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Are you a California CNA?
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.
Course Publication Date: March 30, 2023
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $80.00!
| Author: | Paul Winn |
| Course No: | TAX-TAXUPDATE23-3143 |
| Recommended CPE: | 8.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Identify the inflation adjustments to various federal limits.
- Describe the individual health insurance premium tax credit increase brought about by ARPA.
- Calculate the small business health insurance premium tax credit.
- Recognize the potential penalties under the applicable large employer shared responsibility requirements.
- Describe the current status of tax extenders.
- Identify the change in the reporting requirement of Third Party Network Transactions.
- Describe the rules for repayment of COVID-19 related distributions from qualified retirement plans and IRAs.
- Describe the Health Savings Account (HSA) limits.
- Calculate the deduction for taxpayers using the optional standard mileage rates.
- Identify those 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.
- Describe the reporting and taxability of unemployment compensation.
- Understand the tax treatment of retirement income.
- Identify who must file Form 1099-K, reporting payment card and third party network transactions.
- 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.
- Identify the recordkeeping requirements to substantiate Schedule C entries.
- Recognize the tax treatment given to capital gains and losses.
- Determine the eligibility for, and amount of, standard deductions.
- Apply the limitations applicable to Schedule A itemized deductions.
- Identify the recordkeeping and documentation requirements applicable to claimed deductions.
- Recognize the eligibility requirements for claiming the common tax credits.
- Calculate the tax credit amounts taxpayers may claim.
- Identify the limits applicable to the common tax credits.
- 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.
- Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts.
- Identify the broadened § 529 qualified education expenses resulting from the passage of the Tax Cuts and Jobs Act and the SECURE Act.
- Recognize the expanded exclusion from income of student loan indebtedness authorized under the American Rescue Plan Act (ARPA).
- Determine the modification of net operating losses imposed under the CARES Act.
- Identify the tax treatment of employee fringe benefits.
- Apply the rules dealing with depreciation of rental property.
- Describe the rules governing a taxpayer’s tax withholding, estimated tax payments, and tax return due dates.
- Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.
- 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.
- Understand the e-file requirements.
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