Updates for the 2016 Tax Filing Season

Study Level:  Basic
Delivery Method:  Online self-study
Provider of Record: WebCE
Tax Year:  2015
Field of Study:  Update, Taxes
Prerequisites:  None

Course Description:

Every year, tax professionals wait for Congress and the IRS to make changes to tax laws and tax forms. Some changes are merely cost-of-living adjustments, but others are major tax changes. This course is aimed at preparing tax professionals for the 2016 filing season, and as such it will review the latest information available from the IRS on tax law changes that affect the 2015 tax year.  

Topics in the course are supported by numerous illustrative examples and include:

  • Issues that affect tax professionals
  • Foreign financial account reporting
  • Changes all taxpayers should know about
  • Tax benefits that might be extended through December 31, 2015
  • Tax changes resulting from the Defense of Marriage Act (DOMA)
  • The Affordable Care Act (ACA)

Learning Objectives:

Upon successful completion of this course, students will be able to:

  • Identify the practice rights and limitation of PTIN holders with or without an AFSP Certificate of Completion;
  • Identify individuals who must disclose the existence of certain foreign financial assets using Schedule B and determine any further associated reporting requirements;
  • Identify the filing requirement thresholds, tax rates and motor vehicle mileage rates that apply to the 2015 tax year;
  • Recognize the filing status available to same-sex married couples and determine which, if any, of their prior year federal returns may be amended.
  • Identify taxpayers who are subject to withholding for the Additional Medicare and Net Investment Income taxes and correctly determine the amount of tax payable; and
  • Identify the shared responsibility penalties that apply to taxpayers in 2015, and the conditions under which those penalties are assessed.