* Updated 07/01/24 *

 Covers 2024 tax updates for

2025 Tax Season

 

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 2025 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 #: PWX1125
    Materials: Online materials
    Format: Interactive self-study
    Subject: Federal Tax
    Exam questions:  Final-45 multiple choice
    Document length:  154 pages
    Passing score: 70% | Unlimited retakes
    Prerequisites: None
    Advance prep: None
    Course level: Overview
    Last reviewed/updated: 07/01/2024
    Expiration: One year from enrollment

    Learning Objectives

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

    Chapter 1– New Tax Law/Recent Updates- I

    • 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; and
    • Describe Social Security Limits for 2024.

    Chapter 2– New Tax Law/Recent Updates- II

    • 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
    • Catch-up contributions effective for 2024.

    Chapter 3 – Components of Income

    • 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; and
    • Describe the reporting and taxability of unemployment compensation.

    Chapter 4 – Proprietorship Income

    • 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; and
    • Describe the rules related to bonus depreciation.

    Chapter 5 – Individual Taxpayer Deductions

    • 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; and
    • Identify the recordkeeping and documentation requirements applicable to claimed deductions.

    Chapter 6 – Common Tax Credits

    • 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; and
    • Identify the limits applicable to the common tax credits.

    Chapter 7 – General Income Tax Review I

    • 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; and
    • Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts.

    Chapter 8 – General Income Tax Review II

    • 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; and
    • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.

    Chapter 9 – Practices, Procedures & Professional Responsibility

    • 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; and
    • Recognize the Annual Filing Season Program requirements.