CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

All New and Current customers who purchase the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update or the 2021 Federal and California Update will get the Tax Advisory Complement Bundle for free.

NOTE:

  • New Federal Tax Update customers will get an immediate email with a coupon code for the free course once their Tax Update purchase is complete.
  • Current Customers that purchased the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update will get an email with a coupon code to get the Tax Advisory Complement Bundle for free.

2022 Annual Tax Season Update

Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
8 Credits: Taxes

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1
  • Identify the inflation adjustments to various federal limits;
  • Recognize the optional standard mileage rates; and
  • Apply the required minimum distribution rules applicable to traditional IRAs and retirement plans
Chapter 2
    • Describe the health insurance premium tax credit increase brought about by ARPA;
    • Recognize the rules for repayment of COVID-19 related distributions from retirement plans;
    • Identify the rules governing nonitemizers’ permitted adjustment for charitable contributions;
    • Recognize the income tax rules applicable to the Recovery Rebate Credit; and
    • Describe the current status of tax extenders.
Chapter 3
  • Identify the 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;
  • Understand the tax treatment of retirement income;
  • Describe the reporting and taxability of unemployment compensation; and
  • Apply the rules governing the tax treatment of alimony under post-2018 divorce agreements.
Chapter 4
  • 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; and
  • Identify the recordkeeping requirements to substantiate Schedule C entries.
Chapter 5
  • Determine the eligibility for, and amount of, standard deductions;
  • Identify the limitations applicable to Schedule A itemized deductions; and
  • Recognize the eligibility requirements for and limits applicable to the common tax credits.
Chapter 6
  • Recognize the tax treatment of virtual currency;
  • Determine the applicable alternative minimum taxable income exemption;
  • Calculate the qualified business income deduction available to pass-through entities;
  • Apply the rules for taxing the unearned income of dependent children; and
  • Identify the broadened § 529 qualified education expenses resulting from the passage of the Tax Cuts and Jobs Act and the SECURE Act.
Chapter 7
  • Recognize the expanded exclusion from income of student loan indebtedness authorized under the American Rescue Plan Act (ARPA);
  • Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts;
  • Determine the modification of net operating losses imposed under the CARES Act;
  • Identify the tax treatment of employee fringe benefits;
  • Describe the rules governing a taxpayer’s tax withholding and estimated tax payments; and
  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.
Chapter 8
  • 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;
  • Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC; and
  • Understand the e-file requirements.

Course Specifics

Course ID
8212761
Revision Date
June 10, 2021
Number of Pages
189
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01805-21-S
IRS Federal Tax Update Credits: 8
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1596
CTEC Federal Tax Update Credits: 8

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

2022 Annual Tax Season Update

Expert Instructors
Format
CPE CREDITS
8 Credits: Taxes

$232.00$262.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
8 Credits: Taxes

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1
  • Identify the inflation adjustments to various federal limits;
  • Recognize the optional standard mileage rates; and
  • Apply the required minimum distribution rules applicable to traditional IRAs and retirement plans
Chapter 2
    • Describe the health insurance premium tax credit increase brought about by ARPA;
    • Recognize the rules for repayment of COVID-19 related distributions from retirement plans;
    • Identify the rules governing nonitemizers’ permitted adjustment for charitable contributions;
    • Recognize the income tax rules applicable to the Recovery Rebate Credit; and
    • Describe the current status of tax extenders.
Chapter 3
  • Identify the 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;
  • Understand the tax treatment of retirement income;
  • Describe the reporting and taxability of unemployment compensation; and
  • Apply the rules governing the tax treatment of alimony under post-2018 divorce agreements.
Chapter 4
  • 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; and
  • Identify the recordkeeping requirements to substantiate Schedule C entries.
Chapter 5
  • Determine the eligibility for, and amount of, standard deductions;
  • Identify the limitations applicable to Schedule A itemized deductions; and
  • Recognize the eligibility requirements for and limits applicable to the common tax credits.
Chapter 6
  • Recognize the tax treatment of virtual currency;
  • Determine the applicable alternative minimum taxable income exemption;
  • Calculate the qualified business income deduction available to pass-through entities;
  • Apply the rules for taxing the unearned income of dependent children; and
  • Identify the broadened § 529 qualified education expenses resulting from the passage of the Tax Cuts and Jobs Act and the SECURE Act.
Chapter 7
  • Recognize the expanded exclusion from income of student loan indebtedness authorized under the American Rescue Plan Act (ARPA);
  • Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts;
  • Determine the modification of net operating losses imposed under the CARES Act;
  • Identify the tax treatment of employee fringe benefits;
  • Describe the rules governing a taxpayer’s tax withholding and estimated tax payments; and
  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.
Chapter 8
  • 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;
  • Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC; and
  • Understand the e-file requirements.

Course Specifics

Course ID
8212761
Revision Date
June 10, 2021
Number of Pages
189
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01805-21-S
IRS Federal Tax Update Credits: 8
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1596
CTEC Federal Tax Update Credits: 8

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

2022 Annual Tax Season Update

Expert Instructors
Format
CPE CREDITS
8 Credits: Taxes

$232.00$262.00

Clear