1040 Preparation and Planning 12: Figuring Tax Liability and Making Tax Payments (2025)
Author: Barbara Weltman, Greg White
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour 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 one-hour CPE course, which is the 12th and final course in the 1040 Preparation and Planning series, examines figuring tax liability and making tax payments. In addition to figuring taxable income, the course will walk through the computations for lump-sum distributions, figuring kiddie tax, and other tax computation issues. It also examines various ways in which tax liability is paid, through income tax withholding, estimated tax payments, and tax credits, as well as post-filing options.
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
- Tax Computation
- Farming and Fishing Income Averaging
- Kiddie Tax
- Parent's Election to Report Child's Investment Income
- Paying Income Taxes
- Who Should Pay Estimated Taxes?
- Estimated Taxes for Farmers and Fisherman
- Adjusting Estimated Tax Payments
- Estimated Tax Safe Harbors
- Figuring Estimated Tax
- Tax Payments
- Refundable Credits
- Post-Filing Payment Options
- Installment Agreements
- Offers in Compromise
Learning Objectives
- Explain how to figure taxable income
- Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax
- Explain how to figure the kiddie tax
- Determine the sources of income tax withholding
- Explain how to complete the schedule for estimated tax payments
- Explain how to figure estimated tax installments and when to make payments
- List tax credits treated as tax payments
- List post-filing options for paying outstanding taxes
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
