2016 Tax Filing Season Update

Study Level: Basic
Delivery Method: Online self-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 2016 that are more significant from the perspective of an income tax preparer. 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 2016 that were brought about by the Patient Protection and Affordable Care Act (PPACA) will be discussed.

Learning Objectives

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

  • Identify the 2016 changes in various amounts including:
    • Standard mileage rates
    • The standard deduction
    • The exemption amount
    • The AMT exemption amount
    • The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses
    • Deductions for qualified long-term care insurance premiums
  • Identify the 2016 tax credit changes affecting the:
    • Saver’s credit
    • Earned income credit
    • Adoption credit
  • Recognize the 2016 changes affecting:
    • Health Savings Account (HSA) and Archer Medical
    • Savings Accounts (MSA) requirements and contribution limits
    • Roth IRA eligibility
    • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans
  • Identify the tax changes effective for 2016 brought about by the Patient Protection and Affordable Care Act including the:
    • Increased individual penalties under the shared responsibility provision mandating insurance coverage
    • Small employer premium tax credit
    • Applicable large employer mandate
Published: 2/2016