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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 74 ||| Word Count: 38,503 ||| Review Questions: 22 ||| Final Exam Questions: 30 |
| CPE Credits : | 6.0 |
| IRS Credits : | 6 |
| Price : | $53.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2138 |
| Description : | 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: This course covers tax issues applicable to 2022 income reported in the 2023 tax season. |
| Usage Rank : | 54706 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS provides tax inflation adjustments for tax year 2023
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 01-Sep-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers - 2138 |
| Keywords : | Taxes, Federal, Income, Tax, Changes, For, 2023, Tax, Year, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
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| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - Changes in Various Limits Chapter Learning Objectives Introduction Individual Tax Rates Standard Mileage Rates Business Use of a Taxpayer’s Personal Vehicle Personal Vehicle Use for Charitable Purposes Use of a Taxpayer’s Personal Vehicle to Obtain Medical Care Moving Expenses in Military Relocations Standard Deduction Increased Standard Deduction for Blind and Senior Taxpayers Standard Deduction Eligibility Alternative Minimum Tax (AMT) Tax Preference Items Added Back to Produce Alternative Minimum Taxable Income Alternative Minimum Tax Exemption Amount Increased Education Savings Bond Program Qualified Education Expenses Eligible Educational Institutions Qualified Education Expenses Reduced by Certain Tax-free Benefits Received Figuring the Tax-Free Amount Education Savings Bond Program Eligibility Subject to Income Limits/Filing Status Determining Taxpayer’s Modified Adjusted Gross Income Qualified Long-Term Care Insurance Premiums and Benefits Favorable Benefits Tax Treatment Reserved for Chronically-Ill Tax-Qualified Long Term Care Premiums Deductible within Limits Tax-Qualified Long Term Care Insurance Benefits Tax-Free within Limits Social Security Taxable Earnings Limit Maximum Capital Gain/Dividend Tax Rate Increased for High-Income Taxpayers Estate and Gift Tax Exemption Section 199A Threshold Amount Summary Chapter Review Chapter 2 - Tax Credit Changes Chapter Learning Objectives Introduction Retirement Savings Contribution Credit Saver’s Credit Applicable to Range of Retirement Contributions Saver’s Credit Eligibility Based on Income and Filing Status Earned Income Credit EIC Rules Applicable to Everyone Adjusted Gross Income Limits Valid Social Security Number Required Tax Filing Status Citizenship or Residency Foreign Earned Income Investment Income Earned Income EIC Rules That Apply if Taxpayer Has a Qualifying Child Relationship, Age, Residence and Joint Return Tests Qualifying Child of More than One Person Rule Taxpayer as the Qualifying Child of Another Taxpayer Rule EIC Rules That Apply if Taxpayer Does Not Have a Qualifying Child The Age Rule The Dependent of Another Person Rule The Qualifying Child of Another Taxpayer Rule The Main Home Rule Figuring the Amount of the Earned Income Credit Adoption Credit/Exclusion Eligible Child Qualified Adoption Expenses The Benefit Timing of the Credit/Exclusion Benefit Phased-Out at Higher Taxpayer MAGI Summary Chapter Review Chapter 3 - PPACA-Related Tax Changes Chapter Learning Objectives Introduction Summary of Existing PPACA-Related Tax Requirements Health Flexible Spending Arrangement Contributions Refundable Premium Tax Credit to Assist in Purchase of Qualified Health Plan Eligibility for Credit Federal Poverty Level Qualified Health Plan Amount of the Credit Benchmark Plan Taxpayer’s Expected Contribution Calculating the Credit Adjusted Monthly Premium Special Rules Applicable to the Tax Credit Reconciling Advance Premium Tax Credits Small Business Premium Tax Credit Eligibility Requirements Limitations Affect Health Insurance Premium Credit Full-Time Equivalent Employee (FTE) Limitation Average Annual Wage Limitation Average Premium Limitation State Premium Subsidy and Tax Credit Limitation Calculating the Credit Large Employer Shared Responsibility: The Employer Mandate Employers Not Offering Coverage Employers Offering Coverage Summary Chapter Review Chapter 4 - Changes in Archer MSAs, HSAs & IRAs Chapter Learning Objectives Introduction Medical Savings Accounts High Deductible Health Plan Requirement Archer MSA Contributions Penalty for Excess Contributions Special Rules for Employer-Installed MSAs Archer MSA Distributions Archer MSA Rollovers Account Transfer Incident to Divorce Account Transfer at Death Archer MSA Taxation Contribution Tax Treatment Distribution Tax Treatment Archer MSA Distribution Tax Penalty Health Savings Accounts HSA Eligibility HSA High Deductible Health Plan Requirement HSA Contributions HSA Contributions from Multiple Sources Additional Contributions for Age 55 and Older Account Holders First-Year Contributions for New Account Holders Maximum HSA Contributions may be Reduced Penalty for Excess Contributions Employer HSA Participation HSA Distributions HSA Rollovers Account Transfer Incident to Divorce Account Transfer at Death HSA Taxation Contribution Tax Treatment Distribution Tax Treatment Tax-Free HSA Distributions Taxable HSA Distributions HSA Distribution Tax Penalty Individual Retirement Accounts Affected by CARES Act Early Distributions Taxation of IRA Withdrawals Over Three-Year Period Rollover of IRA Withdrawals Within Three Years of Distribution Coronavirus-Related Distribution Roth IRA Eligibility Modified Adjusted Gross Income Limits on Contributions Traditional IRA Contributions by Active Participants Tax Treatment of Contributions by Active Participants Reduced Deductibility of Traditional IRA Contributions for Active Participants Summary Chapter Review Chapter 5 - Inflation Reduction Act Chapter Learning Objectives Introduction Inflation Reduction Act Energy-Efficient Home Improvement Credit Qualified Energy Property Credit New Clean Vehicle Credit New Clean Vehicle Tax Credit Requirements Manufacturer’s Suggested Retail Price Affects Tax Credit Eligibility Income-Based EV Tax Credit Limitations Transfer of Credit Special Rules Applicable to New Clean Vehicle Credit Previously-Owned Clean Vehicle Credit Income-Based EV Tax Credit Limitations Transfer of Credit Special Rules Applicable to a Previously-Owned Clean Vehicle Qualified Refueling Property Credit Extension of ARPA-Expanded Premium Tax Credit Determination of Premium Tax Credit Limitation on Losses for Non-Corporate Taxpayers Increase in Business Meal Deductibility Ends After 2022 Summary Chapter Review Chapter 6 - SECURE Act 2.0 Chapter Learning Objectives Introduction 2023 SECURE Act 2.0 Changes Expanding Retirement Plan Coverage and Increasing Retirement Savings Tax Credits for Small Employer Plan Startup Costs Tax Credits for Small Employers – Military Spouses Multiple Employer Plans for Tax Sheltered Annuity 403(B) Plans Age at Which Required Minimum Distribution (RMDs) Must Begin Small Financial Incentives to Encourage Plan Participation SEPs for domestic employees Elimination of Defined Benefit Limit for Rural Electric Cooperative Employees Increased Investment Choices for Tax Sheltered Annuity Plans Preserving Participant Income RMD Restrictions on Life Annuities Qualifying Longevity Annuity Contracts Penalty on Partial Annuitization Simplifying Retirement Plan Rules Enhancing Federal Revenue Summary Chapter Review Glossary Appendix A |
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