1040 Preparation and Planning 10: Other Taxes (2025)
Author: Barbara Weltman, Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This two-hour CPE course, which is the 10th in the 1040 Preparation and Planning series, addresses the alternative minimum tax, employment taxes for the self-employed and household employees, the net investment income tax, and the additional Medicare taxes. It also discusses the recapture of the first-time homebuyer credit. The kiddie tax, which isn’t an additional tax but a way of computing tax for certain children, is discussed in 1040 Preparation and Planning 12: Figuring tax and Making Tax Payments.
Tax developments reflected in this course include the extensive changes effective for 2024 that were created by the Consolidated Appropriations Act, 2023 (including SECURE Act 2.0), the Inflation Reduction Act of 2022, and other tax legislation, as well as IRS pronouncements, and court decisions. They impact 2024 tax year returns that will be filed during the 2025 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2025 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2024 tax returns for the 2025 filing season.
Publication Date: September 2024
Topics Covered
- Alternative Minimum Tax
- Self-Employment Tax
- Additional Medicare Tax on Earned Income
- Net Investment Income Tax
- Recapture of the First-Time Homebuyer Credit
- Taxes on Household Employers
Learning Objectives
- Identify adjustments and preferences for the AMT
- Explain how to compute the alternative minimum tax
- Determine who is subject to self-employment tax
- Explain how to figure net earnings from self-employment and the self-employment tax
- Explain how to compute the additional Medicare tax on earned income
- Identify the types of investment income subject to the net investment income (NII) tax
- Explain how to compute the NII tax
- Explain how to compute the recapture of the first-time homebuyer credit
- Explain how to figure employment taxes for household employees
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
