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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 112 ||| Word Count: 70,602 ||| Review Questions: 40 ||| Final Exam Questions: 40 |
| CPE Credits : | 8.0 |
| IRS Credits : | 8 |
| Price : | $71.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2116 |
| Description : | This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and a way for professionals and staff alike to easily get the “big chunks” and bring their professional knowledge up to speed. |
| Usage Rank : | 0 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS provides tax inflation adjustments for tax year 2023
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 13-Feb-2023 |
| 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 - 2116 |
| Keywords : | Taxes, 2023, 2022, Easy, Update, Inflation, Adjustments, Tax, Coronavirus, Legislation, Plus, Reminders, Select, Provisions, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Tax credits * Deductions * Education credits * Business deductions & credits * Retirement plan contribution and phaseout limits * SECURE Act provisions * Gift and estate taxes * Inflation Reduction Act
2. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including corporate tax rates, entertainment expenses, tax credits & deductions, bonus depreciation, expensing, standard mileage rates, employment taxation, repatriation of foreign income, small business stock, partnership taxation, and excessive compensation. 3. Specify differences between various retirement plans, including inflation-adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining applicable exclusion amounts. 4. Apply changes imposed by the Inflation Reduction Act (IRA) relating to credits allowed for the individual acquisition of qualified electric vehicles and energy-efficient home improvements and property. 5. Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements. 6. Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms. |
| Course Contents : | Chapter 1 - 2023/2022 Easy Update and Inflation Adjustment Individual Income Tax Rates - 1 Marriage Penalty - Mostly Gone Capital Gain & Qualified Dividend Rate Digital Asset Reporting Standard Deduction - 63 Dependent Limit - 63(c)(5) Personal Exemptions & Phaseout (Suspended) - 151 Deemed Personal Exemption for Related Incorporating Provisions $500 Credit for Certain Dependents - 24(h)(4)(A) Final Regulations of Qualifying Relatives - TD 9913 Limitation on Itemized Deductions (Suspended) - 68 Itemized Deductions Subject to 2% Floor (Suspended) - 62 Children's Income - 63, 73 & 6012 Earned Income Unearned Income "Kiddie" Tax - 1(g) Application, Threshold & Impact Election to Report on Parents Return - 1(g)(7)(A) [Form 8814] AMT - 55 Exemption Amounts & Permanent Patch - 55(d)(1) AMT Exemption Phaseout - 55(d) & 59(j) AMT & Personal Credits AMT Exemption for Children - 59(j) Modified Inflation Adjustment Calculation Method Wage Base for Social Security & Medicare Taxes Earned Income Tax Credit - 32 Disqualified (Excessive Investment) Income - 32(i) Means-Tested Programs Child Tax Credit - 24 Earned Income AGI Phaseout Child & Dependent Care Expenses Tax Credit - 21 Alimony Payment Deduction Repealed Moving Expense Deduction & Reimbursement Suspended State & Local Taxes (SALT) Limited $10,000 Exception Charitable Contributions Cash Contributions - 50/60 Percent Limitation College Athletic Event Seating Rights Repealed Substantiation Exception for Donee Reported Contributions Repealed Mortgage Interest Deduction Limited - 163(h) Securities Rollover Into SSBICs Repealed Educator Expenses - 62 Protective Items Safe Harbor - R.P. 2021-15 Higher Education Tuition Deduction Repealed - 222 Tax on Net Investment Income - 1411 Reduced Home Sale Exclusion For Nonqualified Use - 121 Computation Nonqualified Use Post-May 6, 1997 Depreciation Surviving Spouse Home Sale Exclusion - 121 Residential Mortgage Debt Relief Extended - 108 Deductible Mortgage Insurance Premiums Expired - 163 Phaseout Insubstantial Benefit Charitable Contribution Limitation - 513 Household (Domestic) Employees - 3121 Adoption