Overview
Each year, various limits impacting income tax return preparation and tax planning are affected by inflation-related changes. In addition, various new tax laws may be passed. This course will examine many of those changes.
The Annual Federal Tax Refresher course is designed to meet the requirements of the IRS voluntary Annual Filing Season program. It discusses new tax law and recent updates for the upcoming filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.
The IRS requires you to complete this course by 11:59 p.m. December 31, 2023. The IRS limits you to four exam attempts.
Learning Objectives
Upon completion of this course, you should be able to:
- identify the principal individual income tax changes brought about by recent legislation
- apply the inflation-adjusted and other limits to the proper preparation of taxpayers' income tax returns
- recognize the federal income tax filing statuses and the criteria for their use
- identify the types of income that must be recognized
- apply the tax rules to the various credits and adjustments to income that are available to taxpayers
- recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns
- identify the duties and restrictions imposed on tax preparers under Circular 230
Tax Year: 2023
Designed For
Unenrolled (non-exempt) tax professionals looking to gain the IRS' voluntary AFSP Record of Completion. The course is not intended for EAs, CPAs, or attorneys.
Prerequisites
Students should have a general understanding of federal tax law concepts.
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