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Course Details

2022 Annual Tax Season Update - Mirrors the IRS-AFTR (Course Id 1842)

QAS / Registry / EA / Return Preparer
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Author : Paul Winn, CLU, ChFC
Course Length : Pages: 111 ||| Review Questions: 26 ||| Final Exam Questions: 43
CPE Credits : 8.5
IRS Credits : 8
Price : $76.45
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1842

Description :

Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, various laws passed to address the financial consequences of the coronavirus pandemic significantly affect tax planning and may also affect taxpayers’ income tax liability. This course will examine many of those changes. 

The Annual Tax Filing Season Update course discusses new tax law—including various tax extenders—and recent updates for the 2022 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures. 

Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 10-Jun-2021
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 - Text - Technical - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers - 1842

Keywords : Taxes, 2022, 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:
  • Identify the principal individual income tax changes brought about by recent 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;
  • Describe the current status of tax extenders;
  • 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.

Chapter 1
Recent Updates

When you have completed the chapter 1 text, you should be able to:
  • Identify the inflation adjustments to various federal limits;
  • Recognize the optional standard mileage rates; and
  • Apply the required minimum distribution rules applicable to traditional IRAs and retirement plans.

Chapter 2
New Law & Tax Extenders

When you have completed the chapter 2 text, you should be able to:
  • Describe the health insurance premium tax credit increase brought about by ARPA;
  • Recognize the rules for repayment of COVID-19 related distributions from retirement plans;
  • Identify the rules governing nonitemizers’ permitted adjustment for charitable contributions;
  • Recognize the income tax rules applicable to the Recovery Rebate Credit; and
  • Describe the current status of tax extenders.

Chapter 3
Individual Income Components

When you have completed the chapter 3 text, you should be able to:
  • Identify the items included in a taxpayer’s taxable earnings;
  • Determine the tax treatment of foreign accounts and trusts;
  • Apply the rules governing contributions to and distributions from IRAs;
  • Understand the tax treatment of retirement income;
  • Describe the reporting and taxability of unemployment compensation; and
  • Apply the rules governing the tax treatment of alimony under post-2018 divorce agreements.

Chapter 4
Proprietorship Income

When you have completed the chapter 4 text, you should be able to:
  • 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; and
  • Identify the recordkeeping requirements to substantiate Schedule C entries.

Chapter 5
Individual Deductions & Credits

When you have completed the chapter 5 text, you should be able to:
  • Determine the eligibility for, and amount of, standard deductions;
  • Identify the limitations applicable to Schedule A itemized deductions; and
  • Recognize the eligibility requirements for and limits applicable to the common tax credits.

Chapter 6
General Income Tax Review I

When you have completed the chapter 6 text, you should be able to:
  • Recognize the tax treatment of virtual currency;
  • Determine the applicable alternative minimum taxable income exemption;
  • Calculate the qualified business income deduction available to pass-through entities;
  • Apply the rules for taxing the unearned income of dependent children; and
  • Identify the broadened § 529 qualified education expenses resulting from the passage of the Tax Cuts and Jobs Act and the SECURE Act.

Chapter 7
General Income Tax Review II

When you have completed the chapter 7 text, you should be able to:
  • Recognize the expanded exclusion from income of student loan indebtedness authorized under the American Rescue Plan Act (ARPA);
  • Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts;
  • Determine the modification of net operating losses imposed under the CARES Act;
  • Identify the tax treatment of employee fringe benefits;
  • Describe the rules governing a taxpayer’s tax withholding and estimated tax payments; and
  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.

Chapter 8
Preparer Practices, Procedures & Responsibility

When you have completed the chapter 8 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;
  • Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC; and
  • Understand the e-file 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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