Credit - 23 & 137 Education Savings Accounts - 530 & 529 Rollovers Between 529 Tuition & ABLE Programs Notice 2018-58 Hope (American Opportunity) & Lifetime Learning Credits - 25A Hope (with American Opportunity modifications) Credit - 25A(b)(1) Phase Out - 25A(d) Refundable Lifetime Learning Credit - 25A(a)(1) Phase Out - 25A(d)(2) Educational Savings Bonds - 135 Student Loan Interest Deduction - 221 Phase Out Discharge Of Student Loan Indebtedness Expanded - 108 Foreign Earned Income Exclusion - 911 Rehabilitation Credit Modified - 47 Final Regulations of Rehabilitation Credit Conservation Base Expansion - 170(b) Definitions Grandfathered Archer Medical Savings Accounts - 220 Medical Expense Deduction - 213 Personal Casualty Losses Suspended Wagering Losses Limited Health Savings Accounts (HSAs) - 223 High Deductible Health Plan (HDHP) Annual Limit On Contributions Interaction with Obamacare Long-Term Care Premiums - 213(d)(10) Long-Term Care Payments - 7702B(d)(4) ABLE Accounts - 529A Eligible Individual Qualified ABLE Program Contributions Investment Direction Distributions Rollovers Final Regulations (TD 9923) Affordable Care Act (Obamacare) Mandates Individual - Repealed Health Plan Coverage Credit - 36B Employers Small Employers - Fewer Than 50 Employees Large Employers - 50 or More Full-time Employees Marketplaces & The Protecting Affordable Coverage for Employees Act Medical Device Excise Tax Repealed Health Insurance Provider Fee Repealed Tax on "Cadillac" Plans Repealed Expatriation - 877A Failure to File Tax Return - 6651 Penalties Regarding Preparing Others Tax Returns - 6695 Attorney's Fees - 7430(c)(1) Energy Residential Energy-Efficient Improvements & Property - 25C Qualified Energy Efficiency Improvements Qualified Energy Efficient Property Inflation Reduction Act Modifications Credit Eligible Costs Residential Clean Energy Credit - 25D Inflation Reduction Act Biomass Fuel Electric Vehicle (EV) Credit Modified - 30D Inflation Reduction Act - Modified 30D for Clean Vehicles Critical Minerals Requirement - 30D(b)(2) & 30D(e)(1)(A) Battery Components Requirement - 30D(b)(3) & 30D(e)(2)(A) Final Assembly Requirement - 30D(d) Credit for Used Clean Vehicles - 25E Energy Efficient Home Credit - Modified 45L Credit Value Inflation Reduction Act Homes Multifamily Dwellings Renewable Energy Credits Prevailing Wage & Apprenticeship Requirements Prevailing Wage - Act 13101(f)(7) Notice 2022-61 Apprenticeship - Act 13101(f)(8) Additional Increases to Base & Bonus Credits - Act 13103 Domestic Content Energy Communities Low-Income Communities Energy Tax Credits As Payments - 6417 Alternative Fuel Refueling Property Credit - 30C Qualified Refueling Property Expiration Inflation Reduction Act Credit Value Low Income or Rural Areas Prevailing Wage & Apprenticeship Requirements Extension of Credits for Alternative Fuels - 40A et al Inflation Reduction Act Sustainable Aviation Fuel (SAF) Credit - 40B Sustainable Aviation Fuel Qualified Mixture Credit Value Production Tax Credit (PTC) - 45 Expiration Inflation Reduction Act Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Energy Community Carbon Capture & Sequestration Credit Enhancements - 45Q Inflation Reduction Act Qualifying Threshold Credit Value Zero-Emission Nuclear Power Production Tax Credit - 45U Qualifying Facilities Credit Value Clean Hydrogen Production Tax Credit - 45V Credit Value Applicable Percentage Prevailing Wage & Apprenticeship Requirements Qualified Commercial Clean Vehicles - New 45W Credit Value Eligible Vehicles Advanced Manufacturing Production Tax Credit - 45X Credit Value Phaseout Clean Electricity Production Credit - New 45Y Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Phaseout Clean Fuel Production Credit - 45Z Credit Value Investment Tax Credit (ITC) - 48 Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Requirement Solar & Wind Facilities Advanced Energy Project Credit - 48C Inflation Reduction Act Eligible Projects Credit Value Prevailing Wage & Apprenticeship Requirements Clean Electricity Investment Credit - 48E Credit Value Phase Out Energy Community