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 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 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.
Course Publication Date:
April 13, 2023
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$60.00!
| Author: | Paul Winn |
| Course No: | TAX-FEDINC-3053-M |
| Recommended CPE: | 6.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Update |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Identify the individual income tax rate changes affecting taxpayers.
- Calculate the standard mileage deductions for use of a personal vehicle for business purposes.
- Calculate the standard mileage deductions for use of a personal vehicle to obtain medical care.
- Calculate the standard mileage deductions for charitable use of a personal vehicle.
- Identify the 2023 standard deduction amounts available to taxpayers.
- Recognize the changes made to the alternative minimum tax exemption amount for 2023.
- Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2023.
- Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts.
- Determine the amount of assets that may be passed tax-free at death.
- Identify the qualified business income (QBI) threshold amount.
- Calculate the retirement savings contribution credit available to eligible taxpayers.
- Recognize the rules and income limits applicable to eligibility for the earned income credit.
- Apply the adoption credit rules.
- Identify the changes effective in 2023 related to the health flexible spending arrangement contribution limits.
- Identify the changes effective in 2023 related to the small business health care tax credit.
- Identify the changes effective in 2023 related to the large employer shared responsibility provision.
- 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.
- Recognize the MAGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.
- Recognize the rule change affecting deductibility of business meals in 2023.
- Describe the energy-efficient home improvement provisions of the Inflation Reduction Act.
- Recognize the tax credits available for a new or previously-owned clean vehicle.
- Describe the qualified refueling property credit.
- Describe the SECURE Act 2.0’s provisions effective for 2023, including identifying the provisions designed to expand retirement plan coverage and increase retirement savings.
- Describe the provisions designed to enable plan participants to preserve their retirement income.
- List the provisions that simplify retirement plan rules.
- Identify those provisions designed to enhance federal revenue.