2018 Tax Filing Season Update

• Apply the inflation-adjusted and other limits to the proper preparation of taxpayers' income tax returns.
• Calculate taxpayers' additional tax liability resulting from the Medicare tax, net investment income tax and individual shared responsibility payment.
• Recognize the federal income tax filing statuses and the criteria for their use.
• Identify the types of income that must be recognized.
• Apply the tax rules to the various credits and adjustments to income available to taxpayers.
• Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns
• Identify the duties and restrictions imposed on tax preparers under Circular 230.