Domestic Content Coordination With Other Code Sections Energy Efficient Commercial Building Deduction - Modified 179D Inflation Reduction Act Deduction Value Prevailing Wage & Apprenticeship Requirements Retrofit Plan Business Business Income of Individuals - 20% Deduction - 199A Limitations Deduction Amount Qualified Trade Or Business Final Regulations & Guidance Corporate Tax Rate Reduced to 21% Corporate Alternative Minimum Tax - 55 Inflation Reduction Act - 55(b)(2) Adjusted Financial Statement Income Application of Tax Small Business Exceptions - 448 Excessive Employee Remuneration Limit Modified - 162(m) Qualified Equity Grants - 83(i) Entertainment Activities & Facilities Deduction Repealed - 274 Final Regulations on Meal & Entertainment Deductions - TD 9925 Transportation Fringes - 132(f) - Excludable but Not Deductible Food, Beverage & Meal Expenses Eating Facilities Temporary 100% Deduction for Meals & Beverages - 274(n)(2)(D) Restaurant Defined - Notice 2021-25 Per Diem Rates - Notice 2021-63 Business Interest Limited - 163(j) Notice 2018-28 Final Regulations on Business Interest Limitation on Non-corporate Losses - 461(l) Disallowance Of Excess Business Losses Excess Business Loss IRS Guidance - IR-2018-254 Inflation Reduction Act Net Operating Loss Deduction Modified - 172 IRS Guidance - IR-2018-254 Expenses for Child Care Facilities & Services - 45F Family & Medical Leave Credit - 45S Uniformed Services Wage Credit - 45P Health Care Coverage Credit - 45R Reporting - 6051(a)(14) Small Employer HRA - 9831(d)(2) Bonus (or Additional First-year) Depreciation - 168(k) Qualified Property - 168(k)(2) Depreciation Limits on Business Vehicles - 168(k)(2)(F) Nonqualified Property - 168(k)(2) Final Regulations for 100% Bonus Depreciation - TD 9916 Vehicle Depreciation Caps - 280F(a) $25,000 SUV Limit - 179(b)(5)(A) Expensing - 179 General Business Credit - 38 Special Film & TV Production Expensing Expired - 181 Estimated Tax Payments - 6654 Standard Mileage Rates Self-Employment Tax & CRP Payments - 1402 Social Security, Medicare & FUTA (or Payroll) Taxes FICA - 3101, 3111 & 3121 Presidential Deferral of Certain Employment Taxes SECA - 1401 Wage Base Final Regulations on Wage Withholding & New W-4 (T.D. 9924) Additional Hospital Insurance Tax On Certain High-Income Individuals FUTA - 3301 & 3306 Research Credit Against Payroll Tax - 41 Qualified Expenses Base Credit Amount Alternative Simplified Credit Credit Toward Payroll Tax Qualified Small Business Inflation Reduction Act Credit Value Repatriation of Deferred Foreign Income - 965 Amortization of Research & Experimental Expenditures - 174 Low-Income Housing Tax Credit - 42 Rate Freeze Basis Amount Military Allowances & Low-Income Housing - 42(h) & 142(d) Average Income Test for Low-Income Housing Projects Cafeteria Plans - 125 Employer-Provided Educational Assistance - 127 Parking & Transit Passes - 132 Bicycle Fringe Benefit Exclusion Suspended - 132(f) Cents-per-Mile Valuation Method - 61 Final Regs (TD 9893) Employee Achievement Awards Exclusion Modified - 74 Moving Expense Reimbursement Exclusion Repealed - 132 Travel Per Diem Rates - 162 & 274 Work Opportunity Tax Credit (WOTC) - 51 Targeted Groups Credit Amount Special Long-Term Family Assistance Recipients Calculation Special Veterans Calculation as a Result of VOW Prior to 2018 Leasehold Improvement, Retail Improvement & Restaurant Property - 168 Qualified 15-Year Leasehold Improvement Property - 168(e)(3)(E)(iv) Qualified Leasehold Improvement Property Subsequent Owner Qualified 15-Year Retail Improvement Property - 168(e)(E)(ix) Qualified Retail Improvement Property 15-Year Restaurant Improvement Property - 168(e)(3)(E)(v) Qualified Restaurant Property Expensing & Bonus Depreciation Permitted Expensing - 179 Bonus Depreciation - 168 Recapture Considerations - 1245 & 1250 2018 & Later Qualified Improvement Property - 168(e)(6)(A) Recovery Period & Depreciation Method - 168(b)(3)(G) Qualified Improvement Property - 168(e)(6)(A) Final Distribution Regulations - 385 Recovery Period Of Certain Farm Property Shortened - 168 Like-kind Exchanges