2022 Individual Planning and Due Diligence
Author: Annette Nellen
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC |
Significant tax developments for 2022 relevant to individuals are covered along with the relevance to tax compliance and planning. Updates cover the Inflation Reduction Act of 2022 as applicable to individuals, IRS procedures, expiring provisions, possible legislative changes before year end, and 2022 tax form changes are explained.
Publication Date: October 2022
Designed For
Designed for tax professionals involved in federal tax planning or tax return preparation.
Topics Covered
- How the Inflation Reduction Act affects compliance and planning for individuals
- Key rulings pertaining to income and property transactions, deductions, losses, and credits
- What's new regarding cryptocurrency and digital asset planning and compliance
- New IRS practice and procedures relevant to individuals
- Changes to individual tax forms for 2022
- Expiring provisions
- Legislative proposals
- Planning and due diligence reminders
Learning Objectives
- Identify key tax developments from Congress, the IRS, and the courts that affect individuals
- Identify due diligence and planning ideas from recent federal tax developments
- Recognize changes to 2022 individual tax forms
- Identify approximately how many IRS employees are eligible to retire in the next 6 years, based on the IRS's Strategic Plan
- Identify the amount of loan forgiveness for Pell Grant recipients provided by the August 2022 Actions of the Administration
- Identify the date student loan forgiveness applicants have until to apply for forgiveness
- Identify how many tests must be met to qualify for the Foreign Earned Income Exclusion
- Identify how many states have bans on abortions based on Dobbs v. Jackson Women's Health Organization, as of August 2022
- Identify approximately how many attorneys the IRS is hiring to combat Syndicated conservation easements and other "tax schemes"
- Identify the amount the IRS estimates that it collected in gross taxes in FY'21, based on statistics included in its Strategic Plan
- Identify the IRS form used to file an identity theft affidavit
- Recognize an example of an expiring provision at the end of 2022
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of federal income taxation concepts.
Advance Preparation
None
