AFSP – Federal Tax Law for 2022 – Self Study Course

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Course Description

AFSP Participants are required to complete a 10 CPE Federal Tax Law Topics course as a part of their Continuing Education Requirements. AFSP - Federal Tax Law for 2022 fulfills this requirement.

This course covers topics within the fields of individual filing requirements, individual retirement accounts, and estate taxes that ASFP Participants must understand in order to complete 1040 tax for individuals.

Learning Objectives

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

  • Recognize the new standard deduction amounts across all filing statuses,
  • Identify the requirements that must be met to file as any of the five filing statuses,
  • Identify the new standard deduction and additional standard deduction amounts,
  • Recognize the circumstances that will disallow taxpayers from taking the standard deduction,
  • Identify when a taxpayer is required to file their federal income tax return,
  • Recognize the various penalties associated with filing a return or paying taxes late, and
  • Identify the tax responsibilities and treatment of income associated with a recently deceased taxpayer.
  • Identify the requirements for serving as a trustee for an IRA account.
  • Recognize the requirements for opening a traditional IRA account.
  • Recognize the maximum contribution that can be made by a taxpayer to an IRA account.
  • Calculate the amount of a partial deduction to an IRA account.
  • Identify when a taxpayer must start receiving distributions form an IRA account.
  • Calculate the amount of minimum distributions from an IRA account.
  • Recognize prohibited transactions for an IRA account.
  • Recognize the maximum contribution that can be made by a taxpayer to a Roth IRA account.
  • Describe estate taxes and the purpose of estate taxes according to the Internal Revenue Code (IRC),
  • Identify the various types of trusts that can be used for estate planning,
  • Recognize what is included in the gross estate of a decedent,
  • Calculate the gross estate of a decedent,
  • Recognize the various deductions and credits available when calculating the gross estate of a decedent,
  • Recognize the benefits of electing portability and calculating portability exemption amounts, and
  • Describe the purpose of Generation Skipping Transfers and the Generation Skipping Transfer Tax according to the IRC.

CPE Credit: 10 CPE for AFSP Participants

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Taxes

Program Prerequisites: Basic understanding of federal tax code

Advanced Preparation: None