Limited to Real Property - 1031 Real Property Defined for Like-Kind Exchanges - Prop. Reg. Inherently Permanent Structures: Buildings and Machinery Inherently Permanent Structures: Structural Components Unsevered Natural Products are Real Property Intangible Assets as Real Property Incidental Personal Property and Qualified Intermediaries Enhanced Charitable Deduction for Food - 170 Qualified Small Business Capital Gains - 1202 75% Exclusion - February 17, 2009, to September 27, 2010 100% Exclusion - September 27, 2010, to Present Domestic Production Activities Deduction Repealed - 199 New Markets Tax Credit - 45D Qualified Equity Investment Qualified Low-Income Community Investments Qualified CDE Credit Amount H.R. 1865 & CCA Changes Motorsports Entertainment Complexes - 168(i)(15) Empowerment Zones Expired - 1391 Imputed Interest Small Transaction Exception - 1274A Denial of Deduction for Certain Fines Expanded - 162(f) Final Regulations On Nondeductibility Of Fines And Penalties Denial of Sexual Harassment Settlement Deductions - 162(q) Technical Termination Of Partnerships Repealed - 708 Increased Holding on Partnership Profit Interests - 1061(a) Limitation On Allowance Of Partners Share Of Loss - 704(d) Built-In Loss Definition On Partnership Interest Transfer - 743 Foreign Person Sale of U.S. Partnership Interest - 864(c) S to C Corporate Conversion Rules Modified - 481(d) S Corporation Built-In Gain Period - 1374 S Corporation Charitable Contributions - 1367 Beneficiaries Of An Electing Small Business Trust - 1361 Charitable Deduction for Electing Small Business Trust - 641 Small Life Insurance Company Deduction Repealed - 806 UBIT Separately Computed - 512 UBTI Increased by Taxable Fringe Benefits - 512 Repurchase of Corporate Stock - 4501 Inflation Reduction Act Application Exceptions Tax-Exempt Organization Executive Compensation Tax - 4960 Final Regs On Tax Exempt-Organization Executive Compensation Payments To Controlling Exempt Organizations - 512(b) Backup Withholding Percentage Reduced - 3406 Private College And University Investment Income - 4968 Final Regulations on Collegiate Net Investment Income - TD 9917 Dividends Of Regulated Investment Companies (RICs) - 871 Information Reporting & Penalties - 6721 et al Corrections Resulting in Reduced Penalties Small Businesses Reasonable Cause Failure to File Partnership Return - 6698 Failure to File S Corporation Return - 6699 Delayed Implementation of Forms 1099-K Retirement Plans SECURE Act of 2019 Expanding & Preserving Retirement Savings Administrative Improvements Revenue Provisions Notice 2020-68 - SECURE Act Guidance Defined Benefit Plans - 415(b)(1)(A) Defined Contribution Plans - 415(c)(1)(A) Rollover Period For Plan Loan Offset Amounts Extended Compensation Limit - 401, 404 & 408 IRA Contribution Limit - 219 Catch-up Contribution - 219(b)(5)(B) IRA AGI Phaseout Limits - 219 Individual Taxpayer is an Active Plan Participant Spouse is an Active Plan Participant Charitable Distributions from IRAs - 408 Roth Contribution Limit - 408A(c)(2) & 219 Roth AGI Phaseout Limits - 408A(c)(3) Rollovers to Roth IRAs In-Plan Rollovers to Roth Accounts Roth IRA Conversions for Retirement Plans Special Roth IRA Recharacterization Repealed 401(k), 403(b) & 457 Elective Deferral & Catch-up Limits SIMPLE Plans Simplified Employee Pensions (SEPs) Contribution Limit Compensation Limit Retirement Savings (Savers) Credit - 25B(b) Nonspouse Rollovers - 402 H.R. 1865 Change - 10-Year Rule Disaster-Related Rules for Retirement Plans Disaster Use of Retirement Funds Retention Credit Final Regs on Withholding on Periodic Retirement Payments Estate, GST & Gift Taxes - 2001, 2601 & 2501 Estate Tax - 2001 Repeal & Reinstatement of Estate & GST Taxes Applicable Exemption Amount - 2010 Making Large Gifts Won't Harm Estates After 2025 Basis of Inherited Property - 1014 2010 Special Election Portability - 2010(c)) State Death Tax Credit Replaced with Deduction - 2058 Final Regulations on Estate and Trust Deductions - TD9918 Real Property Valuation - 2032A Interest on Estate Tax Installments - 6166 & 6601 Estate & Trust