The Tax Cuts and Jos Act (TCJA) provides the largest and most dramatic changes we have seen to the tax code in the last 30 years. There are major impacts to individuals.
In this one-hour course CPA and Attorney Dr. Bart Basi will cover the major changes and impacts to individuals tax returns including changes to:
• Tax Rates
• New Individual Tax Brackets
• New Single and Married Tax Rates
• New Head of Household Tax Rates
• Changes to Capital Gains
• Changes to Charitable Contributions
• Itemized Deductions
• Rise in Standard Deductions
• Deductions for Penalties and Fines
• Gift and Estate Tax Exemptions
• Mortgage Interest Deductions
• Property Tax Deductions
• Home Equity Loan Interest Deductions
• Child and Family Tax Credits
• Affordable Care Act Penalties
• And Much, Much More
Dr. Basi will offer comparisons and insights on how these may affect your clients in years to come. Plus what may change and what will not change in the future under the Tax Cuts and Jobs Act.
You do not want to miss this opportunity to help your clients wade through the complex new changes.
This one-hour course will highlight all the major changes and how your clients may be affected.
What is the benefit to me of participating in the Annual Filing Season Program (ASFP)?
- Your name will be included in the Directory of Federal Tax Return Preparers with Credentials and Select Qualifications that will be available January.
- You will have limited representation rights for returns you prepare and sign.
- You will be encouraged to remain current with changing tax laws.
- You will receive the AFSP – Record of Completion that shows clients and potential clients that you are a well-educated tax preparer who is dedicated to your chosen profession.
What is the deadline to complete the Annual Filing Season Program (ASFP)
The approved continuing education program must be completed within the calander year to qualify for the 2016 filing season.
What is the future of this program?
The Annual Filing Season Program will be an interim step to help taxpayers and encourage education for unenrolled tax return preparers. The IRS continues to pursue legislative authority to mandate a continuing competency program. In the meantime the IRS will administer a uniform voluntary examination in future years in order to ensure basic return preparer competency.
What are the requirements to achieve Annual Filing Season Program Completion?
Completion of courses from an IRS approved required will satisfy the completion. The yearly requirements for 2016 and beyond for Non-Exempt status tax preparers is 18 hours. Which consists of a 6 hour Annual Federal Tax Refresher (AFTR), 10 hours of federal tax law and 2 hours of ethics. The yearly requirements 2016 and beyond for Exempt status tax preparers is 15 hours. Which consists of 10 hours of federal tax law, 3 hours of tax law updates, and 2 hours of ethics
Who may participate in the program?
Anyone with a PTIN is eligible to participate in the program. Enrolled Agents, CPA’s and RTRP’s have an exempt status that will reduce the number of hours required.