- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax Update - 4.0
The Tax Cuts and Jobs Act of 2017 (TCJA) bis a major piece of tax legislation which impacts individuals, businesses, and corporations. The Further Consolidated Appropriations Act of 2019 was followed up with the signing into law in March 2020 of the Coronavirus Aid, Relief, and Economic Security Act (CARES) of 2020. In this course, the focus is on the tax legislation affecting the individual taxpayers beginning with the key elements to the tax calculation such as tax rates, tax rate brackets, standard deduction amount and itemized deductions. The course moves on to the changes made to various above-the-line deductions and the tax calculation for AMT, the kiddie tax, and child tax credit and finishes with the changes affecting the educational and retirement tax provisions. This course is most appropriate for the professional with detailed knowledge in taxation of individuals who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
recognize the change in the tax calculation to the individual taxpayer,
determine the tax impact resulting from the changes in the standard and itemized deductions,
calculate the tax resulting on dividends and capital gains income,
identify the impact from the changes to the above-the-line deductions,
formulate the tax for the new alimony rules,
calculate the kiddie tax under pre TCJA, TCJA and then SECURE, and
apply the rules affecting the educational and retirement issues.