2024 Tax Filing Season Update

Exam Questions: 40
Course Level: Basic
Pages: 222 | Content: 204, Supplemental: 18
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 8280B

Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws to provide valuable information to persons preparing individual 1040 income tax returns. The 2024 Tax Filing Season Update discusses new tax law and recent updates for the tax filing season, provides a general tax review, and examines important rules governing tax return preparer ethics, practices, and procedures. PLEASE NOTE: course content is similar to that in #8275: Federal Income Tax Changes Summary - 2023; therefore, we recommend that you should not take both courses in the same CPE period. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00568-24-S

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Course Information

Table of Contents
  • New Tax Law/Recent Updates I
  • New Tax Law/Recent Updates II
  • Components of Income
  • Proprietorship Income
  • Individual Taxpayer Deductions
  • Common Tax Credits
  • General Income Tax Review - Part I
  • General Income Tax Review - Part II
  • Preparer Practices, Procedures, and Responsibility
  • To identify the inflation adjustments made to the Education Savings Bond program
  • To recognize the deductible limits applicable to qualified long-term care insurance premiums and the tax treatment of qualified long-term care insurance benefits
  • To identify the Social Security taxable earnings limit
  • To identify the Retirement Savings Contribution Credit
  • To recognize the applicable health flexible spending arrangement contribution limit
  • To recall the tax credit available to assist taxpayers to purchase a qualified health plan
  • To recognize the small employer health insurance premium tax credit
  • To identify the applicable large employer shared responsibility requirements
  • To identify health savings accounts (HSAs) limits
  • To recognize the optional standard mileage rates
  • To recall the filing status name change of qualifying surviving spouse to qualifying surviving spouse
  • To identify the updated digital asset question language and instructions
  • To recognize the change in the reporting requirement of Third Party Network Transactions
  • To identify the change in the required minimum distribution age
  • To recall the reduction in excise tax on certain accumulations in qualified retirement plans
  • To recognize modifications to the Energy Efficient Home Improvement Credit
  • To identify changes to the Residential Clean Energy Property Credit
  • To recall the Clean Vehicle Credits authorized under the Inflation Reduction Act
  • To identify those items included in a taxpayer's taxable earnings
  • To recall the tax treatment of foreign accounts and trusts
  • To recognize the rules governing contributions to and distributions from IRAs, qualified retirement plans, and annuities
  • To recognize the tax treatment of alimony under post-2018 divorce agreements
  • To recall the reporting and taxability of unemployment compensation
  • To recognize the items included in self-employment income and expenses
  • To recall the differences between a hobby and a business for tax purposes
  • To recognize how to calculate the tax deduction for business use of a home
  • To identify the recordkeeping requirements to substantiate Schedule C entries
  • To recall the rules related to bonus depreciation
  • To recognize the tax treatment given to capital gains and losses
  • To recall the eligibility for, and amount of, standard deductions
  • To identify the limitations applicable to Schedule A itemized deductions
  • To identify the recordkeeping and documentation requirements applicable to claimed deductions
  • To recall the difference between refundable and nonrefundable tax credits
  • To recognize the eligibility requirements for claiming the common tax credits
  • To recall how to calculate the tax credit amounts taxpayers may claim
  • To identify the limits applicable to the common tax credits
  • To recognize the tax treatment of virtual currency
  • To identify the applicable alternative minimum taxable income exemption
  • To recall how to calculate the qualified business income deduction available to pass-through entities
  • To recognize how to apply the rules for taxing the unearned income of dependent children
  • To recall the tax treatment of §529 Qualified Tuition Plans
  • To identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts
  • To recognize the rules governing exclusion from income of student loan indebtedness
  • To recognize the expanded health insurance premium tax credits
  • To recognize the modification of net operating losses imposed under the CARES Act
  • To identify the tax treatment of employee fringe benefits
  • To recognize how to apply the rules dealing with depreciation of rental property
  • To recall the rules governing a taxpayer's tax withholding, estimated tax payments, and tax return due dates
  • To recognize the options available to a taxpayer for paying any tax due or receiving a tax refund
  • To identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims
  • To recall the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
  • To recognize the purpose of individual taxpayer identification numbers, their effect on tax credits, and how to renew them
  • To recognize the penalties applicable to a tax return preparer under Title 26
  • To identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC, and AOTC
  • To recall the e-file requirements

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.