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Course Details

2021 Annual Federal Tax Refresher (IRS AFTR) (Course Id 1661)

EA / Return Preparer
Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 6.0
IRS Credits : 6
Price : $53.95
Passing Score : 70%
Course Type: Text - Technical - IRS Enrolled Agents - Registered Tax Return Preparers
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1661

Description :

The 2021 Annual Federal Tax Refresher course is designed to meet the requirements of the IRS Annual Filing Season Certificate program. It discusses new tax law and recent updates for the upcoming filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.

In organizing this course, the term "domain" is used in place of the more common "chapter" to more closely follow the language of the IRS Annual Federal Tax Refresher course outline.

Usage Rank : 0
Release : 2021
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 : 01-Jun-2020
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 :

Text - Technical - IRS Enrolled Agents - Registered Tax Return Preparers - 1661

Keywords : Taxes, 2021, Annual, Federal, Tax, Refresher, IRS-AFTR, cpe, cpa, online course
Learning Objectives :

2020 Annual Federal Tax Refresher Course Learning Objectives

Upon completion of this course, a tax return preparer should be able to:
  • Identify the principal individual income tax changes brought about by new tax legislation;
  • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns;
  • 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 that are 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.

Domain 1
New Tax Law/Recent Updates

When you have completed the domain 1 text, you should be able to:
  • Identify the inflation adjustments to various federal limits;
  • Explain the impact of the new standard mileage provisions;
  • Determine the maximum age for traditional IRA contributions;
  • Describe the change in the required minimum distribution age for traditional IRAs and retirement plans;
  • Recognize the tax treatment of qualified birth or adoption distributions;
  • Describe the distribution requirements imposed on non-spouse inherited IRA beneficiaries;
  • Identify the change in the taxation of children’s unearned income;
  • Describe the changes in § 529 plan distribution rules as they apply to –
      o Repayment of student loans, and
      o The expansion of qualified expenses to include expenses associated with apprenticeship programs;
  • Calculate The change in the AGI threshold for medical expense deductions; and
  • Describe the current status of tax extenders applicable to –
      o Tax credits for non-business energy property,
      o Payment of tuition and fees,
      o Payment of mortgage insurance premiums, and
      o Cancellation of primary residence indebtedness.

Domain 2
General Income Tax Review

When you have completed the domain 2 text, you should be able to:
  • Identify those items included in a taxpayer’s taxable earnings;
  • Determine the tax treatment of foreign accounts and trusts;
  • Recognize the items included in self-employment income and expenses;
  • Distinguish between a hobby and a business for tax purposes;
  • Calculate the tax deduction for business use of a home;
  • Identify the recordkeeping requirements to substantiate Schedule C entries;
  • Understand the tax treatment of retirement income;
  • List the factors considered in determining the tax treatment of capital gains and losses;
  • Describe the principal Schedule A changes resulting from the TCJA;
  • Recognize the eligibility requirements for various tax credits;
  • Describe the rules governing a taxpayer’s tax withholding and estimated tax payments;
  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund; and
  • Identify the due dates of income tax returns.

Domain 3
Practices, Procedures & Professional Responsibility

When you have completed the domain 3 text, you should be able to:
  • Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims;
  • Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it;
  • Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them;
  • Recognize the penalties applicable to a tax return preparer under Title 26;
  • Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC;
  • Understand the e-file requirements; and
  • Recognize the Annual Filing Season Program requirements.
Course Contents :

To view Table of Contents, please Click here.

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