Description:
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 Annual Tax Season Update course is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients' 2019 income. The course a) examines the Tax Cuts and Jobs Act of 2017 and changes in various limits that reflect inflation, b) provides a general tax review, and c) discusses important rules governing tax return preparer ethics, practices and procedures.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Author: Paul Winn

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 08/14/2019

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Objectives:
Chapter 1 - New Tax Law / Recent Updates
1. Recognize the inflation-related adjustments to standard mileage rates;
2. Apply the rules and limits applicable to the education savings bond program;
3. Recognize the limits concerning deductibility of premiums for and includability of benefits under qualified long term care insurance policies;
4. Apply the Social Security earned income limits to a Social Security beneficiary's earned income;
5. Recognize the Retirement Savings Contribution Credit; and
6. Identify the small business tax credit and large employer shared responsibility requirement under the Affordable Care Act.

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-U-00212-19-S