2015 Tax Filing Season Update

Study Level:  Basic
Delivery Method:  Online self-study
Provider of Record: APlusCPE, a service of WebCE
Field of Study:
Number of CE Hours:  5
Prerequisites:  None

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 in 2014 that are more significant from the perspective of an income tax preparer during the 2015 tax filing season. Some context will be supplied, as appropriate, to assist tax professionals in understanding the changes.   In addition to these customary annual changes affecting various limits, certain other tax changes effective in 2014 that were brought about by the Patient Protection and Affordable Care Act (PPACA) will be discussed.

Learning Objectives:

After completing this course, students will be able to:

  • Identify the 2014 changes in various amounts including Standard mileage rates, the standard deduction, the exemption amount, and the AMT exemption amount;
  • Identify the 2014 tax credit changes affecting the Saver’s Credit, Earned Income Credit, and Adoption Credit;
  • Recognize the 2014 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; and
  • Identify the major tax changes effective for 2014 brought about by the Patient Protection and Affordable Care Act.