Overview

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.

CPE Acceptance

 

CPE Course For:

CPAs in most states (chart)
Other Professionals (chart)
 AFSP
 EA
 Tax Preparer

Not sure?  Contact us!

Online Course Materials

Fully online PDF materials included in course.

Login to your course to read online / print / save to local drive

Materials include:

  • Clickable table of contents
  • Learning objectives--each section
  • Review questions--each section
  • Answers to review questions + explanations
  • Glossary of terms used
  • Worksheets, forms and examples
  • Index with page numbers

* Fully searchable *

Details

Fun CPE Course #: PWX1022
Materials: Online materials
Format: Interactive self-study
Subject: Federal Tax
Exam questions:  Final-15 multiple choice
Document length:  70 pages
Passing score: 70% | Unlimited retakes
Prerequisites: None
Advance prep: None
Course level: Overview
Last reviewed/updated: 01/01/22
Expiration: One year from enrollment

Learning objectives

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

  • List the 2022 changes in various amounts including –
    • Individual income tax rate changes affecting taxpayers,
    • Standard mileage rates,
    • The standard deduction
    • The AMT exemption amount
    • The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, 
    • Deductions for qualified long-term care insurance premiums,
    • The amount of assets that may be passed tax-free at death, and
    • The qualified business income (QBI) threshold amount.
  • Identify the 2022 tax credit changes affecting the –
    • Retirement savings contribution credit,
    • Earned income credit, and
    • Adoption credit.
  • Recognize the 2022 PPACA-related changes affecting –
    • Health flexible spending arrangement contribution limits,
    • Small business health care tax credit, and
    • Large employer shared responsibility provision.
  • Be aware of 2022 changes in Archer MSAs, HSAs & IRAs
    • Recognize the eligibility rules applicable to Archer MSAs and HSAs,
    • Calculate the maximum contributions that may be made to an Archer MSA,
    • Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs,
    • Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan, and
    • Recognize the MAGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.
  • Describe the 2022 Effect of Pandemic-Related Economic Stimulus
    • Describe the American Rescue Plan Act’s provisions affecting 2022 tax advice and tax preparation,
    • Identify the rules concerning repayment of tax-favored retirement fund distributions expanded under pandemic-related legislation,
    • Describe the changes in health savings account (HSA) rules related to first-dollar payment for telehealth and COVID-19 testing and treatment,
    • Apply the rule changes to qualified improvement property depreciation, and
    • Recognize the rules related to the exclusion of certain employer payment of student loans.