Course Description

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. 

Learning Objectives

• Recognize the 2023 changes in various amounts including the –
  • Standard mileage rates,
  • Standard deduction,
  • AMT exemption amount,
  • Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
  • Deductions for qualified long-term care insurance premiums;
• Identify the 2023 tax credit changes affecting the –
  • Saver’s credit,
  • Additional Child Tax Credit,
  • Earned income credit, and
  • Adoption credit;
• Recognize the 2023 changes affecting –
  • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
  • Roth IRA eligibility, and
  • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
• Discover the changes effective for 2023 with respect to the –
  • Small employer premium tax credit, and
  • Applicable large employer mandate; and
• Identify the principal Inflation Reduction Act (IRA) and SECURE Act 2.0 provisions affecting taxpayers in 2023.

Learning Objectives

• Refer to the course description for the learning objectives.

Prerequisites

• Basic understanding of federal income tax regulations.