Federal Tax ChangesCode: 25-FEDCH

94 pages
Course description and objectives:

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 2022 as a result of passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the American Rescue Plan Act (ARPA) and the inflation-changed limits effective for 2022 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.

Learning Objectives

Upon completion of this course, you should be able to:

• List the 2022 changes in various amounts including the –
• Standard mileage rates,
• Standard deduction,
• AMT exemption amount,
• Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
• Deductions for qualified long-term care insurance premiums;
• Identify the 2022 tax credit changes affecting the –
• Saver’s credit,
• Earned income credit, and
• Adoption credit;
• Recognize the 2022 changes affecting –
• Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
• Roth IRA eligibility, and
• Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
• List the changes effective for 2022 with respect to the –
• Small employer premium tax credit, and
• Applicable large employer mandate; and
• Describe the principal American Rescue Plan Act (ARPA) provisions affecting taxpayers in 2022.

Presentation Method: QAS Self-Study

Category: Taxes

CPE credit: 6 Hours

Program Level: Update

Prerequisites: None

Advance Preparation: None

Exam expiration date: Participants must submit exams for grading within one year from the date of purchase