Annual Federal Tax Refresher (AFTR) 2024

Winn Publications

Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws to provide valuable information to persons preparing individual 1040 income tax returns. The Annual Tax Filing Season Update course discusses new tax law and recent updates for the tax filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures. Course Learning Objectives Upon completion of this course, a student should be able to: 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.

Winn Publications

The Patient Protection and Affordable Care Act (PPACA) has brought about the most significant change in healthcare since the passage of the 1965 legislation that authorized Medicare. It imposes healthcare-related requirements on health plans, health insurers and employers. Eligible small employers may receive tax credits for providing health insurance coverage to their employees, and large employers may find themselves subject to tax penalties for failing to provide such employee coverage. This course will review the principal coverage provisions of the law and will examine its tax impact on employers. Learning Objectives Upon completion of this course, you should be able to: List the principal coverage provisions of the PPACA Recognize the shared responsibility requirements for applicable employers with respect to employee health coverage Compute the potential tax penalties that may be imposed under the PPACA for an employer’s failure to meet the applicable shared responsibility requirements Calculate the tax credits for which a small employer may be eligible for providing employee health insurance coverage.

Winn Publications

By changing many of the rules traditionally applicable to health insurance and imposing healthcarerelated requirements on virtually every individual, the Patient Protection and Affordable Care Act (PPACA) is likely to affect virtually every person in the United States in some way. The Patient Protection and Affordable Care Act (PPACA) imposes various tax increases in order to generate revenue and uses a carrot and stick approach to ensure individuals comply with its provisions by offering tax credits for compliance and, until 2019, by imposing tax penalties for noncompliance. This course will review the principal provisions of the law affecting individuals and will consider the: Coverage-related provisions of the PPACA addressing: Plan grandfathering pursuant to which health coverage in force at the time of the law's passage may be continued The prohibition of pre-existing condition exclusions The proscription of lifetime and annual benefit limits The limitation of health coverage rescissions The requirement for certain patient protections The requirement that plans covering children extend child coverage until age 26 Various personal income tax changes affecting taxpayers Tax credits authorized under the law to assist taxpayers by helping them purchase and maintain health insurance coverage. Learning Objectives Upon completion of this course, you should be able to: List the principal healthcare provisions of the PPACA affecting individuals Identify those individuals who may be exempt from the individual mandate Calculate the tax credits designed to help ensure that individuals are able to purchase and maintain health insurance coverage

Winn Publications

The Earned Income Credit (EIC) is a refundable tax credit that has a significant impact on United States revenue and, in the 2020 tax year, amounted to about $60 billion claimed by more than 25 million tax filers. In a recent year, 153.8 million individual federal tax returns were filed, and 19.6 million—12.7% of individual taxpayers—claimed the Earned Income Credit. Based on that percentage, it would not be unexpected that any tax return preparer will prepare the tax returns for many EIC claimants. Learning Objectives Upon completion of this course, you should be able to: Apply the earned income credit rules to determine if a taxpayer is eligible for the tax credit Identify the common errors committed in connection with the earned income credit Describe the consequences of the IRS’ disallowance of the earned income credit Recognize the tax return preparer’s EIC due diligence requirements