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Course Details

2018 Annual Tax Season Update - Mirrors the IRS-AFTR (Course Id 1231)

New / QAS / Registry / EA / Return Preparer   Add to Cart 
Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 11.0
IRS Credits : 11
Price : $103.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 1231

Description :

Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, new tax laws come into being that may significantly affect taxpayers' income tax liability. This course will examine many of those changes. It discusses new tax law and recent updates for the 2018 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 21-Jun-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers - 1231

Keywords : Taxes, 2018, Annual, Tax, Season, Update, Mirrors, IRS-AFTR, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
  • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers' income tax returns;
  • Calculate taxpayers' additional tax liability resulting from the Medicare tax, net investment income tax and individual shared responsibility payment;
  • Recognize the federal income tax filing statuses and the criteria for their use;
  • Identify the types of income that must be recognized;
  • Apply the tax rules to the various credits and adjustments to income available to taxpayers;
  • Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns; and
  • Identify the duties and restrictions imposed on tax preparers under Circular 230.

Chapter 1
New Tax Law/Recent Updates

When you have completed this chapter you should be able to:
  • Identify the 2017 standard deductions, exemptions, tax filing thresholds, itemized deduction phaseout amounts and preparer penalties for violation of IRC §6695;
  • List the individual tax extenders that are permanent and temporary under the PATH Act of 2015; and
  • Recognize the federal income tax return due dates and the extensions of time available for filing.

Chapter 2
The Income Tax Return

When you have completed this chapter you should be able to:
  • List the five federal income tax filing statuses and the conditions applicable to their use;
  • Compute the tax penalties imposed on non-exempt taxpayers failing to maintain minimum essential health insurance benefits;
  • Identify the types of income that are taxable;
  • Calculate the amount of adjustments to a taxpayer's income for student loan interest;
  • Recognize the tax credits that may be available to a taxpayer; and
  • Identify the options available to a taxpayer to pay any tax due or obtain a tax refund.

Chapter 3
Taxability of Wages, Salaries, Tips and Other Earnings

When you have completed this chapter you should be able to:
  • Identify the tax treatment of various types of earnings, including -
      o Allowances and reimbursements,
      o Bonuses and various awards,,
      o Differential wage payments,,
      o Severance pay, and,
      o Sick pay;
  • Recognize the tax treatment applicable to interest received under the Education Savings Bond program and local/state government obligations;
  • Compare the tax treatment of qualified dividends and dividends that are not qualified; and
  • Recognize the required holding period for qualified dividends.

Chapter 4
Foreign Accounts, Refunds, Self-Employment Income and Social Security Benefits

When you have completed this chapter you should be able to:
  • Determine when Form 1040 Schedule B must be filed;
  • Define "financial account" as used in tax law;
  • Understand the nature of signature authority;
  • Identify the components of self-employed income;
  • Recognize the self-employed taxpayer's expenses that may be deducted from gross income;
  • Determine the earnings and expense records that must be kept by a self-employed taxpayer; and
  • Calculate the taxability of Social Security benefits.

Chapter 5
IRAs, Pensions, Annuities, Capital Gains and Losses

When you have completed this chapter you should be able to:
  • Identify the income level at which a traditional IRA contribution by an active participant in an employer-sponsored retirement plan becomes non-deductible;
  • Determine the tax treatment of traditional IRA and Roth IRA distributions;
  • Calculate the tax penalty applicable to premature distributions from an IRA;
  • Recognize the rules that apply to lifetime and post-mortem IRA required minimum distributions;
  • Identify the tax rules that apply to distributions from an employer-sponsored retirement plan;
  • Calculate the taxable income received by a taxpayer under a nonqualified annuity; and
  • Recognize the tax rules applicable to capital gains and losses.

Chapter 6
Adjustments and Deductions

When you have completed this chapter you should be able to:
  • Calculate the amount of adjustment to a taxpayer's income for student loan interest;
  • Identify the items that may be deducted by a taxpayer itemizing deductions; and
  • Recognize the limits applicable to itemized deductions by high-income taxpayers.

Chapter 7
Child and Dependent Care, Education, Retirement and Child Tax Credits

When you have completed this chapter you should be able to:
  • Recognize the principal tax credits that may be available to a taxpayer;
  • Identify the rules applicable to a child tax credit;
  • Determine the availability of a retirement tax credit for a taxpayer; and
  • Calculate a taxpayer's child and dependent care credit.

Chapter 8
ACA Provisions

When you have completed this chapter you should be able to:
  • Calculate the permitted contributions and distributions from tax-favored health plans;
  • Recognize the changes to -
      o The medical expense deduction threshold, and,
      o Social Security taxes on high earners and on net investment income;
  • Understand the requirements under the ACA for taxpayers to maintain healthcare coverage;
  • Identify the reasons a taxpayer may be considered exempt from the penalty for failing to maintain required health insurance; and
  • Calculate the penalty applicable to a non-exempt taxpayer for failing to maintain required health insurance.

Chapter 9
Earned Income Tax Credit

When you have completed this chapter you should be able to:
  • Recognize the rules concerning eligibility for an earned income tax credit;
  • Identify the earned income, adjusted gross income and investment income limits that apply to a taxpayer's eligibility for an earned income tax credit; and
  • Calculate the amount of the earned income credit.

Chapter 10
Tax Payments and Refunds

When you have completed this chapter you should be able to:
  • Understand the tax withholding and estimated tax rules;
  • Recognize the penalties that may apply for insufficient tax withholding;
  • Understand the criteria that must be met to be exempt from tax withholding;
  • Identify the options available to a taxpayer to pay taxes due; and
  • Recognize the rules applicable to obtaining a tax refund.

Chapter 11
Ethics, Practices & Procedures

When you have completed this chapter you should be able to:
  • Recognize the penalties applicable to a tax return preparer's negligent or intentional disregard of rules and regulations;
  • Apply the rules related to negotiating client refunds;
  • Identify the due diligence requirements imposed on tax return preparers;
  • Understand the e-file requirements; and
  • Recognize the requirements related to signing and furnishing identifying numbers on client returns and the penalties for failing to do so.
Course Contents :

To view Table of Contents, please Click here.

Taxes Course 1231 Home: https://www.cpethink.com/tax-cpa-courses
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