2022 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 2022 Tax Filing Season Update course is designed to provide valuable information to persons preparing individual Form 1040 income tax returns reflecting clients’ 2021 income. The course discusses new tax law, including various tax extenders, and recent updates for the 2022 filing season, provides a general tax review and examines important rules governing tax return preparer practices, procedures, and responsibilities.
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Course Info:
- Course #: 3230E
- Delivery: Self-Study
- CPE Hours: 8
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Taxes
- Total Pages: 202
- Questions: 40
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EA Program Approval Number: XE26W-U-00286-21-S
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Course Objectives
- To identify the inflation adjustments to various federal limits
- To recognize the optional standard mileage rates
- To recall the required minimum distribution rules applicable to traditional IRAs and retirement plans
- To recall the health insurance premium tax credit increase brought about by ARPA
- To recognize the rules for repayment of COVID-19 related distributions from retirement plans
- To identify the rules governing non itemizers’ permitted adjustment for charitable contributions
- To recognize the income tax rules applicable to the Recovery Rebate Credit
- To recall the current status of tax extenders
- To identify the items included in a taxpayer’s taxable earnings
- To recall the tax treatment of foreign accounts and trusts
- To recall the rules governing contributions to and distributions from IRAs
- To recognize the tax treatment of retirement income
- To recall the reporting requirements and taxability of unemployment compensation
- To recall the rules governing the tax treatment of alimony under post-2018 divorce agreements
- To recognize the items included in self-employment income and expenses
- To recognize the items included in self-employment income and expenses
- To recognize the difference between a hobby and a business for tax purposes
- To recognize the tax deduction for business use of a home
- To identify the record-keeping requirements to substantiate Schedule C entries
- To recall the eligibility for, and amount of, standard deductions
- To identify the limitations applicable to Schedule A itemized deductions
- To recognize the eligibility requirements for and 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 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 identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts
- To recall the modification of net operating losses imposed under the CARES Act
- To identify the tax treatment of employee fringe benefits
- To recall the rules governing a taxpayer’s tax withholding and estimated tax payments
- 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 recognize the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
- To recall 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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