2012-2013 Easy Update - 3 CPE
This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and way for professionals and staff alike to easily get the “big chunks” and bring their professional knowledge up to speed.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Recommended Credits: 3 CPE Hours
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
At the start of the materials, participants should identify the following topics for study:
* Tax brackets
* Tax credits
* Education credits
* Energy credits
* Retirement plan contribution and phaseout limits
* Gift and estate taxes
After reading the materials, participants will be able to:
1. Discuss the various issues affected by inflation and recent tax law changes especially as they relate to individual income taxes by explaining the various income tax brackets, the kiddie tax, quoting the AMT phaseout limits and contribution limits to HSAs, and explaining the mechanics of selected income tax credits, including education and energy credits.
2. Identify and discuss the key business tax issues affected by inflation adjustments and recent legislative changes, including bonus depreciation, expensing, standard mileage rates, work opportunity credit, and S corporation developments.
3. Differentiate between the various retirement plans, including inflation adjusted contribution limits and phaseout limits, and review estate taxes by citing trust income tax rates and explaining how to calculate interest on estate tax installments.
After studying the materials, answer the exam questions 1 to 15.