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2020 Annual Tax Season Update - Mirrors the IRS-AFTR (Course Id 1517)

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Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 9.0
IRS Credits : 9
Price : $80.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1517

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.

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 30-May-2019
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers - 1517

Keywords : Taxes, 2020, Annual, Tax, Season, Update, Mirrors, IRS-AFTR, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, a tax return preparer should be able to:
  • Identify the principal individual income tax changes brought about by the Tax Cuts and Jobs Act of 2017;
  • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers income tax returns;
  • Recognize the federal income tax filing statuses and the criteria for their use;
  • Identify the types of income that must be recognized;
  • Apply the tax rules to the various credits and adjustments to income that are available to taxpayers;
  • Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns; and
  • Identify the duties and restrictions imposed on tax preparers under Circular 230.

Chapter 1
New Tax Law/Recent Updates

When you have completed the chapter 1 text, you should be able to:
  • 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 beneficiarys earned income;
  • Describe the Retirement Savings Contribution Credit; and
  • Identify the small business tax credit and large employer shared responsibility requirement under the Affordable Care Act.

Chapter 2
New Tax Law/Recent Updates (contd)

When you have completed the chapter 2 text, you should be able to:
  • 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; and
  • Calculate the simplified qualified business income (QBI) deduction using IRS Form 8995.

Chapter 3
Earned & Unearned Income

When you have completed the chapter 3 text, you should be able to:
  • Identify those items included in a taxpayers taxable earnings;
  • Determine the tax treatment of foreign accounts and trusts; and
  • Understand the tax treatment of retirement income; and
  • Describe the tax treatment given to nonqualified annuity distributions.

Chapter 4
Schedules C/D & Form 8949

When you have completed the chapter 4 text, you should be able to:
  • 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
      o bonus depreciation,
      o luxury auto depreciation limits, and
      o listed property updates; and
  • Describe the tax treatment given capital gains and losses.

Chapter 5
TCJA Schedule A Changes

When you have completed the chapter 5 text, you should be able to:
  • 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; and
  • Describe the tax treatment of moving expense reimbursements.

Chapter 6
Credits & Filing/Paying Taxes

When you have completed the chapter 6 text, you should be able to:
  • Identify the eligibility requirements for claiming
      o child tax credit,
      o credit for other dependents,
      o child and dependent care tax credit,
      o education tax credit, and
      o earned income tax credit;
  • Describe the requirements related to tax withholding and estimated tax payments;
  • List the available tax balance due and refund options; and
  • Recognize the tax return due dates and methods for filing for extensions.

Chapter 7
Overview Topics

When you have completed the chapter 7 text, you should be able to:
  • Describe the Alternative Minimum Tax exemption and phaseout amounts;
  • List the limit changes made to
      o the Kiddie tax,
      o 529 Qualified Savings Plans,
      o ABLE accounts,
      o student loan indebtedness,
      o net operating losses (NOLs),
      o employee fringe benefits, and
      o depreciation of rental property; and
  • Recognize the Affordable Care Act penalties and tax credits.

Chapter 8
Practices, Procedures & Professional Responsibility

When you have completed the chapter 8 text, you should be able to:
  • 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; and
  • Understand the e-file requirements.
Course Contents :

To view Table of Contents, please Click here.

CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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