2023 Filing Season Income Tax Update
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Each year, income tax return preparation must take into account inflation-related changes to various
limits and new tax laws. This course examines those changes and new laws. The 2023 Tax Filing Season
Update course is designed to provide valuable information to persons preparing individual Form 1040
income tax returns reflecting clients’ 2022 income. The course discusses new tax law and changes in
various limits that reflect inflation, recent updates for the 2022 filing season, provides a general tax review,
and examines important rules governing tax return preparer practices, procedures, and responsibilities. |
Course Info:
- Course #: 3230F
- Delivery: Self-Study
- CPE Hours: 8
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Taxes
- Total Pages: 214
- Questions: 40
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EA Program Approval Number: XE26W-U-00334-22-S
View more courses approved for EAs |
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Course Objectives
- To identify the inflation adjustments to various federal limits
- To recall the individual health insurance premium tax credit increase brought about by
ARPA
- To recognize how to calculate the small business health insurance premium tax credit
- To recognize the potential penalties under the applicable large employer shared
responsibility requirements
- To identify the change in the reporting requirement of Third Party Network Transactions
- To recall the rules for repayment of COVID-19 related distributions from qualified retirement
plans and IRAs
- To recall the Health Savings Account (HSA) limits
- To recall how to calculate the deduction for taxpayers using the optional standard mileage
rates
- To identify those items included in a taxpayer’s taxable earnings
- To recognize the tax treatment of foreign accounts and trusts
- To recall the rules governing contributions to and distributions from IRAs
- To identify the reporting and taxability of unemployment compensation
- To recall the tax treatment of retirement income
- To identify who must file Form 1099-K, reporting payment card and third party network
transactions
- To recognize the items included in self-employment income and expenses
- To identify the differences between a hobby and a business for tax purposes
- To recall how to calculate the tax deduction for business use of a home
- To identify the recordkeeping requirements to substantiate Schedule C entries
- To recognize the tax treatment given to capital gains and losses
- To identify the eligibility for, and amount of, standard deductions
- To recognize the limitations applicable to Schedule A itemized deductions
- To identify the recordkeeping and documentation requirements applicable to claimed
deductions
- To recognize the eligibility requirements for claiming the common tax credits
- To recall how to calculate the tax credit amounts taxpayers may claim
- To identify the limits applicable to the common tax credits
- To recognize the tax treatment of virtual currency
- To recall the applicable alternative minimum taxable income exemption
- To identify the qualified business income deduction available to pass-through entities
- To recall the rules for taxing the unearned income of dependent children
- To identify the tax treatment given to Achieving a Better Life Experience Act (ABLE)
accounts
- To identify the broadened § 529 qualified education expenses resulting from the passage
of the Tax Cuts and Jobs Act and the SECURE Act
- To recognize the expanded exclusion from income of student loan indebtedness authorized
under the American Rescue Plan Act (ARPA)
- To recall the modification of net operating losses imposed under the CARES Act
- To identify the tax treatment of employee fringe benefits
- To recognize the rules dealing with depreciation of rental property
- To recall the rules governing a taxpayer’s tax withholding, estimated tax payments, and
tax return due dates
- To recognize the options available to a taxpayer for paying any tax due or receiving a tax
refund
- To identify the red flags indicating possible tax-related identity theft and suggested
assistance to its victims
- To recall the laws and regulations requiring privacy and security of taxpayer data and the
best practices tax preparers may implement to help assure it
- To recognize the purpose of individual taxpayer identification numbers, their effect on tax
credits, and how to renew them
- To identify the due diligence requirements imposed on tax return preparers with respect to
claiming head of household filing status, EITC, CTC and AOTC
- To recall the e-file requirements
Table of Contents
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