2020 Federal Income Tax Changes

Overview

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.

Learning Objectives

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

  • Identify the 2020 changes in various amounts including mileage rates, the standard deduction, the AMT exemption amount, etc.
  • Identify the 2020 tax credit changes affecting the Saver's credit, the Earned income credit, and the Adoption credit
  • Recognize the 2020 changes affecting various health and medical savings accounts, Roth IRA eligibility, and traditional IRA contributions
  • Identify the changes effective for 2020 with respect to the small employer premium tax credit and applicable large employer mandate

Tax Year: 2020

Designed For

CPAs, EAs, and tax professionals at any level of their career
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