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Course Details

2024 Tax Code Updates for Individual Provisions (Course Id 2344)

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Author : Andrew Clark, EA
Course Length : Pages: 64 ||| Word Count: 57,916 ||| Review Questions: 24 ||| Final Exam Questions: 40
CPE Credits : 8.0
IRS Credits : 8
Price : $71.95
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 2344

Description :

The Tax Cuts and Jobs Act of forms the current foundation of the US tax code. The Tax Cuts and Jobs Act is organized into four primary sections of: Individual Tax Reform, Business Tax Reform, Exempt Organizations and International provisions. This is an updated course for 2024 that will provide a thorough review of the Individual Tax Reform section of the Tax Cuts and Jobs Act Bill (H.R.1.) as well as any changes for 2024. Part 1 of this course will provide a summary description of all provisions referenced in Individual Tax Reform section of the Tax Cuts and Jobs Act. It will identify which sections changed for 2018 and which were updated for 2024. Each provision will reference a more detailed description of the provision in Part 2 of this course.  The detailed description will review the pre-2018 law, provide a detailed description of the changes for 2018 and identify the effective date that the provision became effective.

Usage Rank : 0
Release : 2024
Version : 1.0
Prerequisites : Basic understanding of federal tax code.
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 : 07-Aug-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 - 2344

Keywords : Taxes, 2024, Tax, Code, Updates, Individual, Provisions, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be able to:
  • Review the Individual Tax Reforms provisions and identify which sections changed for 2018 and which were updated for 2024;
  • Recognize the tax rate changes for the four types of individual taxpayers
  • Recognize the new standard deduction amounts for the four types of individual taxpayers
  • Identify where to find more information about each provision in part 2 of this course; and
  • Identify the effective date for all individual tax provisions in the Tax Cuts and Jobs Act.

Course Contents :

Chapter 1 - 2024 Tax Code Updates for Individual Provisions

Course Learning Objectives

Introduction

Part 1 - Overview of the Tax Cuts and Jobs Act

INDIVIDUAL TAX REFORM

Reduction and Simplification of Individual Income Tax Rates

Individual income tax

Tax Bracket Amounts and Rates for 2023

Tax Bracket Amounts and Rates for 2024

Increase in standard deduction

Repeal of the deduction for personal exemptions

Alternative inflation adjustment

Treatment of Business Income of Individuals, Trusts, and Estates

Deduction for qualified business income

Simplification and Reform of Family and Individual Tax Credits

Enhancement of child tax credit and new family credit

Credit for the elderly and permanently disabled

Repeal of credit for plug-in electric drive motor vehicles

Termination of credit for interest on certain home mortgages

Modification of taxpayer identification number requirements for the child tax credit, earned income credit, and American Opportunity credit.

Procedures to reduce improper claims of earned income credit

Certain income disallowed for purposes of the earned income tax credit

Limitation on losses for taxpayers other than corporations

Reform of American opportunity tax credit and repeal of lifetime learning credit

Consolidation and modification of education savings rules

Reforms to discharge of certain student loan indebtedness

Repeal of deduction for student loan interest

Repeal of deduction for qualified tuition and related expenses

Repeal of exclusion for qualified tuition reductions

Repeal of exclusion for interest on United States savings bonds used for higher education expenses

Repeal of exclusion for educational assistance programs

Rollovers between qualified tuition programs and qualified ABLE programs

Repeal of overall limitation on itemized deductions

Simplification and Reform of Deductions and Exclusions

Modification of deduction for home mortgage interest

Modification of deduction for taxes not paid or accrued in a trade or business

Repeal of deduction for personal casualty and theft losses

Limitation on wagering losses

Modifications to the deduction for charitable contributions

Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor

Repeal of deduction for medical expenses

Repeal of deduction for alimony payments and corresponding inclusion in gross income

Repeal of deduction for moving expenses

Termination of deduction and exclusions for contributions to medical savings accounts

Denial of deduction for performing artists and certain officials; Modification of deduction for educator expenses

Suspension of exclusion for qualified bicycle commuting reimbursement

Limitation on exclusion for employer-provided housing

Modification of exclusion of gain on sale of a principal residence

Sunset of exclusion for dependent care assistance programs

Repeal of exclusion for qualified moving expense reimbursement

Repeal of exclusion for adoption assistance programs

Simplification and Reform of Savings, Pensions, Retirement

Repeal of special rule permitting recharacterization of IRA contributions

Reduction in minimum age for allowable in-service distributions

Modification of rules governing hardship distributions

Modification of rules relating to hardship withdrawals from cash or deferred arrangements

