Federal Income Tax Changes – 2020

 

IRS Program Number: YH9W1-U-00072-20-S
CTEC Program Number: 6243-CE-0002
CE Credits: 3 hours
Category: Tax Law Updates
Delivery Type: Online Self-Study
Exam Questions: 15
Important note to all students: If you received this course as part of the Enrolled Agent Course Bundle, we recommend completing all other courses first, then completing this course last.

Course Syllabus

Course Description
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. This course will examine the tax changes that took effect as a result of passage of the Tax Cuts and Jobs Act of 2017 (TCJA) and the inflation-changed limits effective for 2020 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. This course is a basic tax level course with no prerequisites, and qualifies for 3 CE credits in the Tax Law Updates category.

Learning Objectives

Upon completion of this course, you should be able to:

  • List the 2020 changes in various amounts including –
    • Standard mileage rates,
    • The standard deduction,
    • The AMT exemption amount,
    • The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
    • Deductions for qualified long-term care insurance premiums;
  • Identify the 2020 tax credit changes affecting the –
    • Saver’s credit,
    • Earned income credit, and
    • Adoption credit;
  • Recognize the 2020 changes affecting –
    • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
    • Roth IRA eligibility, and
    • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
  • List the changes effective for 2020 with respect to the –
    • Small employer premium tax credit, and
    • Applicable large employer mandate.

 

Course Assignments

  • Study each Chapter
  • Answer review questions at the end of each chapter
  • Pass the Final Exam with a score of 70 percent or better

Final Exam and Certification
The final exam consists of 15 multiple-choice questions on the information covered in the course materials. To receive credit for this course, you must click on the Exam below to initiate the exam. A passing score of 70 percent or better will receive course credit and a Certificate of Completion.

 

Course Materials