0
| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 109 ||| Word Count: 53,188 ||| Review Questions: 24 ||| 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 - Registered Tax Return Preparers |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2135 |
| 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 and recent updates for the 2023 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures. |
| Usage Rank : | 0 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Tax Form Calculator
|
| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 07-Mar-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 - Registered Tax Return Preparers - 2135 |
| Keywords : | Taxes, 2023, 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:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
|
| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - Recent Updates I Chapter 1 Learning Objectives Introduction Annual Inflation Adjustments Education Savings Bond Program Qualified Education Expenses Eligible Educational Institutions Qualified Education Expenses Reduced by Certain Tax-free Benefits Received Figuring the Tax-Free Amount Education Savings Bond Program Eligibility Subject to Income Limits/Filing Status Qualified Long-Term Care Insurance Premiums and Benefits Favorable Benefits Tax Treatment Reserved for Chronically-Ill Tax-Qualified Long Term Care Premiums Deductible within Limits Tax-Qualified Long Term Care Insurance Benefits Tax-Free within Limits Social Security Taxable Earnings Limit Retirement Savings Contribution Credit Saver’s Credit Applicable to Range of Retirement Contributions Saver’s Credit Eligibility Based on Income and Filing Status Health Flexible Spending Arrangement Contributions Refundable Premium Tax Credit to Assist in Purchase of Qualified Health Plan Eligibility for Credit Federal Poverty Level Amount of the Credit Benchmark Plan Taxpayer’s Expected Contribution Small Business Health Insurance Premium Tax Credit Eligibility Requirements Average Annual Wage Limitation Large Employer Shared Responsibility: The Employer Mandate Employers Not Offering Coverage Employers Offering Coverage Summary Chapter 1 Review Chapter 2 - Recent Updates II Chapter 2 Learning Objectives Introduction Health Savings Accounts HSA Benefits HSA Eligibility HSA High Deductible Health Plan Requirement HSA Distributions Account Transfer Incident to Divorce or Death HSA Tax Treatment HSA Contribution Tax Treatment HSA Distribution Tax Treatment Tax-Free HSA Distributions Standard Mileage Rates Business Use of a Taxpayer’s Personal Vehicle Personal Vehicle Use for Charitable Purposes Use of a Taxpayer’s Personal Vehicle to Obtain Medical Care Basis Reduction Amount Payment Card and Third-Party Transactions Reporting Requirement Changes Transactions that Require Reporting Repayment of COVID-19 Related Distributions Adjustment for Charitable Contribution Deduction for Nonitemizers Current Status of Tax Extenders Credit for Nonbusiness Energy Property Expiration of the Mortgage Insurance Premiums Deduction Exclusion of Cancellation of Principal Residence Debt Income Qualified Principal Residence Indebtedness Defined Refinancing of Qualified Principal Residence Indebtedness Amount Eligible for Exclusion Summary Chapter 2 Review Chapter 3 - Income Chapter 3 Learning Objectives Introduction Taxability of Earnings Advance Commissions and Other Earnings Allowances and Reimbursements Back Pay Awards Bonuses and Awards Differential Wage Payments Government Cost of Living Allowances Nonqualified Deferred Compensation Plans Notes Received for Services Severance Pay Sick Pay Social Security and Medicare Taxes Paid by an Employer Stock Appreciation Rights Tip Income Schedule B, Interest, Dividends, Foreign Accounts and Trusts Retirement Income Reporting and Taxability Social Security Benefits Taxability of Benefits Reporting Qualified Retirement Plans Contributions to Qualified Employee Plans Employee Plan Contributions Qualified Retirement Plan Distributions Early Distributions Required Qualified Plan Minimum Distributions Qualified Plan Rollovers Plan Death Benefits Designated Roth Account Distributions Qualified Roth Account Distributions Tax-Free Nonqualified Roth Account Distributions Annuities Nonqualified Annuity Individual Retirement Accounts Traditional IRA – Contributions & Distributions Premature Distributions Premature Distributions Avoiding Tax Penalty Required Distributions during Owner’s Lifetime Roth IRAs Limits on Roth IRA Contributions Non-Qualified Roth IRA Distributions of Gain before 59 ˝ Subject to Tax Penalty No Required Roth IRA Lifetime Distributions IRA Rollover Per-Year Limit Reporting and Taxability of Unemployment Compensation Unemployment Compensation Taxable Nondeductible Contributions to Governmental Unemployment Compensation Plan Repayment of Unemployment Compensation Alimony – Post 2018 Divorce Agreements Reporting and Taxability – 1099-K, Payment Card, Third-Party Network Transactions Summary Chapter 3 Review Chapter 4 - Proprietorship Income Chapter 4 Learning Objectives Introduction Schedule C, Profit or Loss from Business (Sole Proprietorship) Income & Expenses Defined Business vs. Hobby Business Use of a Home Methods of Figuring the Home-Office Deduction Actual Expense Method Nature of the Expense Percentage of the Home Used for Business Calculating Percentage of Home Used for Business Deductible Expenses for Home-Office Deduction Expenses Deductible by All Homeowners Expenses Deductible only by Taxpayers Using a Home for Business Deduction Limit Simplified Method Depreciation and Actual Expenses Related to Use of Home not Deductible No Deduction of Actual Expense Carryover for Simplified Method Users Expenses Deductible