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Course Details

2024 Annual Tax Season Update - Mirrors the IRS-AFTR (Course Id 2195)

New / QAS / Registry / EA / Return Preparer
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Author : Paul Winn, CLU, ChFC
Course Length : Pages: 140 ||| Word Count: 58,459 ||| Review Questions: 27 ||| Final Exam Questions: 45
CPE Credits : 9.0
IRS Credits : 9
Price : $80.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2195

Description :

Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws. The Annual Tax Season Update course is designed to provide valuable information to persons preparing clients’ individual 1040 income tax returns. The course a) examines new tax legislation and changes in various limits that reflect inflation, b) provides a general tax review, and c) discusses important rules governing tax return preparer ethics, practices and procedures.

Please Note: This course covers tax issues applicable to 2023 income reported in the 2024 tax season.

Usage Rank : 155000
Release : 2024
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 06-Jan-2024
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 - Registered Tax Return Preparers - 2195

Keywords : Taxes, 2024, Annual, Tax, Season, Update, Mirrors, IRS-AFTR, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
  • Identify the principal individual income tax changes brought about by recent legislation;
  • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns;
  • Recognize the federal income tax filing statuses and the criteria for their use;
  • Identify the types of income that must be recognized;
  • Apply the tax rules to the various credits and adjustments to income that are available to taxpayers;
  • Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns; and
  • Identify the duties and restrictions imposed on tax preparers under Circular 230.

Chapter 1
New Tax Law/Recent Updates I

When you have completed the chapter 1 text, you should be able to:
  • 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; and
  • Describe health savings accounts (HSAs).

Chapter 2
New Tax Law/Recent Updates II

When you have completed the chapter 2 text, you should be able to:
  • 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; and
  • Describe the Clean Vehicle Credits authorized under the Inflation Reduction Act.

Chapter 3
Components of Income

When you have completed the chapter 3 text, you should be able to:
  • 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; and
  • Describe the reporting and taxability of unemployment compensation.

Chapter 4
Proprietorship Income

When you have completed the chapter 4 text, you should be able to:
  • 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; and
  • Describe the rules related to bonus depreciation.

Chapter 5
Individual Taxpayer Deductions

When you have completed the chapter 5 text, you should be able to:
  • 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; and
  • Identify the recordkeeping and documentation requirements applicable to claimed deductions.

Chapter 6
Common Tax Credits

When you have completed the chapter 6 text, you should be able to:
  • 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; and
  • Identify the limits applicable to the common tax credits.

Chapter 7
General Income Tax Review I

When you have completed the chapter 7 text, you should be able to:
  • 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; and
  • Identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts.

Chapter 8
General Income Tax Review II

When you have completed the chapter 8 text, you should be able to:
  • 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; and
  • Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund.

Chapter 9
Practices, Procedures & Professional Responsibility

When you have completed the chapter 9 text, you should be able to:
  • 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; and
  • Understand the e-file requirements.
Course Contents :

Course Learning Objectives

Introduction to the Course

Chapter 1 - New Tax Law/Recent Updates I

Chapter 1 Learning Objectives


Annual Inflation Adjustments

Education Savings Bond Program

Qualified Education Expenses

Eligible Educational Institutions

Qualified Education Expenses Reduced by Certain Tax-free Benefits Received

Figuring the Tax-Free Amount

Education Savings Bond Program Eligibility Subject to Income Limits/Filing Status

