2015 Federal Income Tax Changes (Currently Unavailable)

Author: Paul J. Winn

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 in 2015 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. In addition to these customary annual changes affecting various limits, certain other tax changes effective in 2014 that were brought about by the Patient Protection and Affordable Care Act (PPACA) will be discussed.

Publication Date: May 2015

Designed For
Practitioners involved in tax preparation.

Topics Covered

• Changes in Various Limits
• Tax Credit Changes
• PPACA-Related Tax Changes
• Changes in Archer MSAs, HSAs & IRAs

Learning Objectives

• List the 2015 changes in various amounts including — o Standard mileage rates, o The standard deduction, o The exemption amount, o The AMT exemption amount, o The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and o Deductions for qualified long-term care insurance premiums;
• Identify the 2015 tax credit changes affecting the — o Saver's credit, o Earned income credit, and o Adoption credit;
• Recognize the 2015 changes affecting — o Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits, o Roth IRA eligibility, and o Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
• List the changes effective for 2015 brought about by the Patient Protection and Affordable Care Act including the — o Increased individual penalties under the shared responsibility provision mandating insurance coverage, o Small employer premium tax credit, and o Applicable large employer mandate.

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
Familiarity with tax preparation.

Advance Preparation
None.