2022 Annual Tax Season UpdateCode: 22-TAXUP

141 pages
Course description and objectives:

Introduction to the Course

Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws. The 2021 Annual Tax Season Update course is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients' 2021 income.  The Annual Tax Filing Season Update course discusses new tax law 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.

Course Learning Objectives

Upon completion of this course, you should be able to:

•          Identify the changes made to various requirements by the SECURE Act, including –

o    Traditional IRA contribution eligibility,

o    Traditional IRA and qualified plan  lifetime required minimum distributions,

o    Qualified birth and adoption distributions,

o    Inherited IRA distribution requirements,

o    Taxation of a child’s unearned income,

o    Qualified Tuition Plan distributions, and

o    Deductions for unreimbursed medical expenses;

•          Recognize the status of various tax extenders, including –

o    Reinstatement of the credit for nonbusiness energy property;

o    Tuition and fees deduction;

o    Itemized deduction for mortgage insurance premiums; and

o    Exclusion of cancellation of debt income from qualified principal residence indebtedness;

•          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; and
•          Identify the duties and restrictions imposed on tax preparers under Circular 230.

Presentation Method: QAS Self-Study

Category: Taxation

CPE credit: 9 Hours

Program Level: Update

Prerequisites: None

Advance Preparation: None

Exam expiration date: Participants must submit exams for grading within one year from the date of purchase