Qualified Long-Term Care Insurance Premiums and Benefits

Favorable Benefits Tax Treatment Reserved for Chronically-Ill

Tax-Qualified Long Term Care Premiums Deductible within Limits

Tax-Qualified Long Term Care Insurance Benefits Tax-Free within Limits

Social Security Taxable Earnings Limit

Retirement Savings Contribution Credit

Saver’s Credit Applicable to Range of Retirement Contributions

Saver’s Credit Eligibility Based on Income and Filing Status

Health Flexible Spending Arrangement Contributions

Refundable Premium Tax Credit to Assist in Purchase of Qualified Health Plan

Eligibility for Credit

Federal Poverty Level

Amount of the Credit

Benchmark Plan

Taxpayer’s Expected Contribution

Small Business Premium Tax Credit

Eligibility Requirements

Average Annual Wage Limitation

Large Employer Shared Responsibility: The Employer Mandate

Employers Not Offering Coverage

Employers Offering Coverage

Health Savings Accounts

HSA Benefits

HSA Eligibility

HSA High Deductible Health Plan Requirement

HSA Distributions

Account Transfer Incident to Divorce or Death

HSA Tax Treatment

HSA Contribution Tax Treatment

HSA Distribution Tax Treatment

Tax-Free HSA Distributions


Chapter 1 Review

Chapter 2 - New Tax Law/Recent Updates II

Chapter 2 Learning Objectives


Standard Mileage Rates

Business Use of a Taxpayer’s Personal Vehicle

Personal Vehicle Use for Charitable Purposes

Use of a Taxpayer’s Personal Vehicle to Obtain Medical Care

Basis Reduction Amount

Filing Status Name Change

Benefits of Filing Qualified Surviving Spouse

Criteria for Filing as Qualifying Surviving Spouse

Exceptions and Special Circumstances

Updated Digital Asset Question and Language

When to Answer “Yes” to the Digital Assets Question

When to Answer “No” to the Digital Assets Question

Reporting Digital Asset Income

Payment Card and Third-Party Transactions Reporting Requirement Changes

Transactions that Require Reporting

Minimum Distributions Required at Age 73

Reduction in Excise Tax on Certain Accumulations in Qualified Retirement Plans

Statute of Limitations on RMD Insufficiency and Excess Contribution Penalties

Premature Distribution Penalty - Correcting Excess Contributions

Modified Energy Efficient Home Improvement Credit

Qualified Energy Efficiency Improvements

Energy Efficient Building Envelope Component

Tax Credit Limitations

Qualified Energy Property

Heat Pumps and Heat Pump Water Heaters

Biomass Stoves and Boilers

Oil Furnace and Hot Water Boilers

Panelboard, Circuity Replacements, or Improvements

Residential Energy Property Expenditures

Eligible Fuel

Home Energy Audits

Subsidized Energy Financing

Tax Credits Reduce Taxpayer’s Basis

Product Identification Number Required

Qualified Manufacturer/Identification Number

Effective Dates

Modifications to the Residential Clean Energy Property Credit

Extension of the Credit

Credit Phaseout

Battery Storage Technology Expenditures

New Clean Vehicle Credit

New Clean Vehicle Tax Credit Requirements

Manufacturer’s Suggested Retail Price Affects Tax Credit Eligibility

Income-Based EV Tax Credit Limitations

Transfer of Credit

Special Rules Applicable to New Clean Vehicle Credit

Previously-Owned Clean Vehicle Credit

Income-Based EV Tax Credit Limitations

Transfer of Credit

Special Rules Applicable to a Previously-Owned Clean Vehicle


Chapter 2 Review

Chapter 3 - Components of Income

Chapter 3 Learning Objectives


Taxability of Earnings

Advance Commissions and Other Earnings

Allowances and Reimbursements

Back Pay Awards

Bonuses and Awards

Differential Wage Payments

Government Cost of Living Allowances

Nonqualified Deferred Compensation Plans

Notes Received for Services

Severance Pay

Sick Pay

Social Security and Medicare Taxes Paid by an Employer

Stock Appreciation Rights

Tip Income

Schedule B, Interest, Dividends, Foreign Accounts and Trusts

Retirement Income Reporting and Taxability

Social Security Benefits

Taxability of Benefits


Qualified Retirement Plans

Contributions to Qualified Employee Plans

Employee Plan Contributions

Qualified Retirement Plan Distributions

