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You are here: Home Course materials CPE course study guides PWX8019: 2020 Annual Federal Tax Refresher Study Guide

PWX8019: 2020 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.

Chapter 1 – New Tax Law/Recent Updates

Assignment: Chapter 1 <<>> Review Questions  Group #1: # 1-4

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

  • Describe the inflation-related adjustments to standard mileage rates;

  • Apply the rules and limits applicable to the education savings bond program;

  • Recognize the limits concerning deductibility of premiums for and includability of benefits under qualified long term care insurance policies;

  • Apply the Social Security earned income limits to a Social Security beneficiary’s earned income;

  • Describe the Retirement Savings Contribution Credit; and

  • Identify the small business tax credit and large employer shared responsibility requirement under the Affordable Care Act.

Chapter 2 – New Tax Law/Recent Updates (cont’d)

Assignment: Chapter 2 <<>> Review Questions Group #2: #1-3

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

  • List the changes made to applicable Archer MSA and Health Savings Account limits due to inflation adjustment;

  • Describe the status of tax extenders;

  • Apply the tax laws to alimony paid under divorce agreements entered into after 2018;

  • Identify the AGI threshold applicable to the 2019 and later deduction of unreimbursed medical expenses;

  • Describe the status of the Affordable Care Act individual mandate penalty; and

  • Calculate the simplified qualified business income (QBI) deduction using IRS Form 8995.

Chapter 3 – Earned & Unearned Income

Assignment: Chapter 3 <<>> Review Questions Group #3: #1-5

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

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

  • Determine the tax treatment of foreign accounts and trusts; and

  • Understand the tax treatment of retirement income; and

  • Describe the tax treatment given to nonqualified annuity distributions.

Chapter 4 – Schedules C/D & Form 8949

Assignment: Chapter 4 <<>> Review Questions Group #4: #1-3

When you have completed the Chapter 4 text, you should be able to:

  • Contrast the characteristics of a business and a hobby;

  • Calculate a deduction for business use of a home;

  • Identify the recordkeeping requirements applicable to income and expenses from self-employment;

  • Describe the tax treatment of entertainment expenses incurred by a business;
    List the section 179 expense limits;

  • Recognize the depreciation requirements concerning –

    • bonus depreciation,
    • luxury auto depreciation limits, and

    • listed property updates; and

  • Describe the tax treatment given capital gains and losses.

Chapter 5 – TCJA Schedule A Changes

Assignment: Chapter 5 <<>> Review Questions Group #5: #1-2

When you have completed the Chapter 5 text, you should be able to:

  • Identify the maximum state and local tax deductions;

  • Describe the tax treatment of mortgage and home equity loan interest;

  • Recognize the changes to charitable contribution deductions;

  • Understand the changes to casualty and theft loss deductions; and

  • Describe the tax treatment of moving expense reimbursements.

Chapter 6– Credits & Filing/Paying Taxes

Assignment: Chapter 6 <<>> Review Questions Group #6: #1-4

When you have completed the Chapter 6 text, you should be able to:

  • Identify the eligibility requirements for claiming –

    • child tax credit,

    • credit for other dependents,

    • child and dependent care tax credit,

    • education tax credit, and

    • earned income tax credit;

  • Describe the requirements related to tax withholding and estimated tax payments;

  • List the available tax balance due and refund options; and

  • Recognize the tax return due dates and methods for filing for extensions.

Chapter 7– Overview Topics

Assignment: Chapter 7 <<>> Review Questions Group #7: #1-3

When you have completed the Chapter 7 text, you should be able to:

  • Describe the Alternative Minimum Tax exemption and phaseout amounts;

  • List the limit changes made to –

    • the Kiddie tax,

    • § 529 Qualified Savings Plans,
    • ABLE accounts,

    • student loan indebtedness,

    • net operating losses (NOLs),

    • employee fringe benefits, and

    • depreciation of rental property; and

  • Recognize the Affordable Care Act penalties and tax credits.

Chapter 8– Practices, Procedures & Professional Responsibility

Assignment: Chapter 8 <<>> Review Questions Group #8: #1-3

When you have completed the Chapter 8 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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