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Surgent's Annual Federal Tax Refresher (AFTR)

  • Format Self-Study Download
  • Credits 6.00
  • Level Basic
  • Field of Study Taxes (6)

Overview

This course is designed to meet the requirements of the IRS voluntary Annual Filing Season program. It discusses new tax law and recent updates for the upcoming filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures. Please note: This course does not qualify for CPE credit for CPAs.



Major Topics:

  • Annual inflation adjustments
  • Standard mileage rates
  • Third Party Network Transactions (Form 1099-K) change in reporting requirement
  • Filing status name change
  • Updated digital asset question language and instructions
  • Change to RMD age requirement
  • Reduction in excise tax on certain accumulations in qualified retirement plans
  • Energy Efficient Home Improvement Credit
  • Residential Clean Energy Property Credit
  • Clean Vehicle Credits
  • Taxability of earnings
  • Schedule B, interest, dividends, foreign accounts, and trusts
  • Retirement income reporting and taxability
  • Individual Retirement Accounts
  • Reporting and taxability of unemployment compensation
  • Alimony
  • Schedule C, profit or loss from business
  • Schedule D and Form 8949, overview of capital gains and losses
  • Standard deduction eligibility
  • Itemized deductions Schedule A
  • Tax credit eligibility
  • Miscellaneous topics, including tax treatment of digital assets, AMT, QBI deduction, Kiddie Tax, 529 Plans, ABLE accounts, cancellation of student debt, NOLs, Premium Tax Credit, employee fringe benefits, and depreciation of rental property
  • Tax-related identity theft
  • Safeguarding taxpayer data
  • Individual taxpayer ID numbers
  • Preparer penalties
  • Due diligence in tax preparation
  • Compliance with e-file procedures
  • AFSP requirements

Learning Objectives:

  • Identify the principal individual income tax changes brought about by recent legislation
  • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns
  • Recognize the federal income tax filing statuses and the criteria for their use
  • Identify the types of income that must be recognized
  • Apply the tax rules to the various credits and adjustments to income that are available to taxpayers
  • Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns
  • Identify the duties and restrictions imposed on tax preparers under Circular 230

Who should take this course:

Non-exempt tax preparers who wish to complete the IRS' Annual Filing Season Program in advance of the upcoming filing season.

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QAS Approval Surgent IRS Approval Surgent CFP Approval Surgent CTEC Approval Surgent
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