Early Distributions

Required Qualified Plan Minimum Distributions

Qualified Plan Rollovers

Plan Death Benefits

Designated Roth Account Distributions

Qualified Roth Account Distributions Tax-Free

Nonqualified Roth Account Distributions


Nonqualified Annuity

Individual Retirement Accounts

Traditional IRA – Contributions & Distributions

Premature Distributions

Premature Distributions Avoiding Tax Penalty

Required Distributions during Owner’s Lifetime

Roth IRAs

Limits on Roth IRA Contributions

Non-Qualified Roth IRA Distributions of Gain before 59 ½ Subject to Tax Penalty

No Required Roth IRA Lifetime Distributions

IRA Rollover Per-Year Limit

Reporting and Taxability of Unemployment Compensation

Unemployment Compensation Taxable

Nondeductible Contributions to Governmental Unemployment Compensation Plan

Repayment of Unemployment Compensation

Alimony – Post 2018 Divorce Agreements


Chapter 3 Review

Chapter 4 - Proprietorship Income

Chapter 4 Learning Objectives


Schedule C, Profit or Loss from Business (Sole Proprietorship)

Income & Expenses Defined

Business vs. Hobby

Business Use of a Home

Methods of Figuring the Home-Office Deduction

Actual Expense Method

Nature of the Expense

Percentage of the Home Used for Business

Calculating Percentage of Home Used for Business

Deductible Expenses for Home-Office Deduction

Expenses Deductible by All Homeowners

Expenses Deductible only by Taxpayers Using a Home for Business

Deduction Limit

Simplified Method

Depreciation and Actual Expenses Related to Use of Home not Deductible

No Deduction of Actual Expense Carryover for Simplified Method Users

Expenses Deductible Irrespective of Business Use

Special Rules Applicable to Simplified Method

Gross Income Limitation

Recordkeeping Requirements

Gross Receipts



Entertainment Expenses

Food and Beverage Expenses

Temporary Increase in Business Meal Deductibility

Section 179 Expense Limits


Bonus Depreciation

Qualified Property

Luxury Auto Depreciation Limits

Listed Property Updates

Deduction for Employees

Business-use Requirement

Passenger Automobile Limits and Rules


Chapter 4 Review

Chapter 5 - Individual Taxpayer Deductions

Chapter 5 Learning Objectives


Capital Gains and Losses

Short-Term and Long-Term Capital Gains and Losses

Reporting Capital Gains and Losses

IRS Form 8949, Sales and Other Dispositions of Capital Assets

Schedule D

Standard Deduction Eligibility

Standard Deduction Amounts

Standard Deduction for Blind and Senior Taxpayers

Standard Deduction Summary

Itemized Deductions Schedule A

Medical and Dental Expenses

State and Local Tax Deduction

Home Mortgage Interest and Home Equity Loans

Indebtedness Refinancing

Charitable Contributions

60% AGI Limit for Cash Contributions

Contemporaneous Written Acknowledgement

Content and Timing of Contemporaneous Written Acknowledgement

Casualty Loss Deduction

Special Rules for Qualified Disaster-Related Personal Casualty Losses

Moving Expense Deduction

Moving Expenses in Active Military Relocations

Recordkeeping and Documentation of Deductions


Chapter 5 Review

Chapter 6 - Common Tax Credits

Chapter 6 Learning Objectives


Tax Credit Eligibility

Child Tax Credit

Child Tax Credit Phaseout

Social Security Number Requirement

Credit for Other Dependents

Limits on the CTC and ODC

Claiming CTC and ODC

Additional Child Tax Credit

Child and Dependent Care Credit

Eligible Care Recipients Limited to Qualifying Persons

Eligible Taxpayers

Education Credits

American Opportunity Credit

Figuring the American Opportunity Credit

Lifetime Learning Credit

Figuring the Lifetime Learning Credit

Earned Income Tax Credit

Adjusted Gross Income Limits

Valid Social Security Number Required

Tax Filing Status

Separated Spouses

Citizenship or Residency

EITC Rules That Apply Only if the Taxpayer Has a Qualifying Child

EITC Rules That Apply if Taxpayer Does Not Have a Qualifying Child


Chapter 6 Review

Chapter 7 - General Income Tax Review I

Chapter 7 Learning Objectives


Tax Treatment of Virtual Currency

Alternative Minimum Tax (AMT)

