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Study Guide-Annual Federal Tax Refresher

The study guide is provided to guide you through the course material in a step by step format.

Course material is a PDF document.

Domain 1 – New Tax Law/Recent Updates 

Assignment: Domain 1 <<>> Review Questions  Group #1: # 1-3

When you have completed the domain 1 text, you should be able to:

  • Identify the 2016 standard deductions, exemptions and tax filing thresholds;

  • Understand the changes in the repair regulation safe harbor amount;

  • List the individual tax extenders that are permanent and temporary under the PATH Act of 2015; and

  • Recognize the federal income tax return due dates and the extensions of time available for filing.

Domain 2 – General Income Tax Review

Assignment: Domain 2 <<>> Review Questions Group #2: #1-18

When you have completed the domain 2 text, you should be able to:

  • List the five federal income tax filing statuses and the conditions applicable to their use;

  • Recognize the best practices to ensure obtaining correct names and Social Security numbers of taxpayers and dependents;

  • Compute the tax penalties imposed on non-exempt taxpayers failing to maintain minimum essential health insurance benefits;

  • Identify the types of income that are taxable;

  • Calculate the amount of adjustments to a taxpayer’s income for student loan interest and tuition and fees paid;

  • Recognize the tax credits that may be available to a taxpayer; and

  • Identify the options available to a taxpayer to pay any tax due or obtain a tax refund.


Domain 3 – Ethics, Practices & Procedures

Assignment: Domain 3 <<>> Review Questions Group #3: #1-3

When you have completed the domain 3 text, you should be able to:

  • Recognize the penalties applicable to a tax return preparer’s negligent or intentional disregard of rules and regulations;

  • Apply the rules related to negotiating client refunds;

  • List the earned income credit due diligence requirements;

  • Understand the e-file requirements; and

  • Recognize the requirements related to signing and furnishing identifying numbers on client returns and the penalties for failing to do so.

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