The 2021 Annual Federal Tax Refresher course is designed to meet the requirement of the IRS Annual Filing Season Program (AFSP) for non-exempt tax preparers. 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.
- Provisions of The Tax Cuts and Jobs Act, including general topics, income/adjustments to income, Schedule C provisions, Schedule A deductions, credits, and much more
- General review topics, including annual inflation adjustments, review of tax return due dates, Schedule B, Part III foreign accounts and trusts, Schedule C self-employment, retirement income reporting and taxability, capital gains and losses, credit eligibility, tax withholding and estimated tax payments, and balance due and refund options
- Practices, procedures, and professional responsibility, including tax related identity theft, safeguarding taxpayer data, overview and expiration of ITINs, taxability of earnings, preparer penalties, due diligence in tax preparation, e-file requirements, and AFSP requirements
- Identify the principal individual income tax changes brought about by new tax 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; and
- Identify the duties and restrictions imposed on tax preparers under Circular 230.