of Social Security benefits
- Recall details regarding different individual retirement accounts, their contribution limits, and distribution rules
- Recognize the eligibility requirements for various tax credits
- Recall the rules governing a taxpayer’s tax withholding and estimated tax payments
- Identify the options available to a taxpayer for paying any tax due or receiving a tax refund
- Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims
- Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
- Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them
- Recognize the penalties applicable to a tax return preparer under Title 26
- Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC
- Understand the e-file requirements
- Recognize the Annual Filing Season Program requirements
Table of Contents
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