2021 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 – New Tax Law/Recent Updates
Assignment: Chapter 1 <<>> Review Questions
Group #1: # 1-3,
Group #2: #1-2
When you have completed the Chapter 1 text, you should be able to:
- Identify the inflation adjustments to various federal limits;
- Explain the impact of the new standard mileage provisions;
- Determine the maximum age for traditional IRA contributions;
- Describe the change in the required minimum distribution age for traditional IRAs and retirement plans;
- Recognize the tax treatment of qualified birth or adoption distributions;
- Describe the distribution requirements imposed on non-spouse inherited IRA beneficiaries;
- Identify the change in the taxation of children’s unearned income;
- Describe the changes in § 529 plan distribution rules as they apply to –
- Repayment of student loans, and
- The expansion of qualified expenses to include expenses associated with apprenticeship programs;
- Calculate The change in the AGI threshold for medical expense deductions; and
- Describe the current status of tax extenders applicable to –
- Tax credits for non-business energy property,
- Payment of tuition and fees
- Payment of mortgage insurance premiums, and
- Cancellation of primary residence indebtedness.
Domain 2 – General Income Tax Review
Assignment: Chapter 2 <<>> Review Questions
Group #3: #1-2,
Group #4: #1-2,
Group #5: #1-2,
Group #6: #1-2,
Group #7: #1-2,
When you have completed the Chapter 2 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;
- 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;
- Describe the principal Schedule A changes resulting from the TCJA;
- 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: Chapter 3 <<>> Review Questions Group #8: #1-3
When you have completed the Chapter 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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