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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 106 ||| Word Count: 54,244 ||| Review Questions: 30 ||| Final Exam Questions: 30 |
| CPE Credits : | 6.0 |
| IRS Credits : | 6 |
| Price : | $53.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2449 |
| Description : | This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and a way for professionals and staff alike to easily get the “big chunks” and bring their professional knowledge up to speed. Please Note: This course covers tax issues applicable to 2024 income reported in the 2025 tax season. |
| Usage Rank : | 20000 |
| Release : | 2025 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS releases tax inflation adjustments for tax year 2025
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 09-Jan-2025 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2449 |
| Keywords : | Taxes, 2025, 2024, Easy, Update, Inflation, Adjustments, Tax, Plus, Reminders, Select, Provisions, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Tax credits * Deductions * Education credits * Business deductions & credits * Retirement plan contribution and phaseout limits
2. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including corporate tax rates, entertainment expenses, tax credits & deductions, bonus depreciation, expensing, standard mileage rates, employment taxation, low-income housing tax credit, §1031 exchange property, partnership taxation, insurance deductions, excessive compensation, and investment income. 3. Specify differences between various retirement plans, including inflation-adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining applicable exclusion amounts. |
| Course Contents : | Chapter 1 - 2025/2024 Easy Update and Inflation Adjustment Individual Income Tax Rates - §1 Marriage Penalty - Mostly Gone Capital Gain & Qualified Dividend Rate Digital Asset Reporting - §6050I Standard Deduction - §63 Dependent Limit - §63(c)(5) Personal & Dependency Exemptions (Suspended) - §151 Deemed Personal Exemption for Related Incorporating Provisions $500 (Family Tax) Credit for Certain Dependents - §24(h)(4)(A) Final Regulations of Qualifying Relatives - TD 9913 Limitation on Itemized Deductions (Suspended) - §68 Itemized Deductions Subject to 2% Floor (Suspended) - §62 Children's Income - §63, §73 & §6012 Earned Income Unearned Income "Kiddie" Tax - §1(g) Application, Threshold & Impact Election to Report on Parents’ Return - §1(g)(7)(A) [Form 8814] AMT - §55 Exemption Amounts - §55(d)(1) AMT Exemption Phaseout - §55(d) & §59(j) AMT & Personal Credits AMT Exemption for Children - §59(j) Modified Inflation Adjustment Calculation Method Wage Base for Social Security & Medicare Taxes Earned Income Tax Credit - §32 Disqualified (Excessive Investment) Income - §32(i) Means-Tested Programs Child Tax Credit - §24 Earned Income AGI Phaseout Child & Dependent Care Expenses Tax Credit - §21 Alimony Payment Deduction Repealed - §62 & §215 Moving Cost Deduction & Reimbursement Suspended - §217 State and Local Taxes (SALT) Limited - §164 $10,000 Exception Charitable Contributions - §170 Cash Contributions - 50/60 Percent Limitation College Athletic Event Seating Rights Repealed Substantiation Exception for Donee Reported Contributions Repealed Mortgage Interest Deduction Temporarily Limited - §163(h) Securities Rollover Into SSBICs Repealed - §1044 Educator Expenses - §62(a) Protective Items Safe Harbor - R.P. 2021-15 Higher Education Tuition Deduction Repealed - §222 Tax on Net Investment Income - §1411 Reduced Home Sale Exclusion For Nonqualified Use - §121 Computation Nonqualified Use Post-May 6, 1997 Depreciation Surviving Spouse Home Sale Exclusion - §121 Residential Mortgage Debt Relief Extended - §108 Deductible Mortgage Insurance Premiums Expired - §163 Insubstantial Benefit Charitable Contribution Limitation - §513 Household (Domestic) Employees - §3121 Adoption Credit - §23 & §137 Education Savings Accounts - §530 & §529 American Opportunity Tax (former Hope) & Lifetime Learning Credits - §25A American Opportunity Tax Credit - §25A(b)(1) Phase Out - §25A(d) Refundable Portion Lifetime Learning Credit - §25A(a)(1) Phase Out - §25A(d)(2) Educational Savings Bonds - §135 Student Loan Interest Deduction - §221 Qualified Student Loan Qualified Education Expenses Phase Out Discharge Of Student Loan Indebtedness Expanded - §108 Death or Disability Other Loan Forgiveness Foreign Earned Income Exclusion - §911 Rehabilitation Credit Modified - §47 Final Regulations of Rehabilitation Credit Grandfathered Archer Medical Savings Accounts - §220 Medical Expense Deduction - §213 Personal Casualty & Theft Losses Suspended - §165(h)(5) Wagering Losses Limited - §165(d) Health Savings Accounts (HSAs) - §223 High Deductible Health Plan (HDHP) Annual Limit On Contributions Interaction with Obamacare Long-Term Care Premiums - §213(d)(10) Long-Term Care Payments - §7702B(d)(4) ABLE Accounts - §529A Eligible Individual Qualified ABLE Program Final Regulations (TD 9923) Contributions Investment Direction Distributions Rollovers Affordable Care Act (“Obamacare”) Mandates Individual - Repealed Health Plan Coverage Credit - §36B & Form 8941 Employers Small Employers - Fewer Than 50 Employees Large Employers - 50 or More Full-time Employees Marketplaces & Protecting Affordable Coverage for Employees Act Expatriation - §877A Private Activity Bonds Volume Cap - §146(d) Loan Limits on Agricultural Bonds - §147(c) Failure to File Tax Return - §6651 Penalties Regarding Preparing Other’s Tax Returns - §6695 Attorney's Fees - §7430(c)(1) Energy Energy-Efficient Home Improvement Credit Modified - §25C Qualified Energy Efficiency Improvements Qualified Energy-Efficient Property Inflation Reduction Act IRA Modifications Residential Clean Energy Credit - §25D Inflation Reduction Act Restoration Biomass Fuel Clean Vehicle Credit - §30D Credit Amount Battery Components Requirement - §30D(b)(3) & §30D(e)(2)(A) Critical Minerals Requirement - §30D(b)(2) & §30D(e)(1)(A) Submission of Information to the IRS Credit for Used Clean Vehicles - §25E Transfer to Dealership – R.P. 2023-33 Advanced Nuclear Production Tax Credit - §45J Energy Efficient Home Credit - §45L Multifamily Dwellings Renewable Energy Credits Prevailing Wage & Apprenticeship Requirements Prevailing Wage & Apprenticeship Guidance Prevailing Wage – IRA Act §13101(f)(7) Apprenticeship – IRA Act §13101(f)(8) Additional Increases to “Base” & “Bonus” Credits – IRA Act §13103 Domestic Content Energy Communities Low-Income Communities - §48(e) & §48E Energy Tax Credits As Payments - §6417 Alternative Fuel Refueling Property Credit - §30C Qualified Refueling Property Amount of the Credit Qualified Refueling Property Extension of Credits for Alternative Fuels - §40A et al Sustainable Aviation Fuel (SAF) Credit - §40B Sustainable Aviation Fuel Qualified Mixture Credit Value Production Tax Credit (PTC) - §45 Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Energy Community Carbon Capture & Sequestration Credit Enhancements - §45Q Qualifying Threshold Credit Value New Zero-Emission Nuclear Power Production Tax Credit - §45U Qualifying Facilities Credit Value Clean Hydrogen Production Tax Credit - §45V Credit Value Applicable Percentage Prevailing Wage & Apprenticeship Requirements Qualified Commercial Clean Vehicles - New §45W Credit Value Eligible Vehicles Advanced Manufacturing Production Credit - §45X Credit Value Phaseout Clean Electricity Production Credit - §45Y Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Phaseout Clean Fuel Production Credit - §45Z Credit Value Investment Tax Credit (ITC) - §48 Credit Value Prevailing Wage & Apprenticeship Requirements Domestic Content Requirement Solar & Wind Facilities Advanced Energy Project Credit - §48C(e) Eligible