2020 Annual Tax Season Update
Each year, various limits affecting income tax return preparation and tax planning are changed to account for the effects of inflation. In addition, the Tax Cuts and Jobs Act of 2017 significantly affects tax planning and income tax liability for many taxpayers. This course will examine many of those changes.  

The Annual Tax Filing Season Update course discusses new tax law and recent updates for the 2020 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.

Course Publication Date: March 28, 2020

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $90.00!

Author:Paul Winn
Course No:TAX-TAXUPDATE20-3140
Recommended CPE:9.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Taxes
  
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Learning Objectives
  • Describe the inflation-related adjustments to standard mileage rates.
  • Apply the rules and limits applicable to the education savings bond program.
  • Recognize the limits concerning deductibility of premiums for and includability of benefits under qualified long term care insurance policies.
  • Apply the Social Security earned income limits to a Social Security beneficiary’s earned income.
  • Describe the Retirement Savings Contribution Credit.
  • Identify the small business tax credit and large employer shared responsibility requirement under the Affordable Care Act.
  • List the changes made to applicable Archer MSA and Health Savings Account limits due to inflation adjustment.
  • Describe the status of tax extenders.
  • Apply the tax laws to alimony paid under divorce agreements entered into after 2018.
  • Identify the AGI threshold applicable to the 2019 and later deduction of unreimbursed medical expenses.
  • Describe the status of the Affordable Care Act individual mandate penalty.
  • Calculate the simplified qualified business income (QBI) deduction using IRS Form 8995.
  • Identify those items included in a taxpayer’s taxable earnings.
  • Determine the tax treatment of foreign accounts and trusts.
  • Understand the tax treatment of retirement income.
  • Describe the tax treatment given to nonqualified annuity distributions.
  • Contrast the characteristics of a business and a hobby.
  • Calculate a deduction for business use of a home.
  • Identify the recordkeeping requirements applicable to income and expenses from self-employment.
  • Describe the tax treatment of entertainment expenses incurred by a business.
  • List the section 179 expense limits.
  • Recognize the depreciation requirements concerning bonus depreciation.
  • Recognize the depreciation requirements concerning luxury auto depreciation limits.
  • Recognize the depreciation requirements concerning listed property updates.
  • Describe the tax treatment given capital gains and losses.
  • Identify the maximum state and local tax deductions.
  • Describe the tax treatment of mortgage and home equity loan interest.
  • Recognize the changes to charitable contribution deductions.
  • Understand the changes to casualty and theft loss deductions.
  • Describe the tax treatment of moving expense reimbursements.
  • Identify the eligibility requirements for claiming child tax credit.
  • Identify the eligibility requirements for claiming credit for other dependents.
  • Identify the eligibility requirements for claiming child and dependent care tax credit.
  • Identify the eligibility requirements for claiming education tax credit.
  • Identify the eligibility requirements for claiming earned income tax credit.
  • Describe the requirements related to tax withholding and estimated tax payments.
  • List the available tax balance due and refund options.
  • Recognize the tax return due dates and methods for filing for extensions.
  • Describe the Alternative Minimum Tax exemption and phaseout amounts.
  • List the limit changes made to the Kiddie tax,.
  • List the limit changes made to § 529 Qualified Savings Plans,.
  • List the limit changes made to ABLE accounts,.
  • List the limit changes made to student loan indebtedness,.
  • List the limit changes made to net operating losses (NOLs),.
  • List the limit changes made to employee fringe benefits, and.
  • List the limit changes made to depreciation of rental property.
  • Recognize the Affordable Care Act penalties and tax credits.
  • 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.

CPE Depot Inc. 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 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.nasbaregistry.org.

Sponsor Number: 109423

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