Use Landscape to see Search/Filter
Item Types:
Field of Study:
CPE Hours:
Hide left panel Collapse Menu
Show left panel
Recent Searches
No recent searches found.
Similar Courses
Suggested Courses
Recent Searches
No recent searches found.
Similar Courses
Suggested Courses
Course Details

Federal Income Tax Changes - For the 2023 Tax Year (Course Id 2138)

QAS / Registry / EA / Return Preparer
  Add to Cart 
Author : Paul Winn, CLU, ChFC
Course Length : Pages: 74 ||| Word Count: 38,503 ||| Review Questions: 22 ||| Final Exam Questions: 30
CPE Credits : 6.0
IRS Credits : 6
Price : $53.95
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 2138

Description :

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Usage Rank : 1
Release : 2023
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-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 - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers - 2138

Keywords : Taxes, Federal, Income, Tax, Changes, For, 2023, Tax, Year, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
  • List the 2023 changes in various amounts including the –
      o Standard mileage rates,
      o Standard deduction,
      o AMT exemption amount,
      o Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
      o Deductions for qualified long-term care insurance premiums;
  • Identify the 2023 tax credit changes affecting the –
      o Saver’s credit,
      o Additional Child Tax Credit,
      o Earned income credit, and
      o Adoption credit;
  • Recognize the 2023 changes affecting –
      o Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
      o Roth IRA eligibility, and
      o Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
  • List the changes effective for 2023 with respect to the –
      o Small employer premium tax credit, and
      o Applicable large employer mandate; and
  • Describe the principal Inflation Reduction Act (IRA) and SECURE Act 2.0 provisions affecting taxpayers in 2023.

Chapter 1
Changes in Various Limits

Upon completion of this chapter, you should be able to:
  • Identify the individual income tax rate changes affecting taxpayers;
  • Calculate the standard mileage deductions for –
      o Use of a personal vehicle for business purposes, o Use of a personal vehicle to obtain medical care, and o Charitable use of a personal vehicle;
  • Identify the 2023 standard deduction amounts available to taxpayers;
  • Recognize the changes made to the alternative minimum tax exemption amount for 2023;
  • Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2023;
  • Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts;
  • Determine the amount of assets that may be passed tax-free at death; and
  • Identify the qualified business income (QBI) threshold amount.

Chapter 2
Tax Credit Changes

Upon completion of this chapter, you should be able to:
  • Calculate the retirement savings contribution credit available to eligible taxpayers;
  • Recognize the rules and income limits applicable to eligibility for the earned income credit; and
  • Apply the adoption credit rules.

Chapter 3
PPACA-Related Tax Changes

Upon completion of this chapter, you should be able to identify the changes effective in 2023 related to the –
  • Health flexible spending arrangement contribution limits;
  • Small business health care tax credit; and
  • Large employer shared responsibility provision.

Chapter 4
Changes in Archer MSAs, HSAs & IRAs

Upon completion of this chapter, you should be able to:
  • Recognize the eligibility rules applicable to Archer MSAs and HSAs;
  • Calculate the maximum contributions that may be made to an Archer MSA;
  • Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs;
  • Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan; and
  • Recognize the MAGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.

Chapter 5
Inflation Reduction Act

After completing this course, students should be able to:
  • Recognize the rule change affecting deductibility of business meals in 2023;
  • Describe the energy-efficient home improvement provisions of the Inflation Reduction Act;
  • Recognize the tax credits available for a new or previously-owned clean vehicle; and
  • Describe the qualified refueling property credit.

Chapter 6
SECURE Act 2.0

After completing this course, students should be able to describe the SECURE Act 2.0’s provisions effective for 2023, including:
  • Identifying the provisions designed to expand retirement plan coverage and increase retirement savings;
  • Describe the provisions designed to enable plan participants to preserve their retirement income;
  • List the provisions that simplify retirement plan rules; and
  • Identify those provisions designed to enhance federal revenue.
Course Contents :

Course Learning Objectives

Introduction to the Course

Chapter 1 - Changes in Various Limits

Chapter Learning Objectives


Individual Tax Rates

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

Moving Expenses in Military Relocations

Standard Deduction Increased

Standard Deduction for Blind and Senior Taxpayers

Standard Deduction Eligibility

Alternative Minimum Tax (AMT)