Projects Credit Value Prevailing Wage & Apprenticeship Requirements Advanced Manufacturing Investment Credit - §48D Clean Electricity Investment Credit - §48E Credit Value Phase Out Energy Community Domestic Content Coordination With Other Code Sections Energy Efficient Commercial Building Deduction - §179D Definitions Deduction Amount Prevailing Wage & Apprenticeship Bonus Retrofit Plan Business Business Income of Individuals - 20% Deduction - §199A Limitations Deduction Amount Qualified Trade Or Business Final Regulations & Guidance Corporate Tax Rate - §11(b) 21% Rate Corporate Alternative Minimum Tax - §55 Reinstatement of AMT for Certain Larger Corporations - §55(b)(2) Adjusted Financial Statement Income Application of Tax Notice 2024-10 Guidance Small Business Exceptions - §448 Excessive Employee Remuneration Deduction Limit - §162(m) TCJA Changes Qualified Equity Grants - §83(i) TCJA Changes Entertainment Activities & Facilities Deduction Repealed - §274 Facilities Exceptions to Disallowance Final Regulations on Meal & Entertainment Deductions - TD 9925 Transportation Fringes - §132(f) - Excludable but Not Deductible Food, Beverage & Meal Expenses Eating Facilities Business Interest Limited - §163(j) Final Regulations on Business Interest Limitation on Non-corporate Losses - §461(l) Disallowance Of Excess Business Losses Excess Business Loss IRS Guidance - IR-2018-254 Net Operating Loss Deduction - §172 IRS Guidance - IR-2018-254 Employer-Provided Child Care Credit - §45F Family & Medical Leave Credit - §45S Uniformed Services Differential Wage Credit - §45P Health Care Coverage Small Employer Health Insurance Credit - §45R Reporting - §6051(a)(14) Small Employer HRA - §9831(d)(2) Notice 2018-18 Bonus (or Additional First-year) Depreciation - §168(k) Qualified Property - §168(k)(2) Depreciation Limits on Business Vehicles - §168(k)(2)(F) Nonqualified Property - §168(k)(2) Final Regulations for 100% Bonus Depreciation - TD 9916 Vehicle Depreciation “Caps” - §280F(a) Vehicle Bonus (or Additional First-year) Depreciation - §168(k) $25,000 SUV Limit - §179(b)(5)(A) Expensing - §179 Eligible Property Business Use & Acquisition General Business Credit - §38 Film, TV & Live Theatrical Productions Deduction - §181 Estimated Tax Payments - §6654 Standard Mileage Rates Social Security, Medicare & FUTA (or Payroll) Taxes FICA - §3101, §3111 & §3121 SECA - §1401 Wage Base Final Regulations on Wage Withholding & W-4 (T.D. 9924) Additional Hospital Insurance Tax On Certain High-Income Individuals FUTA - §3301 & §3306 Employee Retention Credit Audits- §3111 Research Credit - §41 [Form 6765] Qualified Expenses Base Credit Amount Alternative Simplified Credit Credit Toward Payroll Tax Qualified Small Business Amortization or Deduction of Research & Experimentation - §174 TCJA Changes Low-Income Housing Tax Credit - §42 Rate Freeze Military Allowances & Low-Income Housing - §42(h) & §142(d) Cafeteria Plans - §125(i) Employer-Provided Educational Assistance - §127 Parking & Transit Passes - §132(f) Bicycle Fringe Benefit Exclusion Suspended - §132(f) Cents-per-Mile Valuation Method - §61 Final Regs (TD 9893) Employee Achievement Awards Exclusion Modified - §74 Moving Expense Reimbursement Exclusion Repealed - §132 Travel Per Diem Rates - §162 & §274 Work Opportunity Tax Credit (WOTC) - §51 Targeted Groups Credit Amount Special Long-Term Family Assistance Recipients Calculation Special Veterans Calculation as a Result of “VOW” Qualified Improvement Property - §168(e)(6)(A) Recovery Period & Depreciation Method - §168(b)(3)(G) Qualified Improvement Property - §168(e)(6)(A) Final Distribution Regulations - §385 Recovery Period Of Certain Farm Property Shortened - §168 Like-kind Exchanges Limited to Real Property - §1031 Real Property Defined for Like-Kind Exchanges – TD 9935 Inherently Permanent Structures: Buildings and Machinery Inherently Permanent Structures: