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2023 Tax Filing Season Update

Exam Questions: 40
Course Level: Basic
Pages: 206 | Content: 190, Supplemental: 16
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 8140A

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 2023 Tax Filing Season Update course is designed to provide valuable information to persons preparing individual Form 1040 income tax returns reflecting clients' 2022 income. The course discusses new tax law and changes in various limits that reflect inflation, 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: This course should NOT be repeated if you ordered the previous version (8140). Course material is similar to #8135: Federal Income Tax Changes Summary - 2022 therefore, we recommend that you should not take #8140 in the same CPE reporting period.All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00476-22-S

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Course Information

Table of Contents
  • Recent Updates I
  • Recent Updates II
  • Income
  • Proprietorship Income
  • Individual Deductions
  • Tax Credits
  • General Income Tax Review - Part I
  • General Income Tax Review - Part II
  • Practices, Procedures, and Responsibility
Objectives
  • To identify the inflation adjustments to various federal limits
  • To recall the individual health insurance premium tax credit increase brought about by ARPA
  • To recognize how to calculate the small business health insurance premium tax credit
  • To recognize the potential penalties under the applicable large employer shared responsibility requirements
  • To identify the change in the reporting requirement of Third Party Network Transactions
  • To recall the rules for repayment of COVID-19 related distributions from qualified retirement plans and IRAs
  • To recall the Health Savings Account (HSA) limits
  • To recall how to calculate the deduction for taxpayers using the optional standard mileage rates
  • To identify those items included in a taxpayer's taxable earnings
  • To recognize the tax treatment of foreign accounts and trusts
  • To recall the rules governing contributions to and distributions from IRAs
  • To identify the reporting and taxability of unemployment compensation
  • To recall the tax treatment of retirement income
  • To identify who must file Form 1099-K, reporting payment card and third party network transactions
  • To recognize the items included in self-employment income and expenses
  • To identify the differences between a hobby and a business for tax purposes
  • To recall how to calculate the tax deduction for business use of a home
  • To identify the recordkeeping requirements to substantiate Schedule C entries
  • To recognize the tax treatment given to capital gains and losses
  • To identify the eligibility for, and amount of, standard deductions
  • To recognize the limitations applicable to Schedule A itemized deductions
  • To identify the recordkeeping and documentation requirements applicable to claimed deductions
  • To recognize the eligibility requirements for claiming the common tax credits
  • To recall how to calculate the tax credit amounts taxpayers may claim
  • To identify the 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 tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts
  • 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 recall the modification of net operating losses imposed under the CARES Act
  • To identify the tax treatment of employee fringe benefits
  • To recognize the rules dealing with depreciation of rental property
  • To recall the rules governing a taxpayer's tax withholding, estimated tax payments, and tax return due dates
  • 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 recall the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
  • To recognize 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.