2023 Annual Tax Season Update ON DEMAND

Overview

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.

Highlights

Annual inflation adjustments. Tax qualified long term care premiums. HSAs. Standard Mileage rates. Taxability of earnings. Retirement income reporting and taxability. Proprietorship income. Capital gains and losses. Standard deduction eligibility. Itemized deductions, Schedule A. Tax credits. General income tax review. Preparer practices, procedures, and responsibility.

Prerequisites

None.

Designed For

CPAs.

Objectives

Identify the inflation adjustments to various federal limits. Describe the current status of tax extenders. Identify those items included in a taxpayer’s taxable earnings. Recognize the items included in self-employment income and expenses. Recognize the eligibility requirements for claiming the common tax credits, and more.

Preparation

None.

Notice

None.