This CPE course, which is the 12th and final course in the series, examines figuring tax liability and making tax payments. In addition to figuring taxable income, the course will walk through the computations for lump-sum distributions, figuring kiddie tax, and other tax computation issues. It also examines various ways in which tax liability is paid, through income tax withholding, estimated tax payments, and tax credits, as well as post-filing options. The course reflects changes made by the Consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.
Publication Date: September 2022
Designed For
Tax practitioners
Topics Covered
- Tax Computation
- Dividends and Capital Gain Tax Worksheet to Figure Tax
- Kiddie Tax
- Parent's Election to Report Child's Investment Income
- Rounding Off Whole-Dollar Amounts
- Paying Income Taxes
- Tax Payments
- Post-Filing Payment Options
Learning Objectives
- Figure taxable income
- Determine whether to use the Tax Table or Tax Computation Worksheet to figure the tax
- Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax
- Figure special tax computations for lump-sum distributions
- Figure the kiddie tax
- Determine the sources of income tax withholding
- Complete the schedule for estimated tax payments
- Figure estimated tax installments and when to make payments
- List tax credits treated as tax payments
- List post-filing options for paying outstanding taxes
- Identify through what year the deduction for the personal and dependency exemptions used to reduce taxable income were suspended
- Identify over how many years taxpayers who earn their income from farming or commercial fishing can elect to figure the tax on this portion of their income by using special averaging
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructors
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.
Sidney Kess
Sidney Kess, Esq., CPA, JD, LLM, Of Counsel, Kostelanetz & Fink, LLP, New York, NY is a nationally renowned tax expert and author/coauthor of hundreds of tax books on financial and estate planning. Having lectured to more than 50,000 practitioners on tax, financial, and estate planning, he is one of the nation’s best known lecturers in continuing professional education. Mr. Kess is consulting editor of CCH Incorporated’s Financial and Estate Planning Repoorter. Mr. Kess was chairman of the advisory board of Tax Hotline and is a member of the PPC Tax Action Panel. He has edited a column on “Tax Tips” for the New York Law Journal for the past 43 years. Mr. Kess edits the AICPA’s CPA Client Bulletin and CPA Client Tax Letter. He is Executive Editor of CPA Magazine. He has also written hundreds of AICPA tax workshops, audio and video programs, and is the recipient of the AICPA Distinguished Lecturer Award. Mr. Kess is often quoted in The Wall Street Journal, The New York Times, and other national publications. He was included in Accounting Today’s “100 Most Influential CPAs in the U.S.” for several years as well as CPA Magazine’s “Most Influential CPAs in the U.S.” Mr. Kess was the National Director of Tax at KPMG Main Hurdman and a tax partner at KPMG Peat Marwick. Mr. Kess is the recipient of the AICPA’s “Special Recognition Award” for his many years of contributions to the AICPA’s continuing professional education program, received the 2011 AICPA Gold Medal Award for Distinguished Service to the Accounting Profession, which is the highest award in the industry, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils for his distinguished service to the field of estate planning. The AICPA established the Sidney Kess Award for Excellence in Continuing Education to recognize individual CPAs who have made significant and outstanding contributions in tax and financial planning and whose public service exemplifies the CPA profession’s values and ethics. Sidney Kess was the first recipient of this Award. Mr. Kess was inducted into the New York State Society of CPAs’ Hall of Fame. He received his JD from Harvard University School of Law, LLM from New York University Graduate School of Law, and BBA from Baruch College.
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.