Federal Income Tax Changes 2022

  • Credits: 9
  •  
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/Speaker: Paul Winn
Available Formats:  
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Taxes 
Course ID: EWTFM-U-01923-22-S | 6233-CE-0689
Published Date: Jan 2022

COURSE DESCRIPTION

Each year, various limits affect income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2022 as a result of the passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the American Rescue Plan Act (ARPA) and the inflation-changed limits effective for 2022 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

Learning Objectives:

After reading the course material, you will be able to:

  • List the 2022 changes in various amounts including:
    • Standard mileage rates
    • Standard deduction
    • AMT exemption amount
    • Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses
    • Deductions for qualified long-term care insurance premiums
  • Identify the 2022 tax credit changes affecting:
    • Saver’s credit
    • Earned income credit
    • Adoption credit
    • Recognize the 2022 changes affecting
    • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA)requirements and contribution limits
    • Roth IRA eligibility
    • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans
  • List the changes effective for 2022 concerning:
    • Small employer premium tax credit
    • The applicable large employer mandate
  • Describe the principal American Rescue Plan Act (ARPA) provisions affecting taxpayers in 2022.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

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