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PWX8018: 2019 Annual Federal Tax Refresher Study Guide

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 – Provisions of Tax Cuts and Jobs Act

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

Review Questions Review #2: # 1-4


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

  • Recognize the Act’s effect on the individual income and capital gains tax rates, standard deductions, filing requirements and exemptions resulting from passage of the Tax Cuts and Jobs Act;

  • Describe the Act’s impact on the tax treatment of alimony, taxpayer moving expenses and Roth recharacterization rules;

  • List the changes with respect to Schedule C provisions;

  • Identify the changes affecting the itemized deductions on Schedule A;

  • Understand the provisions of the enhanced child tax credit;

  • Describe the Kiddie Tax modifications, the changes to the AMT and the §529 plan changes;

  • Recognize the factors considered in the pass-through deduction for a qualified trade or business and the changes affecting ABLE  accounts;

  • List the changes affecting the discharge of student loan indebtedness and net operating losses;

  • Describe the Act’s effect on the ACA’s requirement to maintain health coverage and its changes to employee fringe benefits; and

  • Identify the principal changes to the rules governing real property depreciation.

Domain 2 – General Income Tax Review

Assignment: Domain 2 <<>>
Review Questions Review #3: #1-4

Review Questions Review #4: #1-4

Review Questions Review #5: #1-9

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

  • Recognize the tax limits subject to annual inflation adjustments;

  • Identify those items included in a taxpayer’s taxable earnings;

  • Determine the tax treatment of foreign accounts and trusts;

  • Recognize the items included in self-employment income and expenses;

  • Distinguish between a hobby and a business for tax purposes;

  • Calculate the tax deduction for business use of a home;

  • Identify the recordkeeping requirements to substantiate Schedule C entries;

  • Understand the tax treatment of retirement income;

  • List the factors considered in determining the tax treatment of capital gains and losses;

  • Recognize the eligibility requirements for various tax credits;

  • Describe the rules governing a taxpayer’s tax withholding and estimated tax payments;

  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund; and

  • Identify the due dates of income tax returns.


Domain 3 – Practices, Procedures & Professional Responsibility

Assignment: Domain 3 <<>>
Review Questions Review #6: #1-3

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

  • .Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims;

  • Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it;

  • Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them;

  • Recognize the penalties applicable to a tax return preparer under Title 26;

  • Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC;

  • Understand the e-file requirements; and

  • Recognize the Annual Filing Season Program requirements.

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