Income Tax Rates - 1(e) Consistent Basis Reporting Between Estate & Heirs GST Tax - 2601 Rates Applicable Exemption Amount for GST - 2010 Gift Tax - 2501 Reunification of Estate & Gift Taxes Applicable Exemption Amount for Gift Tax - 2505 Annual Exclusion for Gifts - 2503 Noncitizen Spouse Exclusion - 2523(i)(1) Notice of Large Gifts Received from Foreign Persons - 6039F Inflation Reduction Act of 2022 Electric Vehicle (EV) Credit Modified - 30D Critical Minerals Requirement - 30D(b)(2) & 30D(e)(1)(A) Battery Components Requirement - 30D(b)(3) & 30D(e)(2)(A) Final Assembly Requirement - 30D(d) Transition Rule for Vehicles Purchased before August 16, 2022 Vehicles Acquired after August 16, 2022, & before December 31, 2022 Credit for Used Clean Vehicles - 25E Energy Efficient Home Improvement Credit - 25C Modifications Credit Eligible Costs Residential Clean Energy Credit - Modified 25D Biomass Fuel Energy Efficient Home Credit - Modified 45L Homes Multifamily Dwellings Renewable Energy Credits Prevailing Wage & Apprenticeship Requirements Prevailing Wage - Act 13101(f)(7) Apprenticeship - Act 13101(f)(8) Additional Increases to Base & Bonus Credits - Act 13103 Domestic Content Energy Communities Low-Income Communities Energy Tax Credits As Payments - 6417 Alternative Fuel Refueling Property Credit - 30C Credit Value Low Income or Rural Areas Prevailing Wage & Apprenticeship Requirements Extension of Credits for Alternative Fuels - 40A et al Sustainable Aviation Fuel (SAF) Credit - 40B Production Tax Credit (PTC) - 45 Prevailing Wage & Apprenticeship Requirements Domestic Content Energy Community Carbon Capture & Sequestration Credit Enhancements - 45Q Qualifying Threshold Credit Value Zero-Emission Nuclear Power Production Tax Credit - 45U Qualifying Facilities Credit Value Clean Hydrogen Production Tax Credit - 45V Credit Value Applicable Percentage Prevailing Wage & Apprenticeship Requirements Qualified Commercial Clean Vehicles - New 45W Credit Value Eligible Vehicles Advanced Manufacturing Production Tax Credit - 45X Credit Value Phaseout Clean Electricity Production Credit - New 45Y Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Phase out Clean Fuel Production Credit - 45Z Credit Value Investment Tax Credit (ITC) - 48 Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Requirement Solar & Wind Facilities Advanced Energy Project Credit - 48C Eligible Projects Credit Value Prevailing Wage & Apprenticeship Requirements Clean Electricity Investment Credit - 48E Credit Value Phase Out Energy Community Domestic Content Coordination With Other Code Sections Energy Efficient Commercial Building Deduction - Modified 179D Deduction Value Prevailing Wage & Apprenticeship Requirements Retrofit Plan Research Credit Against Payroll Tax - 41 Credit Value Limitation On Excess Business Losses - 461(l) Repurchase of Corporate Stock - 4501 Application Exceptions Corporate Alternative Minimum Tax - Modified 55 Black Lung Disability Trust Tax Rate - 4121 Hazardous Substance Superfund - 4611 Enhancement of IRS Resources Other Provisions Government Drug Price Negotiations. Phased Schedule Exemptions Penalty Drug Price Inflation Rebates. 2021 Base Year Medicare Part D Reforms. Trump-era Rebate Rule Delay Affordable Care Act (ACA) Subsidy Extension Consolidated Appropriations Act of 2023 SECURE 2.0 Act of 2022 Auto-Enrollment Retirement Saver's Tax Credit Converted to "Saver's Match" - 6433 Phaseout Promotion of Savers Match 403(b) Improvements Required Minimum Distributions ABLE Program Age Requirement Catch-up Contributions Indexing IRA Catch-up Limit - 219(b)(5) SIMPLE Contribution Limits Nonelective Contributions Starter 401(k) Plans Small Employer Pension Startup Costs - 45E Defined Benefit Plans Student Loan Matching Emergency Savings Emergency Savings Account Disaster Hardship Withdrawals - 72(t) Retirement Savings Lost & Found Qualified Tuition Program Rollover to Roth IRA Part-time Employees Auto-Portability Qualified Longevity Annuity Contracts Incentives to Contribute to a Retirement Plan Glossary |
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