2020 Annual Federal Tax Refresher

Overview

Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, the Tax Cuts and Jobs Act of 2017 will significantly affect tax planning and may also affect taxpayers' income tax liability. 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 2020 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.

Learning Objectives

Students who successfully complete this course will be able to:

  • identify the principal individual income tax changes brought about by the Tax Cuts and Jobs Act of 2017
  • 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

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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