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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 166 ||| Word Count: 51,487 ||| Review Questions: 31 ||| Final Exam Questions: 43 |
| CPE Credits : | 8.5 |
| IRS Credits : | 8 |
| Price : | $76.45 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2575 |
| Description : |
Please Note: This course covers tax issues applicable to 2025 income reported in the 2026 tax season. Each year, income tax return preparation is affected by inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws. The 2026 Annual Tax Season Update course is based on the Annual Federal Tax Refresher course and is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2025 income. It does not, however, satisfy the Internal Revenue Service’s voluntary annual filing season program. The course a) examines new tax law and changes in various limits that reflect inflation, b) provides a general tax review, and c) discusses important rules governing tax return preparer ethics, practices and procedures. |
| Usage Rank : | 0 |
| Release : | 2026 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Tax updates and news from the IRS
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 10-Jul-2025 |
| 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 - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers - 2575 |
| Keywords : | Taxes, 2026, Annual, Tax, Season, Update, Mirrors, IRS-AFTR, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, a tax return preparer should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
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| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - New Tax Law/Recent Updates Chapter 1 Learning Objectives Introduction Annual Inflation Adjustments Education Expenses of Elementary and Secondary School Teachers Income Limitation for a Qualifying Relative Interest on Education Loans Amounts Included as Interest Student Loan Interest Deduction Foreign Earned Income Exclusion Earnings Excluded in Foreign Earned Income Limitation on Foreign Earned Income Unified Credit Against Estate Tax Annual Exclusion for Gifts Education Savings Bond Program Qualified Long-Term Care Insurance Premiums and Benefits Tax-Qualified Long Term Care Insurance Benefits Tax-Free within Limits Adoption Credit Benefit and Phase-Out AMT Exemption for Child Subject to Kiddie Tax Capital Gains and Losses – Changes for 2025 Average Annual Wage Limitation Threshold for Excessive Business Loss Social Security Limits 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 Transaction Reporting Requirements Transactions that Require Reporting Transactions not Requiring Reporting Reporting Sale of Personal Items IRS Direct File Program Participating States Eligible Identification Eligible Income Direct File and the Standard Deduction Direct File Eligibility based on Health Insurance Coverage Status Direct File and ID.me Higher Catch-up Contribution Limits for Individuals Aged 60 -63 Qualified ABLE Programs Increased Age of Onset for 2026 and Later Summary Chapter 1 Review Questions Chapter 1 Review Questions Feedback Chapter 2 - General Income Tax Review I Chapter 2 Learning Objectives Introduction Filing Status Name Review Benefits of Filing as Qualifying Surviving Spouse Criteria for Filing as Qualifying Surviving Spouse Exceptions and Special Circumstances Income Limitation for a Qualifying Relative 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 IRAs – 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 ½ Subject to Tax Penalty No Required Roth IRA Lifetime Distributions IRA Rollover Per-Year Limit Summary Chapter 2 Review Questions Chapter 2 Review Questions Feedback Chapter 3 - General Income Tax Review II Chapter 3 Learning Objectives Introduction Reporting and Taxability of Unemployment Compensation Unemployment Compensation Taxable Nondeductible Contributions to Governmental Unemployment Compensation Plan Repayment of Unemployment Compensation Alimony – Pre 2019 and Post 2018 Divorce Agreements 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 Simplified Method Recordkeeping Requirements Gross Receipts Inventory Expenses Entertainment Expenses Exceptions to Food and Beverage Expenses 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 3 Review Questions Chapter 3 Review Questions Feedback Chapter 4 - General Income Tax Review III Chapter 4 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, Capital Gains and Losses 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 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 Summary Chapter 4 Review Questions Chapter 4 Review Questions Feedback Chapter 5 - General Income Tax Review IV Chapter 5 Learning Objectives Introduction 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 Energy Credits Modified Energy Efficient Home Improvement Credit Qualified Energy Efficiency Improvements Energy Efficient Building Envelope Component Tax Credit Limitations Qualified Energy Property Heat Pumps and Heat Pump Water Heaters Biomass Stoves and Boilers Oil Furnace and Hot Water Boilers Panelboard, Circuity Replacements, or Improvements Residential Energy Property Expenditures Eligible Fuel Home Energy Audits Subsidized Energy Financing Tax Credits Reduce Taxpayer’s Basis Product Identification Number Required Qualified Manufacturer/Identification Number Effective Dates Modifications to the Residential Clean Energy Property Credit Extension of the Credit Credit Phaseout Battery Storage Technology Expenditures New Clean Vehicle Credit New Clean Vehicle Tax Credit Requirements Manufacturer’s Suggested Retail Price Affects Tax Credit Eligibility Income-Based EV Tax Credit Limitations Transfer of Credit Special Rules Applicable to New Clean Vehicle Credit Previously-Owned Clean Vehicle Credit Income-Based EV Tax Credit Limitations Transfer of Credit Special Rules Applicable to a Previously-Owned Clean Vehicle Revenue Procedure 2023-33 Summary Chapter 5 Review Questions Chapter 5 Review Questions Feedback Chapter 6 - General Income Tax Review V Chapter 6 Learning Objectives Introduction Tax Treatment of Virtual Currency Alternative Minimum Tax (AMT) Alternative Minimum Tax Exemption Amount Increased QBI Deduction Deduction Eligibility Pass-Through Deduction Generally Limited to Qualified Trade or Business Qualified 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 Rental Real Estate Safe Harbor Kiddie Tax – Unearned Income of Minor Children Kiddie Tax Applicability Alternative Minimum Tax 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 Discharge of Student Loan Indebtedness Net Operating Loss (NOL) Premium Tax Credit Federal Poverty Level Amount of the Credit Benchmark Plan Additional Tax Limitation Health Insurance Marketplace Statements Employee Fringe Benefits Qualified Transportation Fringe Benefits Medical Savings Accounts Archer MSA Tax Benefits Archer MSA Eligibility Archer MSA Pilot Program Ended High Deductible Health Plan Requirement Archer MSA Contributions Health Savings Accounts HSA Benefits HSA Eligibility HSA High Deductible Health Plan Requirement HSA Contributions HSA Contributions from Multiple Sources Additional Contributions for Age 55 and Older Account Holders Health Flexible Spending Arrangement Contributions Depreciation of Rental Property General Depreciation System vs Alternative Depreciation System Tax Withholding and Estimated Tax Payments Tax Withholding Form W-4 Employee’s Withholding Certificate 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 6 Review Questions Chapter 6 Review Questions Feedback Chapter 7 - Practices, Procedures & Professional Responsibility Chapter 7 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 Extended Validation SSL Certificate External Vulnerability Scan Information Privacy and Safeguard Policies Protection Against Bulk Filing of Fraudulent Income Tax Returns Public Domain Name Registration Reporting of Security Incidents 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 Annual Filing Season Program Requirements Consent to Adhere to Circular 230 Requirements Tax Return Preparer Duties and Restrictions AFSP Participants’ Limited Representation Rights Summary Chapter 7 Review Questions Chapter 7 Review Questions Feedback Appendix A Appendix B Glossary |
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