Annual Tax Season Update 2022

  • Credits: 10
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/Speaker: Paul Winn
Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01816-21-S | 6233-CE-0534 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© June 2021 General Understanding of Taxes Self-Study e-Book
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 Tax Filing Season Update course 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.

Topics include:
  • Chapter 1 – Recent Updates
  • Chapter 2 – New Law & Tax Extenders
  • Chapter 3 – Individual Income Components
  • Chapter 4 – Proprietorship Income
  • Chapter 5 – Individual Deductions & Credits
  • Chapter 6 – General Income Tax Review I
  • Chapter 7 – General Income Tax Review II
  • Chapter 8 – Preparer Practices, Procedures & 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:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

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