5.0 CPE 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 examines those tax changes that are more significant from the perspective of an income tax preparer.
Learning Objectives
- Explore and list the changes affecting standard mileage rates, standard deductions, AMT exemption amounts, 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 various tax credit changes.
- Recognize the changes in Health Savings Account (HSA) and Archer Medical Savings Account (MSA) requirements and contribution limits, Roth IRA eligibility, and traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans.
- Explain the changes effective for the year with respect to the small employer premium tax credit and applicable large employer mandate under the ACA.
- Describe the principal legislative changes affecting tax advisers and tax preparers.
Last updated/reviewed: March 16, 2024
26 Reviews (118 ratings)
Reviews
Anonymous
(Tax Manager)
There is a lot that is not on the slides but is on the final exam.
Sherry Gong
(CPA at N/A)
The instructor sounded like he was reading the text since the voice was fairly monotone, which made it hard for me to focus. Additionally, I found verbal descriptions of calculations to be very hard to follow when the actual calculation wasn't shown on the slide.
While the slides were generally comprehensive, sometimes there was certain information that was spoken that I thought would have been helpful to put on the slide, such as the form for calculating the MAGI limit in calculating the portion of savings bond interest that should be includible in income.
This course would be challenging for those who are just starting out in tax.
For tax updates, I've found Spidell to be much more engaging and useful.
Anonymous
(CPA)
Good info but instructor was monotone and made it difficult to follow. Also several test questions weren’t addressed in slides, and based on my score I don’t think the answers agreed with my web research, but regardless I learned a lot in the process. Also one of the early questions on the savers credit didn’t offer the answer calculated based on formulas in the slides.
Mark Eason
( at BVUA)
This course forces you to learn the updates because the supporting material does not contain the information to answer the questions. You have to look many of the items up on the internet to be able to answer the questions. Final exam took 1.5 hours to take. Review questions took 1 hour.
Dylan Spencer
(Controller at Red Leaf Advisors, LLC)
Course seemed to get a little technical. I would expect a tax update course to summarize updates rather than getting into the weeds of calculations, which would be more appropriate in a course tailored to those specific tax laws.
Anonymous
()
Thorough CPE course covering the changes applicable to 2022 tax returns, including which 2021 special provisions will revert back to prior levels. Helpful update before heading into this tax season.
Nafisah Fudaeel
(Owner at Tax Roadmap)
This course was informative. It can be improved with more examples to explain the answers given and relate to the slides. I don't think the examples on the slides were explained well.
Anonymous
()
I found the slides a bit difficult to follow, with a lot of noted information left out of the slides. The wording was a bit confusing at times and left important details out.
Anonymous
(Sr Analyst)
Course covers multiple changes to individual income taxation. Primarily Long-Term Care, Adoption Credit, Health Insurance Premium Credits, EIC and some other items.
Louise Aldridge
( at Levenue LLC.)
I understand that it is very hard to make this subject fun, but this course was extremely hard to follow, the instructor is completely monotone, and the sound is bad
Anonymous
()
Very thorough course. Covers indetail many aspects of EIC, Adoption Credit, and Premium Tax Credit. Truly tests your knowledge of the calculations in a 1040.
Brad Parker
( at Seamless Advisors)
Good overview of the changes. A couple of the answers didn't seem to be explicitly covered in the material, but was able to find them easily elsewhere.
Tracey Scharmann
(CPA at Tracey Scharmann)
Audio quality was not great in some segments but I appreciated the feedback on the review questions so I understood why the answer was incorrect.
Anonymous
()
Very detailed and complex. The presenter was monotone throughout the presentation which made the information difficult to consume.
malcolm clark
( at kim brown and assoc pa)
We have computer tax software. We do not need to know the formulas for everything. We just need to know the tax rules.
Ruth Ollarzabal
( at n/a)
Overall good content. I expected to some mention of some of the changes like bonus dropping to 80% and etc.
Anonymous
(CPA)
Lots of details and updates. The tax code and regulates are too complex and should be simplified.
Abby Kruja
(Consultant at Slalom)
Each section could have been organized better with a summary before each section.
Nichole Karr
(Director - Audits at BMM Testlabs)
There were exam questions that did not appear to be covered in the material
Anonymous
(Owner)
I enjoyed this course. It was very informative and I would recommend it.
Anonymous
(President)
Missing Inflation Reduction Act info. Other than that, course was great
Julia Kramer
(Financial Behavior and Leadership Consul.. at Signature Financial Planning)
this was a good summary of 2022 changes and was time effective.
Anonymous
(ACCOUNTING MANAGER)
Very useful information. Informative lecture and updates.
Ron Reigstad
( at BDO)
Great course! Very information and very comprehensive.
Anonymous
(Accountant)
Great Course, informative, and some what entertaining
Anonymous
()
A little too long to keep me engaged...............
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Paul WinnCLU, ChFC, Instructor
About Illumeo
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