Extended rollover period for the rollover of plan loan offset amounts in certain cases

Modification of nondiscrimination rules for certain plans providing benefits or contributions to older, longer service participants

Modification of rules applicable to length of service award programs for bona fide public safety volunteers

Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes

Alternative Minimum Tax

Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage

Other Provisions

Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit

Extension of time limit for contesting IRS levy

Treatment of certain individuals performing services in the Sinai Peninsula of Egypt

Modifications of user fees requirements for installment agreements

Relief for 2016 disaster areas

Attorneys’ fees relating to awards to whistleblowers

Clarification of whistleblower awards

Exclusion from gross income of certain amounts received by wrongly incarcerated individuals

Part 1 – Review Questions

Part 2 - Detailed Information and Present Law

TITLE I − INDIVIDUAL TAX REFORM

A. Reduction and Simplification of Individual Income Tax Rates

1. Increase in standard deduction

2. Repeal of the deduction for personal exemptions

3. Alternative inflation adjustment

B. Treatment of Business Income of Individuals, Trusts, and Estates

1. Deduction for qualified business income

C. Simplification and Reform of Family and Individual Tax Credits

1. Enhancement of child tax credit and new family credit

2. Credit for the elderly and permanently disabled

3. Repeal of credit for plug-in electric drive motor vehicles

4. Termination of credit for interest on certain home mortgages

5. Modification of taxpayer identification number requirements for the child tax credit, earned income credit, and American Opportunity credit

6. Procedures to reduce improper claims of earned income credit

7. Certain income disallowed for purposes of the earned income tax credit

8. Limitation on losses for taxpayers other than corporations

9. Reform of American opportunity tax credit and repeal of lifetime learning credit

10. Consolidation and modification of education savings rules

11. Reforms to discharge of certain student loan indebtedness

12. Repeal of deduction for student loan interest

13. Repeal of deduction for qualified tuition and related expenses

14. Repeal of exclusion for qualified tuition reductions

15. Repeal of exclusion for interest on United States savings bonds used for higher education expenses

16. Repeal of exclusion for educational assistance programs

17. Rollovers between qualified tuition programs and qualified ABLE programs

18. Repeal of overall limitation on itemized deductions

D. Simplification and Reform of Deductions and Exclusions

1. Modification of deduction for home mortgage interest

2. Modification of deduction for taxes not paid or accrued in a trade or business


3. Repeal of deduction for personal casualty and theft losses

4. Limitation on wagering losses

5. Modifications to the deduction for charitable contributions

6. Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor

7. Repeal of deduction for medical expenses

8. Repeal of deduction for alimony payments and corresponding inclusion in gross income

9. Repeal of deduction for moving expenses

10. Termination of deduction and exclusions for contributions to medical savings accounts

11. Denial of deduction for performing artists and certain officials; Modification of deduction for educator expenses

12. Suspension of exclusion for qualified bicycle commuting reimbursement

13. Limitation on exclusion for employer-provided housing

14. Modification of exclusion of gain on sale of a principal residence

15. Sunset of exclusion for dependent care assistance programs

16. Repeal of exclusion for qualified moving expense reimbursement

17. Repeal of exclusion for adoption assistance programs

E. Simplification and Reform of Savings, Pensions, Retirement

1. Repeal of special rule permitting recharacterization of IRA contributions

2. Reduction in minimum age for allowable in-service distributions

3. Modification of rules governing hardship distributions

4. Modification of rules relating to hardship withdrawals from cash or deferred arrangements

5. Extended rollover period for the rollover of plan loan offset amounts in certain cases

6. Modification of nondiscrimination rules for certain plans providing benefits or contributions to older, longer service participants

Part 2a – Review Questions

7. Modification of rules applicable to length of service award programs for bona fide public safety volunteers

F. Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes

G. Alternative Minimum Tax

H. Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage

I. Other Provisions

1. Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit

2. Extension of time limit for contesting IRS levy

3. Treatment of certain individuals performing services in the Sinai Peninsula of Egypt

4. Modifications of user fees requirements for installment agreements

5. Relief for 2016 disaster areas

6. Attorneys’ fees relating to awards to whistleblowers

7. Clarification of whistleblower awards

8. Exclusion from gross income of certain amounts received by wrongly incarcerated individuals

Part 2b – Review Questions

Glossary

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