Course Information

Course No:  9510122

Course Name:  2022 Annual Federal Tax Refresher

Field of Study:    Annual Federal Tax Refresher

Course Description:  

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 upcoming filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.

Some important information about the AFTR course:

The deadline to complete the course and exam is December 31, 2022. "One year from the date of purchase to complete" as stated below does not apply to this course.
The exam is a 100 questions three-hour timed test. 70% is the passing score.
You will have up to four attempts to pass the exam.
Enrolled agents can take the AFTR course but are not eligible to receive IRS CE credit.
For AFTR exempt and non-exempt info see IRS chart at https://www.irs.gov/pub/irs-utl/afsp_exempt_non-exempt_ce_chart.pdf

Learning objectives: After completing this section, you should be able to:

  • Identify the inflation adjustments to various federal limits;
  • Recognize the optional standard mileage rates;
  • Identify the change in the reporting requirement of Third Party Network Transactions;
  • Describe the rules for repayment of COVID-19 related distributions from qualified retirement plans and IRAs;
  • Recognize the rules governing nonitemizers’ adjustment for charitable contributions;
  • Describe the current status of tax extenders applicable to (1) tax credits for non-business energy property, (2) deduction for payment of mortgage insurance premiums, and (3) cancellation of primary residence indebtedness.
  • Identify those items included in a taxpayer’s taxable earnings;
  • Determine the tax treatment of foreign accounts and trusts;
  • Apply the rules governing contributions to and distributions from IRAs;
  • Describe the reporting and taxability of unemployment compensation;
  • Identify who must file Form 1099-K, reporting payment card and third party network transactions;
  • Determine the itemized deductions available to a taxpayer;
  • Recognize the items included in self-employment income and expenses;
  • Distinguish between a hobby and a business for tax purposes;
  • Calculate the tax deduction for business use of a home;
  • Identify the recordkeeping requirements to substantiate Schedule C entries;
  • Understand the tax treatment of retirement income;
  • List the factors considered in determining the tax treatment of capital gains and losses;
  • Recognize the eligibility requirements for various tax credits;
  • Describe the rules governing a taxpayer’s tax withholding and estimated tax payments;
  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund; and
  • Identify the due dates of income tax returns.
  • Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims;
  • Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it;
  • Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them;
  • Recognize the penalties applicable to a tax return preparer under Title 26;
  • Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC;
  • Understand the e-file requirements; and
  • Recognize the Annual Filing Season Program requirements.

Course Material: Online Material

Program level: Intermediate

Prerequisites: Basic knowledge of Federal Individual Tax

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   6.0

Final examination expiration date:   The program participant will have one year from the date of purchase to complete the course and final examination.