Federal Income Tax Changes - 2019
Field of Study:
Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. In addition, the Tax Cuts and Jobs Act of 2017 (TCJA) became effective in 2018.
This course will examine the tax changes that took effect in 2018 as a result of passage of the TCJA and the inflation-changed limits effective for 2019 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. In addition to these customary annual changes affecting various limits, other tax changes brought about by the TCJA will be discussed.
After completing this course you will be able to:
- Identify the standard mileage deductions for – Use of a personal vehicle for business purposes, Use of a personal vehicle to obtain medical care, and Charitable use of a personal vehicle;
- Identify the 2019 standard deduction amounts available to taxpayers;
- Recognize the changes made to the alternative minimum tax exemption amount for 2019;
- Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2019; and
- Recognize the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts.
- Identify the retirement savings contribution credit available to eligible taxpayers;
- Recognize the rules and income limits applicable to eligibility for the earned income credit;
- Recognize the adoption credit rules.
- Identify the changes effective in 2019 related to the – Health flexible spending arrangement contribution limits;
- Recognize penalty for individuals who fail to comply with the PPACA mandate to maintain minimum essential coverage in 2019;
- Identify small business health care tax credit;
- Recognize large employer shared responsibility provision.
- Recognize the eligibility rules applicable to Archer MSAs and HSAs;
- Identify the maximum contributions that may be made to an Archer MSA;
- Recognize the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs;
- Identify the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan; and
- Recognize the MAGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.
- Identify individual tax rate changes affecting taxpayers;
- Recognize the changes made to the various exemptions and deductions available to taxpayers;
- Identify the child tax credit;
- Identify the additional educational institutions considered eligible educational institutions under section 529 Tuition Savings Plans; and
- Recognize the anticipated changes to the individual taxpayer penalty for failing to maintain minimum essential coverage.
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