Alternative Minimum Tax Exemption Amount Increased

QBI Deduction

Qualified REIT Dividend

Qualified Publicly Traded Partnership Income

Deduction Eligibility

Pass-Through Deduction Generally Limited to Qualified Trade or Business

Qualified Trade or Business

Exception for Specified Service Trade or Business

IRS Forms for Qualified Business Income Deduction – 8995 & 8995-A

Qualified Business Income Deduction Simplified Computation - Form 8995

Qualified Business Income Deduction - Form 8995-A

Taxable Income Threshold

Pass-Through Deduction for Qualified Trade or Business Owners

QBI Component Calculation

Qualified Property

UBIA of Qualified Property

Rental Real Estate Safe Harbor

Kiddie Tax – Unearned Income of Minor Children

Kiddie Tax Applicability

Section 529 Plans

Achieving a Better Life Experience (ABLE) Account

Tax-Deferred Account

ABLE Account Distributions

ABLE Account Contributions

TCJA Changes to ABLE Accounts

Additional Designated Beneficiary Contributions Permitted

Saver’s Credit


Chapter 7 Review

Chapter 8 - General Income Tax Review II

Chapter 8 Learning Objectives


Discharge of Student Loan Indebtedness

Net Operating Loss (NOL)

Premium Tax Credit

Employee Fringe Benefits

Depreciation of Rental Property

Depreciable Rental Property

Beginning and Ending Depreciation

Depreciable Property Basis

Recovery Period

Depreciation Method

Special Depreciation Allowance

How to figure the Special Depreciation Allowance.

Election not to Take the Special Depreciation Allowance

When to Make Election

Revoking an Election

Tax Withholding and Estimated Tax Payments

Tax Withholding

Form W-4

Exemption from Withholding


Withholding from Nonwage Income

Estimated Tax

Requirement to Pay Estimated Tax

Balance Due and Refund Options

Payment of Income Tax Owed


Limit on Direct Deposit Refunds

Federal Income Tax Return Filing Due Dates and Filing for Extensions

Calendar Year and Fiscal Year Taxpayers

Extensions of Time to File

Automatic Extension of Time to File

Individuals Outside the United States

Individuals Serving in a Combat Zone


Chapter 8 Review

Chapter 9 - Practices, Procedures & Professional Responsibility

Chapter 9 Learning Objectives


Tax Related Identity Theft (Publication 5199)

Assisting Victims of Identity Theft

Safeguarding Taxpayer Data (Publication 4557)

Laws and Regulations Requiring Privacy/Security

Best Practices to Safeguard Data

Individual Taxpayer Identification Numbers

Who Needs an ITIN?

ITIN Renewals

Preparer Penalties

Due Diligence in Tax Preparation

Head of Household Filing Status

Taxpayer Considered Unmarried

Required Marriage Test Supporting Documents

Keeping up the Taxpayer’s Home

Required Keeping Up a Home Test Supporting Documents

Qualifying Person

Qualifying Child

Required Qualifying Person Test Supporting Documents

Common Head of Household Errors

Earned Income Tax Credit

EITC Due Diligence Requirements

Most Common EITC Errors

Education Tax Credits

Most Common AOTC Errors

Child Tax Credit

Most Common CTC/ACTC/ODC Errors

Compliance with E-file Procedures

Affected Tax Return Preparers

Timing of Taxpayer Signature

Timing of Filing


Prohibited Filing with Pay Stub

Proper Handling of Rejects

Annual Filing Season Program Requirements

Consent to Adhere to Circular 230 Requirements

Tax Return Preparer Duties and Restrictions


Chapter 9 Review

Appendix A

Appendix B


CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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