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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 or CE credit for EAs.



Major Topics:

  • Annual inflation and cost of living adjustments
  • New standard mileage rates
  • Third Party Network Transactions (Form 1099-K) change in reporting requirement
  • Resume issuing automated reminder notices for balances due for taxable years 2021 and earlier
  • Direct File Pilot Program
  • SECURE 2.0 Act, Section 325, Roth plan distribution rules effective for 2024
  • SECURE 2.0 Act, Section 603, catch-up contributions effective for 2024
  • Filing status review
  • Energy credits
  • 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
  • Withholding and estimated tax payments
  • Balance due and refund options
  • Tax return due dates and filing for extensions
  • 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.

None

None

Yes

No

No

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