- NY Credits : 10.0
- TX Credits : 10.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 10.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 10.0
This course looks at changes in the area of personal income taxes as a result of recent federal tax laws and IRS regulations, mostly as a result of the Tax Cuts and Jobs Act of 2017, which is considered to be the largest tax reform since 1986. The course covers changes to tax provisions related to individuals and provides updated information on the child tax credit, the other dependent credit, the kiddie tax, the AMT exemptions, Section 179 and bonus depreciation changes, and changes in allowable itemized deductions. The course will discuss the new tax rates, elimination of the personal exemption, the increase in the standard deduction, and changes to income exclusions. In addition to the new tax laws, the course provides an update to all inflation adjusted items applicable to individuals.
Upon successful completion of this course the user should be able to:
identify current year tax rates;
apply gross income inclusions, exclusions, and trade or business deductions;
recognize adjustments income;
identify tax implications of IRAs and retirement plans;
recognize itemized deductions;
assess child and education tax credits; and
identify alternative minimum tax rules.