Federal Income Tax Changes – 2023

 

IRS Program Number: YH9W1-U-00130-23-S
CTEC Program Number: 6243-CE-0034
CE Credits: 3 hours
Category: Tax Law Updates
Delivery Type: Online Self-Study
Exam Questions: 15
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Important recommendation to all students: If you received this course as part of a Bundle, we recommend completing all other courses first, then completing this course last as this course will contain the 2023 Tax updates.

Course Syllabus

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. This is a basic tax course with no prerequisites, and qualifies for 3 CE credits in the IRS Federal Tax Law Updates category.

Learning Objectives

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

  • List 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;
  • List the changes effective for 2023 with respect to the –
    • Small employer premium tax credit, and
    • Applicable large employer mandate; and
  • Describe the principal Inflation Reduction Act (IRA) provisions affecting taxpayers in 2023

 

Course Assignments

  • Study each Chapter
  • Answer review questions at the end of each chapter
  • Pass the Final Exam with a score of 70 percent or better

Final Exam and Certification
The final exam consists of 15 multiple-choice questions on the information covered in the course materials. To receive credit for this course, you must click on the Exam below to initiate the exam. A passing score of 70 percent or better will receive course credit and a Certificate of Completion.

 

Course Materials

Course Content