* Updated 2024 *

Overview

Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, various laws passed to address the financial consequences of the coronavirus pandemic significantly affect tax planning and may also affect taxpayers’ income tax liability. 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.

Updates include how to:

    • Identify the principal individual income tax changes brought about by recent legislation;
    • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns;
    • 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 that are 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; and
    • Identify the duties and restrictions imposed on tax preparers under Circular 230.

    CPE Acceptance

     

    CPE Course For:

    CPAs in most states (chart)
    Other Professionals (chart)
     EA

    Not Valid For:

    AFSP
    Tax Preparer

    Not sure?  Contact us!

    Online Course Materials

    Fully online PDF materials included in course.

    Login to your course to read online / print / save to local drive

    Materials include:

    • Clickable table of contents
    • Learning objectives--each section
    • Review questions--each section
    • Answers to review questions + explanations
    • Glossary of terms used
    • Worksheets, forms and examples
    • Index with page numbers

    * Fully searchable *

    Details

    Fun CPE Course #: PWX1124
    Materials: Online materials
    Format: Interactive self-study
    Subject: Federal Tax
    Exam questions:  Final-45 multiple choice
    Document length:  147 pages
    Passing score: 70% | Unlimited retakes
    Prerequisites: None
    Advance prep: None
    Course level: Overview
    Last reviewed/updated: 01/01/2024
    Expiration: One year from enrollment

    Learning Objectives

    Upon completion of this course, you should be able to:

    • Identify the principal individual income tax changes brought about by recent legislation;
    • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns including adjustments to:
      • The education savings bond program;
      • Qualified long term care premiums and benefits;
      • The Social Security taxable earnings limit;
      • The retirement savings contribution credit;
      • The Health Flexible Spending Arrangement (FSA) contribution limit;
      • Various Affordable Care Act provisions including the –
        • refundable tax credits to assist taxpayers in purchasing qualified health plans,
        • small business health insurance premium tax credit,
        • large employer shared responsibility requirement; and
      • Health Savings Account (HSA) limits.
    • Recognize the federal income tax filing statuses and the criteria for their use;
    • Describe the current status of tax extenders;
    • Identify the types of income that must be recognized;
    • Apply the tax rules to the various credits and adjustments to income that are 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; and
    • Identify the duties and restrictions imposed on tax preparers under Circular 230.