Basic Federal Tax 1040 and Update

Introduction to the Course

Each year, various limits impacting income tax return preparation are affected by inflation-related changes. In addition, various new tax laws may be passed. This course will examine many of those changes.

In organizing this course, the term “domain” is used in place of the more common “chapter” to follow the language of the IRS Annual Federal Return more closely

Tax Refresher course outline.

 Course Learning Objectives

Upon completion of this course, you should be able to:

• Identify the principal individual income tax changes brought about by recent legislation; • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns;
• Recognize the federal income tax filing statuses and the criteria for their use;
• Identify the types of income that must be recognized.
• Apply the tax rules to the various credits and adjustments to income that are available to taxpayers.
• Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns; and
• Identify the duties and restrictions imposed on tax preparers under Circular 230.