Federal Tax Updates for the 2018 Filing Season

Study Level: Overview
Delivery Method: Online self-study
Provider of Record: WebCE
Number of CE Hours: 3
Applied Tax Law: 2017
CPE Field of Study:  Taxes, Tax Update
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 take effect in 2017 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 2017 that were brought about by the Patient Protection and Affordable Care Act (PPACA) will be discussed.

Course Objectives

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

  • Identify the 2017 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 2017 tax credit changes affecting the:
    • Saver’s credit
    • Earned income credit
    • Adoption credit
  • Recognize the 2017 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 2017 brought about by the Patient Protection and Affordable Care Act with respect to the:
    • Individual penalties under the shared responsibility provision mandating insurance coverage
    • Small employer premium tax credit
    • Applicable large employer mandate
Revised 5/2017

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