Federal Income Tax Changes

Introduction to the Course

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 those tax changes 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.

Learning Objectives

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

  • List the changes affecting standard mileage rates, standard deductions, AMT exemption amounts, 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 various tax credit changes;
  • Recognize the changes in Health Savings Account (HSA) and Archer Medical Savings Account (MSA) requirements and contribution limits, Roth IRA eligibility, and traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
  • Explain the changes effective for the year with respect to the small employer premium tax credit and applicable large employer mandate under the ACA; and
  • Describe the principal legislative changes affecting tax advisers and tax preparers.

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