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 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. 


Paul Winn

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Course Specifics

Jan 1, 2020

Compliance Information

IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-U-01492-20-S
IRS Federal Tax Update Credits: 5
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1388
CTEC Federal Tax Update Credits: 5
Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

•Calculate the standard mileage deductions for -

      •Use of a personal vehicle for business purposes,

      •Use of a personal vehicle to obtain medical care, and

      •Charitable use of a personal vehicle;

•Identify the 2020 standard deduction amounts available to taxpayers;

•Recognize the changes made to the alternative minimum tax exemption amount for 2020;

•Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2020; and

•Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts. 

Chapter 2

•Calculate the retirement savings contribution credit available to eligible taxpayers;

•Recognize the rules and income limits applicable to eligibility for the earned income credit; and

•Apply the adoption credit rules.

Chapter 3

•Health flexible spending arrangement contribution limits;

•Small business health care tax credit; and

•Large employer shared responsibility provision. 

Chapter 4

•Recognize the eligibility rules applicable to Archer MSAs and HSAs;

•Calculate the maximum contributions that may be made to an Archer MSA;

•Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs;

•Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan; and

•Recognize the MAGI limits that apply to a taxpayer's eligibility to make a Roth IRA contribution.  

Chapter 5

•Identify individual tax rate changes affecting taxpayers;

•Recognize the changes made to the standard deduction available to taxpayers;

•Calculate the alternative minimum tax;

•Determine the amount of assets that may be passed tax-free at death; and

•Identify the qualified business income (QBI) threshold amount.

Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

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