2022 Tax Filing Season Update

Exam Questions: 40
Course Level: Basic
Pages: 208 | Content: 192, Supplemental: 16
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 8030

Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course examines those changes and new laws. The 2022 Tax Filing Season Update course is designed to provide valuable information to persons preparing individual Form 1040 income tax returns reflecting clients' 2021 income. The 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 practices, procedures, and responsibilities. PLEASE NOTE: course content is similar to that in #8035: Federal Income Tax Changes Summary - 2021; therefore, we recommend that you should not take both courses in the same CPE period. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00429-21-S

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Course Information

Table of Contents
  • Recent Updates
  • New Tax Law and Extenders
  • Individual Income Components
  • Proprietorship Income
  • Individual Deductions and Credits
  • General Income Tax Review - Part 1
  • General Income Tax Review - Part 2
  • Practices, Procedures, and Responsibility
  • To identify the inflation adjustments to various federal limits
  • To recognize the optional standard mileage rates
  • To recall the required minimum distribution rules applicable to traditional IRAs and retirement plans
  • To recall the health insurance premium tax credit increase brought about by ARPA
  • To recognize the rules for repayment of COVID-19 related distributions from retirement plans
  • To identify the rules governing nonitemizers' permitted adjustment for charitable contributions
  • To recognize the income tax rules applicable to the Recovery Rebate Credit
  • To recall the current status of tax extenders
  • To identify the items included in a taxpayer's taxable earnings
  • To recall the tax treatment of foreign accounts and trusts
  • To recall the rules governing contributions to and distributions from IRAs
  • To recognize the tax treatment of retirement income
  • To recall the reporting requirements and taxability of unemployment compensation
  • To recall the rules governing the tax treatment of alimony under post-2018 divorce agreements
  • To recognize the items included in self-employment income and expenses
  • To recognize the difference between a hobby and a business for tax purposes
  • To recognize the tax deduction for business use of a home
  • To identify the recordkeeping requirements to substantiate Schedule C entries
  • To recall the eligibility for, and amount of, standard deductions
  • To identify the limitations applicable to Schedule A itemized deductions
  • To recognize the eligibility requirements for and limits applicable to the common tax credits
  • To recognize the tax treatment of virtual currency
  • To recall the applicable alternative minimum taxable income exemption
  • To identify the qualified business income deduction available to pass-through entities
  • To recall the rules for taxing the unearned income of dependent children
  • To identify the broadened § 529 qualified education expenses resulting from the passage of the Tax Cuts and Jobs Act and the SECURE Act
  • To recognize the expanded exclusion from income of student loan indebtedness authorized under the American Rescue Plan Act (ARPA)
  • To identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts
  • To recall the modification of net operating losses imposed under the CARES Act
  • To identify the tax treatment of employee fringe benefits
  • To recall the rules governing a taxpayer's tax withholding and estimated tax payments
  • To recognize the options available to a taxpayer for paying any tax due or receiving a tax refund
  • To identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims
  • To recognize the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
  • To recall the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them
  • To identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC
  • To recall the e-file requirements

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.