2023 Annual Federal Tax Refresher Course

This 6-hour law course is for tax professionals who must complete 18 hours of continuing education for 2023 in order to help individuals file their 2022 tax returns. There are three core parts to this course:

Domain 1 provides dollar amount and rate inflations for the 2022 tax year with walk-through examples of how to figure some of these related calculations. Due to RP 2021-45 being so lengthy, a good hour of the class is dedicated to those adjustments. Special attention is given to explaining concepts, not just providing the updated numbers; context is essential. The list of tax extenders at the end examines qualifications and limitations for each. 

The second domain in the series is the longest of the three because it returns to the basics and ensures students understand key concepts they’ll continue to work with. Taxability of earnings starts us out with what constitutes employee compensation. Schedules A through D and supplementary forms, topics, and instructions are all reviewed. Though not intended to be exhaustive, these walk-throughs should serve tax preparers well in navigating any revisions and calculations. Of particular interest will be the changes relating to retirement income limits and the repeal of the alimony deduction. Modern influences of virtual currency and disaster losses find their way into our discussion. Itemized deductions and tax credit eligibility will require a full hour. Then we’ll end with an overview of key topics.

Finally, Domain 3 explores warning signs of tax-related identity theft, precautions to mitigate risk, and what to do if a client or tax preparer has suspicions about information abuse. E-file requirements, the purpose and expiration date calculation for ITINs, and the requirements of the Annual Filing Season Program are also covered. Penalties for failure to comply with one’s duties as a tax professional are given context.

Videos, images, flowcharts, and tables are used where possible to promote comprehension. Each Domain will wrap up with a final exam.