Overview
Each year, income tax return preparation is affected by inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws.
The 2023 Annual Tax Season Update course is based on the Annual Federal Tax Refresher course and is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients' 2022 income. It does not, however, satisfy the Internal Revenue Service's voluntary annual filing season program.
The course a) examines new tax law and changes in various limits that reflect inflation, b) provides a general tax review, and c) discusses important rules governing tax return preparer ethics, practices and procedures.
Learning Objectives
Upon completion of this course, a tax return preparer 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 current status of tax extenders
- identify the types of income that must be recognized
- pinpoint 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: 2022
Designed For
CPAs, EAs, and tax professionals at any level of their career
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