Everything You Need to Know About the 2023 IRS Annual Federal Tax Refresher (AFTR) Course
As a tax professional, keeping up-to-date with the latest tax laws and regulations is crucial to provide the best service to your clients. One way to do this is by taking the Annual Federal Tax Refresher (AFTR) Course from the IRS.
The AFTR Course is an annual refresher course covering tax law updates and changes over the past year.
It is a mandatory course for tax preparers who are not Enrolled Agents, CPAs, or attorneys but still want to maintain their IRS Preparer Tax Identification Number (PTIN).
The 2023 AFTR Course will cover a wide range of topics, including individual taxation, business taxation, retirement plans, and healthcare taxes.
The course will also focus on the Tax Cuts and Jobs Act (TCJA) of 2017 and any updates to the law since then.
The course consists of six modules, each covering a specific area of tax law.
Tax Law Updates
This module will cover the latest updates and changes to the tax laws, including any new legislation or IRS guidance.
Filing Requirements and Status
This module will cover the filing requirements for individuals and businesses, including who must file a tax return and how to determine filing status.
Income
This module will cover various types of income, including wages, self-employment income, investment income, and rental income. It will also cover tax-exempt income and income exclusions.
Deductions and Credits
This module will cover deductions and credits available to individuals and businesses, including the standard deduction, itemized deductions, and various tax credits.
Retirement Plans
This module will cover the tax treatment of various retirement plans, including 401(k)s, IRAs, and pension plans.
Healthcare Taxes
This module will cover the various healthcare taxes, including the Net Investment Income Tax (NIIT) and the Additional Medicare Tax.
Requirements For Passing The AFTR
To successfully complete the AFTR Course, you must pass a 100-question multiple-choice exam. The passing score is 70%, and you have three attempts to pass the exam. If you fail the exam three times, you must complete the entire course again.
After passing the AFTR Course, you will receive a Certificate of Completion, which you can use to fulfill your annual continuing education requirements.
The course counts for 6 hours of continuing education credits for the IRS Annual Filing Season Program (AFSP).
If you are a tax preparer who is also an Enrolled Agent, CPA, or attorney, you are not required to take the AFTR Course. However, you may still find it beneficial to take the course to stay up-to-date with the latest tax law changes.
In addition to the AFTR Course, the IRS offers other tax preparer courses and resources to help you stay current with tax laws and regulations. These include the Taxpayer First Act (TFA) training, the Voluntary Annual Filing Season Program (AFSP), and the Tax Professional Institute (TPI).
Conclusion
Staying current with the latest tax laws and regulations is essential to provide the best service to your clients. The AFTR Course is a critical way to keep up-to-date with tax law changes and earn continuing education credits. Taking the AFTR ensures that you provide your clients with accurate and reliable tax preparation services.
