2024 Annual Tax Season Update

Upon successful completion of this course, participants will be able to:

Chapter 1

• Identify the inflation adjustments to various federal limits;
• Describe the individual health insurance premium tax credit increase brought about by ARPA;
• Calculate the small business health insurance premium tax credit; and
• Recognize the potential penalties under the applicable large employer shared responsibility requirements.

Chapter 2

• Describe the current status of tax extenders;
• Identify the change in the reporting requirement of Third Party Network Transactions;
• Describe the rules for repayment of COVID-19 related distributions from qualified retirement plans and IRAs;
• Describe the Health Savings Account (HSA) limits; and
• Calculate the deduction for taxpayers using the optional standard mileage rates.

Chapter 3

• 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;
• Describe the reporting and taxability of unemployment compensation;
• Understand the tax treatment of retirement income; and
• Identify who must file Form 1099-K, reporting payment card and third party network transactions.

Chapter 4

• 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; and
• Identify the recordkeeping requirements to substantiate Schedule C entries.

Chapter 5

• 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 record keeping and documentation requirements applicable to claimed deductions.

Chapter 6

• 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

• 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;
• Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts; and
• Identify the broadened § 529 qualified education expenses resulting from the passage of the Tax Cuts and Jobs Act and the SECURE Act.

Chapter 8

• Recognize the expanded exclusion from income of student loan indebtedness authorized under the American Rescue Plan Act (ARPA);
• 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

• 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;
• Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC; and
• Understand the e-file requirements.