Each year, various income tax provisions are subject to change due to inflation adjustments and newly enacted tax legislation. These changes can significantly impact both the preparation of federal income tax returns and broader tax planning strategies. Staying informed about these updates is crucial for tax professionals who want to maintain accuracy and compliance in their practice.
The Annual Federal Tax Refresher (AFTR) Course has been specifically developed to satisfy the requirements of the IRS Annual Filing Season Program (AFSP)—a voluntary program designed to encourage continuing education and professional development among tax return preparers. This comprehensive course serves multiple purposes:
It provides an overview of the latest federal tax law changes and updates applicable to the upcoming tax filing season.
It delivers a structured review of general tax rules, with a focus on those areas most frequently encountered by tax professionals during return preparation.
It addresses important ethical standards and procedural requirements governing the conduct of tax return preparers, including those found in IRS Circular 230.
To align with the IRS Annual Federal Tax Refresher course outline, this course is organized into domains, which function similarly to chapters but reflect the terminology and structure used by the IRS.
Course Learning Objectives
By the end of this course, you will be able to:
Identify and explain key changes to individual income tax law brought about by recent federal legislation and administrative updates.
Apply current inflation-adjusted thresholds and limits, as well as any statutory caps or phase-outs, to accurately prepare individual federal income tax returns.
Recognize and properly determine the correct filing status for a taxpayer, based on the IRS guidelines and criteria for each status.
Identify various types of taxable and nontaxable income, and understand the tax treatment of each as it pertains to individual taxpayers.
Apply relevant rules to calculate and claim income adjustments and tax credits, including refundable and nonrefundable credits available to taxpayers.
Recognize the ethical standards and practice requirements tax professionals must adhere to, and identify potential penalties for noncompliance with preparer responsibilities and due diligence.
Understand the rights, obligations, and limitations imposed on tax preparers under Treasury Department Circular No. 230, which governs practice before the IRS.
This course is a vital tool for any tax preparer seeking to remain informed, compliant, and prepared to deliver high-quality service during the upcoming tax season.
Prerequisites:
Basic knowledge of individual federal tax return preparation is recommended.