Tax Preference Items Added Back to Produce Alternative Minimum Taxable Income

Alternative Minimum Tax Exemption Amount Increased

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

Determining Taxpayer’s Modified Adjusted Gross Income

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

Maximum Capital Gain/Dividend Tax Rate Increased for High-Income Taxpayers

Estate and Gift Tax Exemption

Section 199A Threshold Amount


Chapter Review

Chapter 2 - Tax Credit Changes

Chapter Learning Objectives


Retirement Savings Contribution Credit

Saver’s Credit Applicable to Range of Retirement Contributions

Saver’s Credit Eligibility Based on Income and Filing Status

Earned Income Credit

EIC Rules Applicable to Everyone

Adjusted Gross Income Limits

Valid Social Security Number Required

Tax Filing Status

Citizenship or Residency

Foreign Earned Income

Investment Income

Earned Income

EIC Rules That Apply if Taxpayer Has a Qualifying Child

Relationship, Age, Residence and Joint Return Tests

Qualifying Child of More than One Person Rule

Taxpayer as the Qualifying Child of Another Taxpayer Rule

EIC Rules That Apply if Taxpayer Does Not Have a Qualifying Child

The Age Rule

The Dependent of Another Person Rule

The Qualifying Child of Another Taxpayer Rule

The Main Home Rule

Figuring the Amount of the Earned Income Credit

Adoption Credit/Exclusion

Eligible Child

Qualified Adoption Expenses

The Benefit

Timing of the Credit/Exclusion

Benefit Phased-Out at Higher Taxpayer MAGI


Chapter Review

Chapter 3 - PPACA-Related Tax Changes

Chapter Learning Objectives


Summary of Existing PPACA-Related Tax Requirements

Health Flexible Spending Arrangement Contributions

Refundable Premium Tax Credit to Assist in Purchase of Qualified Health Plan

Eligibility for Credit

Federal Poverty Level

Qualified Health Plan

Amount of the Credit

Benchmark Plan

Taxpayer’s Expected Contribution

Calculating the Credit

Adjusted Monthly Premium

Special Rules Applicable to the Tax Credit

Reconciling Advance Premium Tax Credits

Small Business Premium Tax Credit

Eligibility Requirements

Limitations Affect Health Insurance Premium Credit

Full-Time Equivalent Employee (FTE) Limitation

Average Annual Wage Limitation

Average Premium Limitation

State Premium Subsidy and Tax Credit Limitation

Calculating the Credit

Large Employer Shared Responsibility: The Employer Mandate

Employers Not Offering Coverage

Employers Offering Coverage


Chapter Review

Chapter 4 - Changes in Archer MSAs, HSAs & IRAs

Chapter Learning Objectives


Medical Savings Accounts

High Deductible Health Plan Requirement

Archer MSA Contributions

Penalty for Excess Contributions

Special Rules for Employer-Installed MSAs

Archer MSA Distributions

Archer MSA Rollovers

Account Transfer Incident to Divorce

Account Transfer at Death

Archer MSA Taxation

Contribution Tax Treatment

Distribution Tax Treatment

Archer MSA Distribution Tax Penalty

Health Savings Accounts

HSA Eligibility

HSA High Deductible Health Plan Requirement

HSA Contributions

HSA Contributions from Multiple Sources

Additional Contributions for Age 55 and Older Account Holders

First-Year Contributions for New Account Holders

Maximum HSA Contributions may be Reduced

Penalty for Excess Contributions

Employer HSA Participation

HSA Distributions

HSA Rollovers

Account Transfer Incident to Divorce

Account Transfer at Death

HSA Taxation

Contribution Tax Treatment

Distribution Tax Treatment

Tax-Free HSA Distributions

Taxable HSA Distributions

HSA Distribution Tax Penalty

Individual Retirement Accounts Affected by CARES Act

Early Distributions

Taxation of IRA Withdrawals Over Three-Year Period

Rollover of IRA Withdrawals Within Three Years of Distribution

Coronavirus-Related Distribution

Roth IRA Eligibility

Modified Adjusted Gross Income

Limits on Contributions

Traditional IRA Contributions by Active Participants

Tax Treatment of Contributions by Active Participants

Reduced Deductibility of Traditional IRA Contributions for Active Participants


Chapter Review

Chapter 5 - Inflation Reduction Act

Chapter Learning Objectives


Inflation Reduction Act

Energy-Efficient Home Improvement Credit

Qualified Energy Property Credit

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

Qualified Refueling Property Credit

Extension of ARPA-Expanded Premium Tax Credit

Determination of Premium Tax Credit

Limitation on Losses for Non-Corporate Taxpayers

Increase in Business Meal Deductibility Ends After 2022


Chapter Review

Chapter 6 - SECURE Act 2.0

Chapter Learning Objectives


2023 SECURE Act 2.0 Changes

Expanding Retirement Plan Coverage and Increasing Retirement Savings

Tax Credits for Small Employer Plan Startup Costs

Tax Credits for Small Employers – Military Spouses

Multiple Employer Plans for Tax Sheltered Annuity 403(B) Plans

Age at Which Required Minimum Distribution (RMDs) Must Begin

Small Financial Incentives to Encourage Plan Participation

SEPs for domestic employees

Elimination of Defined Benefit Limit for Rural Electric Cooperative Employees

Increased Investment Choices for Tax Sheltered Annuity Plans

Preserving Participant Income

RMD Restrictions on Life Annuities

Qualifying Longevity Annuity Contracts

Penalty on Partial Annuitization

Simplifying Retirement Plan Rules

Enhancing Federal Revenue


Chapter Review


Appendix A

Tax CPE Courses: https://www.cpethink.com/tax-cpa-courses
Thank you for taking one of our free courses. We would like to be able to let you know when we add free courses or have special offers and will never spam you or share your address with anyone. If you are Ok with that please reply with "Ok" or if not please reply "No Thanks". Either way enjoy your free CPE course.
Exam completed on .

Do you want to add the course again?