2020 Tax Filing Season Update
Field of Study:
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.
After completing this course you will 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;
- Calculate nonexempt taxpayers’ tax penalty under the Affordable Care Act for failure to maintain healthcare coverage;
- 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.
General understanding of federal income taxation.
Type of Delivery Method:
Recommended CPE Credits:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web 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 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.