Course Information

Course No:  9510222

Course Name:  2022 Annual Tax Season Update

Field of Study:    Taxes

Course Description:  

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 2022 Annual Tax Season Update course is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2020 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.

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

  • Identify the inflation adjustments to various federal limits, including the – Standard mileage rates, Education savings bond program, Qualified long term care insurance premiums and benefits, Social security earnings limit, Retirement savings contribution credit, Health FSA contributions, Healthcare premium tax credit, Small business healthcare premium tax credit, Large employer shared responsibility, Archer medical savings accounts (MSA), and Health savings accounts (HSA).
  • Apply the new standard mileage provisions.
  • Recognize the maximum age for traditional IRA contributions.
  • Identify the change in the required minimum distribution age for traditional IRAs and retirement plans.
  • Recognize the tax treatment of qualified birth or adoption distributions.
  • Identify the distribution requirements imposed on non-spouse inherited IRA beneficiaries.
  • Identify the change in the taxation of children’s unearned income.
  • Recognize the changes in § 529 plan distribution rules as they apply to – Repayment of student loans, and The expansion of qualified expenses to include expenses associated with apprenticeship programs
  • Identify the change in the AGI threshold for medical expense deductions.
  • Identify the current status of tax extenders applicable to – Tax credits for non-business energy property, Payment of tuition and fees, Payment of mortgage insurance premiums, and Cancellation of primary residence indebtedness.
  • Identify those items included in a taxpayer’s taxable earnings.
  • Identify the tax treatment of foreign accounts and trusts.
  • Recognize the limits applicable to elective deferrals.
  • Identify the tax penalty for failing to take a required minimum distribution.
  • Recognize the requirements for a qualified Roth account distribution.
  • Identify the tax treatment of alimony paid and received.
  • Recognize the items included in self-employment income and expenses.
  • Distinguish between a hobby and a business for tax purposes.
  • Identify the recordkeeping requirements to substantiate Schedule. entries
  • Identify the tax treatment of retirement income.
  • Identify the limits applicable to expensing section 179 property.
  • Identify the tax rules applicable to deducting food and beverage expenses.
  • Identify the luxury auto depreciation limits.
  • Recognize the eligibility requirements for, and limits applicable to various tax credits.
  • Recognize the tax treatment of virtual currency.
  • Identify the applicable AMTI exemption based on income and filing status.
  • Recognize the tax treatment of children’s taxable unearned income.
  • Identify the changes in § 529 plans with respect to – apprenticeship program expenses, elementary and secondary school tuition.
  • Recognize the § 199A qualified business income pass-through deduction.
  • Recognize the changes made in ABLE accounts
  • Identify the tax treatment of forgiven student loan indebtedness upon death or disability.
  • Recognize 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
  • Identify the due dates of income tax returns.
  • Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims.
  • Recognize the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it.
  • Recognize 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.
  • Recognize the e-file requirements.
  • Recognize the Annual Filing Season Program requirements.

Course Material: Online Material

Program level: Overview

Prerequisites: General understanding of federal income taxation.

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   9.0

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