2024 Individual Tax Update
Author: Bradley Burnett
| CPE Credit: |
8 hours for CPAs
8 hours Federal Tax Law Updates for EAs and OTRPs
8 hours Federal Tax Updates 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
Join Bradley Burnett, J.D., LL.M., as he delivers up-to-the-day changes in federal tax law. The course, delivered at a brisk pace and with humor, is designed to meet the needs of the tax planner and return preparer by identifying and responsibly exploring recent important tax developments impacting the upcoming filing season.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: January 2025
Designed For
Return preparers, tax planners, and taxpayers desiring to keep up with late breaking tax developments.
Topics Covered
- U.S. Supreme Court June 2024 Bombshell - Chevron Overturned
- IRA Trust Beneficiary Designations Bite the Dust
- Proposed Legislation H.R. 7024
- Statutes of Limitations
- Sales of Crypto Assets - FIFO or LIFO for Basis Offset?
- Rental of Residential Property
- Gift and Estate Tax Returns
- Gambling Winnings and Losses
- IRS Practice and Procedure Update
- Like-Kind Exchanges Holding for Investment or Business Use
- Qualified Plan Contributions Employment of Family Members
- Social Security Benefits
- Cryptocurrency Recent IRS Guidance
- Planning in Advance for Sunset of TCJA 2017
Learning Objectives
- Recognize new federal tax developments and how they apply to both individuals and businesses
- Identify important court cases, regulations, rulings and related developments affecting individuals, investment, real estate, estates and trusts, and what that means for your clients
- Recognize the IRS activity impact on planners and preparers
- Identify the term that refers to the strategy of minimizing taxes over time
- Identify the required beginning date (RBD) for required minimum distributions under the SECURE 2.0 Act
- Identify the strategy that can be employed in 2025 to take advantage of the lower income tax rates before they expire
- Identify the income threshold that triggers the highest 37% tax rate for a trust in 2025
- Identify an expense that may count towards the Child and Dependent Care Tax Credit
- Identify the AMT exemption amount for joint returns in 2024
- Identify the standard deduction for single filers in 2025
- Identify the maximum above-the-line deduction for schoolteachers in 2025
- Identify the method used by the IRS to identify large partnerships and earned income tax credit claimants for audit
- Identify the standard time limit for the IRS to assess tax after a return is filed according to §6501(a)
- Identify the provision in the Internal Revenue Code that allows homeowners to rent their primary residence for up to 14 days annually without reporting the rental income
- Identify the IRS form used to report U.S. Gift and Generation-Skipping Transfer taxes
- Identify the annual exclusion for gifts of present interests to a spouse who is not a U.S. citizen in 2025
- Identify the type of individual tax returns in FYE 2023 that had the lowest exam rate
- Identify the IRS underpayment rate for the period of 01/01/25 – 03/31/25 for large corporations
- Identify by what percentage Social Security benefits are expected to rise in 2025
- Identify the backup withholding rate that applies if a payor fails to obtain a Form W-9 with a TIN from the payee
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (8 hours)
Program Prerequisites
Basic understanding of federal taxation.
Advance Preparation
None
