Annual Federal Tax Refresher

  • Credits: 6
  • Format: Self-Study eBook
  • Field of Study: Annual Federal Tax Update
  • Author/Speaker: Paul Winn
Available Formats:   
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Taxes
Course ID: EWTFM-A-01814-21-S | 6233-CE-0532
Published Date: © June 2021

***Special Note: NO Credit will be given to “Enrolled Agents” as this is a "REFRESHER" and considered below your knowledge level.***

YOU WILL HAVE 3 HOURS TO COMPLETE THE EXAM
After the time limit has been reached your answers will be automatically submitted, additional attempts are allowed.

COURSE DESCRIPTION

Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, various laws passed to address the financial consequences of the coronavirus pandemic 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—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 ethics, practices and procedures.

In organizing this course, the term "domain" is used in place of the more common "chapter" to more closely follow the language of the IRS Annual Federal Tax Refresher course outline.

Topics Covered
  • Domain 1 – New Tax Law/Recent Updates
  • Domain 2 – General Income Tax Review
  • Domain 3 – Practices, Procedures, and Professional Responsibility
Learning Objectives:

After reading the course material, you will 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;
  • Describe the current status of tax extenders;
  • 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; and
  • Identify the duties and restrictions imposed on tax preparers under Circular 230.
Who Should Attend:
  • Certified Public Accountant (CPA)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC