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Are you a California CNA?
Each year, various limits impacting income tax return preparation and tax planning are affected by inflation-related changes. In addition, various new tax laws may be passed. This course will examine many of those changes. The Annual Tax Filing Season Update course discusses new tax law and recent updates for the 2024 filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices and procedures.
Course Publication Date: August 07, 2024
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $90.00!
| Author: | Paul Winn |
| Course No: | TAX-TAXUPDATE25-3145 |
| Recommended CPE: | 9.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Identify the inflation adjustments to various federal limits.
- Recognize Education Savings Bond Program Eligibility requirements.
- Identify the Average Annual Wage Limitation for 2024.
- Recognize limits to the Adoption Assistance Program.
- Describe Social Security Limits for 2024.
- Recognize the optional standard mileage rates.
- Describe the reporting requirements of Third Party Network Transactions.
- Identify the resumption of automated reminders for taxable years 2021 and prior.
- Describe features of the Direct File Pilot Program.
- Recognize SECURE 2.0 Act, including updated Roth Plan distribution rules effective for 2024.
- Recognize SECURE 2.0 Act, including catch-up contributions effective for 2024.
- Describe the filing status name change of qualifying widow(er) to qualifying surviving spouse.
- Identify those items included in a taxpayer’s taxable earnings.
- Determine the tax treatment of foreign accounts and trusts.
- Apply the rules governing contributions to and distributions from IRAs.
- Recognize the tax treatment of alimony under post-2018 divorce agreements.
- Describe the reporting and taxability of unemployment compensation.
- Recognize the items included in self-employment income and expenses.
- Distinguish between a hobby and a business for tax purposes.
- Calculate the tax deduction for business use of a home.
- Identify the recordkeeping requirements to substantiate Schedule C entries.
- Describe the rules related to bonus depreciation.
- Recognize the tax treatment given to capital gains and losses.
- Determine the eligibility for, and amount of, standard deductions.
- Apply the limitations applicable to Schedule A itemized deductions.
- Identify the recordkeeping and documentation requirements applicable to claimed deductions.
- Describe the difference between refundable and nonrefundable tax credits.
- Recognize the eligibility requirements for claiming the common tax credits.
- Calculate the tax credit amounts taxpayers may claim.
- Identify the limits applicable to the common tax credits.
- Recognize modifications to the Energy Efficient Home Improvement Credit.
- Identify changes to the Residential Clean Energy Property Credit.
- Describe the Clean Vehicle Credits authorized under the Inflation Reduction Act.
- Recognize the tax treatment of virtual currency.
- Determine the applicable alternative minimum taxable income exemption.
- Calculate the qualified business income deduction available to pass-through entities.
- Apply the rules for taxing the unearned income of dependent children.
- Describe the tax treatment of §529 Qualified Tuition Plans.
- Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts.
- Recognize the rules governing exclusion from income of student loan indebtedness.
- Describe the expanded health insurance premium tax credits.
- Determine the modification of net operating losses imposed under the CARES Act.
- Identify the tax treatment of employee fringe benefits.
- Apply the rules dealing with depreciation of rental property.
- Describe the rules governing a taxpayer’s tax withholding, estimated tax payments, and tax return due dates.
- Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.
- Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims.
- Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it.
- Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them.
- Recognize the penalties applicable to a tax return preparer under Title 26.
- Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC.
- Understand the e-file requirements.
- Recognize the Annual Filing Season Program requirements.
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