Structural Components Unsevered Natural Products are Real Property Intangible Assets as Real Property Incidental Personal Property and Qualified Intermediaries Domestic Production Activities Deduction Repealed - §199 New Markets Tax Credit - §45D Qualified Equity Investment Qualified Low-Income Community Investments Qualified CDE Credit Amount Motorsports Entertainment Complexes - §168(i)(15) Imputed Interest Small Transaction Exception - §1274A Denial of Deduction for Certain Fines - §162(f) Final Regulations On Nondeductibility Of Fines And Penalties Denial of Sexual Harassment Settlement Deductions - §162(q) Technical Termination Of Partnerships - §708 Increased Holding on Partnership Profit Interests - §1061(a) Limitation On Allowance Of Partner’s Share Of Loss - §704(d) Built-In Loss Definition On Partnership Interest Transfer - §743 Foreign Person Sale of U.S. Partnership Interest - §864(c) S to C Corporate Conversion Rules - §481(d) S Corporation Built-In Gain Period - §1374 Beneficiaries Of An Electing Small Business Trust - §1361 Charitable Deduction for Electing Small Business Trust - §641 Small Life Insurance Company Deduction Repealed - §806 UBIT Separately Computed - §512 UBTI Increased by Taxable Fringe Benefits - §512 Repurchase of Corporate Stock - §4501 Inflation Reduction Act Application Exceptions Tax-Exempt Organization Executive Compensation Tax - §4960 Final Regs On Tax Exempt-Organization Executive Compensation Backup Withholding Percentage Reduced to 24% - §3406 Private College And University Investment Income - §4968 Final Regulations on Collegiate Net Investment Income - TD 9917 Information Reporting & Penalties - §6721 et al Corrections Resulting in Reduced Penalties Small Businesses Reasonable Cause Electronic Filing Requirement Beneficial Ownership Information (BOI) Reporting Failure to File Partnership Return - §6698 Failure to File S Corporation Return - §6699 Delayed Implementation of Form 1099-K - §6050W Retirement Plans Defined Benefit Plans - §415(b)(1)(A) Defined Contribution Plans - § 415(c)(1)(A) Rollover Period For Plan Loan Offset Amounts Extended Compensation Limit - §401, §404 & §408 IRA Contribution Limit - §219 Catch-up Contribution - §219(b)(5)(B) IRA AGI Phaseout Limits - §219 Individual Taxpayer is an Active Plan Participant Spouse is an Active Plan Participant Qualified Charitable Distributions from IRAs - §408(d)(8)(A) Roth Contribution Limit - §408A(c)(2) & §219 PLESAs - Designated Roth accounts Roth AGI Phaseout Limits - §408A(c)(3) Rollovers to Roth IRAs In-Plan Rollovers to Roth Accounts Roth IRA Conversions for Retirement Plans Special Roth IRA Recharacterization Repealed - §408A §401(k), §403(b) & §457 Elective Deferral & Catch-up Limits Roth Treatment of Catch-up Contributions – Secure Act §603 “Rothification” Rules SIMPLE Plans Simplified Employee Pensions (SEPs) Contribution Limit Compensation Limit Retirement Savings (Saver’s) Contributions Credit - §25B(b) Nonspouse Rollovers - §402 10-Year Rule Final Regs on Withholding on Periodic Retirement Payments Estate, GST & Gift Taxes - §2001, §2601 & §2501 Estate Tax - §2001 Applicable Exemption (or Exclusion) Amount - §2010 Making Large Gifts Won't Harm Estates After 2025 Basis of Inherited Property - §1014 Portability - §2010(c)) State Death Tax Credit Replaced with Deduction - §2058 Final Regulations on Estate and Trust Deductions - TD9918 Real Property Valuation - §2032A Interest on Estate Tax Installments - §6166 & §6601 Estate & Trust Income Tax Rates - §1(e) Consistent Basis Reporting Between Estate & Heirs - §6035 GST Tax - §2601 Rates Applicable Exemption Amount for GST - §2010 Gift Tax - §2501 Applicable Exemption Amount for Gift Tax - §2505 Annual Exclusion for Gifts - §2503 Noncitizen Spouse Exclusion - §2523(i)(1) Notice of Large Gifts Received from Foreign Persons - §6039F Glossary |
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