Irrespective of Business Use Special Rules Applicable to Simplified Method Gross Income Limitation Recordkeeping Requirements Gross Receipts Inventory Expenses Entertainment Expenses Food and Beverage Expenses Temporary Increase in Business Meal Deductibility Section 179 Expense Limits Depreciation Bonus Depreciation Qualified Property Luxury Auto Depreciation Limits Listed Property Updates Deduction for Employees Business-use Requirement Passenger Automobile Limits and Rules Summary Chapter 4 Review Chapter 5 - Individual Deductions Chapter 5 Learning Objectives Introduction Capital Gains and Losses Short-Term and Long-Term Capital Gains and Losses Reporting Capital Gains and Losses IRS Form 8949, Sales and Other Dispositions of Capital Assets Schedule D Standard Deduction Eligibility Standard Deduction Amounts Standard Deduction for Blind and Senior Taxpayers Standard Deduction Summary Itemized Deductions Schedule A Medical and Dental Expenses State and Local Tax Deduction Home Mortgage Interest and Home Equity Loans Indebtedness Refinancing Charitable Contributions 60% AGI Limit for Cash Contributions Contemporaneous Written Acknowledgement Content and Timing of Contemporaneous Written Acknowledgement Casualty Loss Deduction Special Rules for Qualified Disaster-Related Personal Casualty Losses Moving Expense Deduction Moving Expenses in Active Military Relocations Recordkeeping and Documentation of Deductions Summary Chapter 5 Review Chapter 6 - Tax Credits Chapter 6 Learning Objectives Introduction Tax Credit Eligibility Child Tax Credit Child Tax Credit Phaseout and Nonrefundable Amounts Social Security Number Requirement Credit for Other Dependents Limits on the CTC and ODC Claiming CTC and ODC Additional Child Tax Credit Child and Dependent Care Credit Eligible Care Recipients Limited to Qualifying Persons Eligible Taxpayers Education Credits American Opportunity Credit Figuring the American Opportunity Credit Lifetime Learning Credit Figuring the Lifetime Learning Credit Earned Income Tax Credit Adjusted Gross Income Limits Valid Social Security Number Required Tax Filing Status Separated Spouses Citizenship or Residency EITC Rules That Apply Only if the Taxpayer Has a Qualifying Child EITC Rules That Apply if Taxpayer Does Not Have a Qualifying Child Summary Chapter 6 Review Chapter 7 - General Income Tax Review I Chapter 7 Learning Objectives Introduction Tax Treatment of Virtual Currency Alternative Minimum Tax (AMT) Alternative Minimum Tax Exemption Amount Increased QBI Deduction Qualified REIT Dividend Qualified Publicly Traded Partnership Income Deduction Eligibility Pass-Through Deduction Generally Limited to Qualified Trade or Business Qualified Trade or Business Exception for Specified Service Trade or Business IRS Forms for Qualified Business Income Deduction – 8995 & 8995-A Qualified Business Income Deduction Simplified Computation - Form 8995 Qualified Business Income Deduction - Form 8995-A Taxable Income Threshold Pass-Through Deduction for Qualified Trade or Business Owners QBI Component Calculation Qualified Property UBIA of Qualified Property Rental Real Estate Safe Harbor Kiddie Tax – Unearned Income of Minor Children Kiddie Tax Applicability Section 529 Plans Achieving a Better Life Experience (ABLE) Account Tax-Deferred Account ABLE Account Distributions ABLE Account Contributions TCJA Changes to ABLE Accounts Additional Designated Beneficiary Contributions Permitted Saver’s Credit Summary Chapter 7 Review Chapter 8 - General Income Tax Review II Chapter 8 Learning Objectives Introduction Discharge of Student Loan Indebtedness Net Operating Loss (NOL) Premium Tax Credit Employee Fringe Benefits Depreciation of Rental Property Depreciable Rental Property Beginning and Ending Depreciation Depreciable Property Basis Recovery Period Depreciation Method Special Depreciation Allowance How to figure the Special Depreciation Allowance. Election not to Take the Special Depreciation Allowance When to Make Election Revoking an Election Tax Withholding and Estimated Tax Payments Tax Withholding Form W-4 Exemption from Withholding Penalties Withholding from Nonwage Income Estimated Tax Requirement to Pay Estimated Tax Balance Due and Refund Options Payment of Income Tax Owed Refunds Limit on Direct Deposit Refunds Federal Income Tax Return Filing Due Dates and Filing for Extensions Calendar Year and Fiscal Year Taxpayers Extensions of Time to File Automatic Extension of Time to File Individuals Outside the United States Individuals Serving in a Combat Zone Summary Chapter 8 Review Chapter 9 - Preparer Practices, Procedures & Responsibility Chapter 9 Learning Objectives Introduction Tax Related Identity Theft (Publication 5199) Assisting Victims of Identity Theft Safeguarding Taxpayer Data (Publication 4557) Laws and Regulations Requiring Privacy/Security Best Practices to Safeguard Data Individual Taxpayer Identification Numbers Who Needs an ITIN? ITIN Renewals Preparer Penalties Due Diligence in Tax Preparation Head of Household Filing Status Taxpayer Considered Unmarried Required Marriage Test Supporting Documents Keeping up the Taxpayer’s Home Required Keeping Up a Home Test Supporting Documents Qualifying Person Qualifying Child Required Qualifying Person Test Supporting Documents Common Head of Household Errors Earned Income Tax Credit EITC Due Diligence Requirements Most Common EITC Errors Education Tax Credits Most Common AOTC Errors Child Tax Credit Most Common CTC/ACTC/ODC Errors Compliance with E-file Procedures Affected Tax Return Preparers Timing of Taxpayer Signature Timing of Filing Recordkeeping Prohibited Filing with Pay Stub Proper Handling of Rejects Chapter 9 Review Appendix A Appendix B Glossary |
Login/Register