Federal Income Tax Changes Summary - 2023

Exam Questions: 15
Course Level: Basic
Pages: 104 | Content: 92, Supplemental: 12
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 8275

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. PLEASE NOTE: course content is similar to that in #8280: 2024 Tax Filing Season Update; 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-00532-23-S

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Course Information

Table of Contents
  • Changes in Various Limits
  • Tax Credit Changes
  • PPACA-Related Tax Changes
  • Changes in Archer MSAs, HSAs, and IRAs
  • Inflation Reduction Act
  • SECURE Act 2.0
  • To identify the individual income tax rate changes affecting taxpayers
  • To recognize how to calculate the standard mileage deductions for
    - Use of a personal vehicle for business purposes,
    - Use of a personal vehicle to obtain medical care, and
    - Charitable use of a personal vehicle.
  • To identify the 2023 standard deduction amounts available to taxpayers
  • To recognize the changes made to the alternative minimum tax exemption amount for 2023
  • To recall the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2023
  • To recognize how to calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts
  • To recall the amount of assets that may be passed tax-free at death
  • To identify the qualified business income (QBI) threshold amount
  • To recall how to calculate the retirement savings contribution credit available to eligible taxpayers
  • To recognize the rules and income limits applicable to eligibility for the earned income credit
  • To identify the adoption credit rules
    - Health flexible spending arrangement contribution limits,
    - Small business health care tax credit, and
    - Large employer shared responsibility provision
  • To recognize the eligibility rules applicable to Archer MSAs and HSAs
  • To recognize how to calculate the maximum contributions that may be made to an Archer MSA
  • To recall the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs
  • To recognize how to calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan
  • To recognize the MAGI limits that apply to a taxpayer's eligibility to make a Roth IRA contribution
  • To recognize the rule change affecting deductibility of business meals in 2023
  • To identify the energy-efficient home improvement provisions of the Inflation Reduction Act
  • To recognize the tax credits available for a new or previously-owned clean vehicle
  • To identify the qualified refueling property credit
  • To identify the provisions designed to expand retirement plan coverage and increase retirement savings
  • To recall the provisions designed to enable plan participants to preserve their retirement income
  • To recognize the provisions that simplify retirement plan rules
  • To identify those provisions designed to enhance federal revenue

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.