2024 Annual Tax Season Update
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: February 12, 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-TAXUPDATE24-3144
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 made to the Education Savings Bond program.
  • Recognize the deductible limits applicable to qualified long-term care insurance premiums and the tax treatment of qualified long-term care insurance benefits.
  • Describe the Social Security taxable earnings limit.
  • Identify the Retirement Savings Contribution Credit.
  • Recognize the applicable health flexible spending arrangement contribution limit.
  • Describe the tax credit available to assist taxpayers to purchase a qualified health plan.
  • Recognize the small employer health insurance premium tax credit.
  • Identify the applicable large employer shared responsibility requirements.
  • Describe health savings accounts (HSAs).
  • Recognize the optional standard mileage rates.
  • Describe the filing status name change of qualifying surviving spouse to qualifying surviving spouse.
  • Identify the updated digital asset question language and instructions.
  • Recognize the change in the reporting requirement of Third Party Network Transactions.
  • Identify the change in the required minimum distribution age.
  • Describe the reduction in excise tax on certain accumulations in qualified retirement plans.
  • 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.
  • 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, qualified retirement plans and annuities.
  • 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 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.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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