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.