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The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle individual tax essentials. The course examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income-splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

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

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint. This course will review the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will describe who is allowed to open and contribute to an IRA account during the taxable year. This course will identify when contributions are deductible and when they are not deductible. This course will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time. Finally, this course will describe when taxpayers are permitted to take distributions from an IRA account.

Individual Retirement Accounts for 2024 (4 Hrs)
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Suggested Courses

The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle individual tax essentials. The course examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income-splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

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

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint. This course will review the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will describe who is allowed to open and contribute to an IRA account during the taxable year. This course will identify when contributions are deductible and when they are not deductible. This course will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time. Finally, this course will describe when taxpayers are permitted to take distributions from an IRA account.

Individual Retirement Accounts for 2024 (4 Hrs)
Recent Searches
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Similar Courses

The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle individual tax essentials. The course examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income-splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

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

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint. This course will review the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will describe who is allowed to open and contribute to an IRA account during the taxable year. This course will identify when contributions are deductible and when they are not deductible. This course will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time. Finally, this course will describe when taxpayers are permitted to take distributions from an IRA account.

Individual Retirement Accounts for 2024 (4 Hrs)
Suggested Courses

The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle individual tax essentials. The course examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income-splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

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

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint. This course will review the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will describe who is allowed to open and contribute to an IRA account during the taxable year. This course will identify when contributions are deductible and when they are not deductible. This course will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time. Finally, this course will describe when taxpayers are permitted to take distributions from an IRA account.

Individual Retirement Accounts for 2024 (4 Hrs)
Course Details

Tax Cuts and Jobs Act - Individual Tax Preparation - For the 2024 Tax Year (Course Id 2241)

New / QAS / Registry / EA
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Author : Paul Winn, CLU, ChFC
Course Length : Pages: 53 ||| Word Count: 20,194 ||| Review Questions: 17 ||| Final Exam Questions: 18
CPE Credits : 3.5
IRS Credits : 3
Price : $31.45
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 2241
Description :

The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, significantly affects tax planning and the income tax liability for many taxpayers. This course will examine the principal changes affecting individual taxpayers made by the TCJA and the current limits applicable to them.  

It examines the provisions of the TCJA with increased potential to affect the taxation of individuals related to changes in:

  • Individual and capital gains tax rates;
  • Standard deduction and exclusions;
  • Income and adjustments to income;
  • Itemized deductions in Form 1040 Schedule A;
  • Form 1040 Schedule C;
  • Tax credits;
  • Individual alternative minimum tax (AMT);
  • Taxation of unearned income of minor children;
  • Qualified tuition plans;
  • ABLE accounts;
  • Tax treatment of student loan indebtedness discharges;
  • Net operating losses; and
  • Affordable Care Act individual responsibility requirement.

In addition, it will consider the business-related TCJA provisions affecting individual taxpayers, including the pass-through deduction for qualified trades or businesses under IRC §199A.

Please Note: This course covers tax issues applicable to 2023 income reported in the 2024 tax season.
Usage Rank : 13333
Release : 2024
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
IRS provides tax inflation adjustments for tax year 2024
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 11-Mar-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 - 2241
Keywords : Taxes, Tax, Cuts, Jobs, Act, Individual, Tax, Preparation, For, 2024, Tax, Year, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
  • Recognize and apply the individual income and capital gains tax rates applicable to the current year;
  • Identify the current year deductions, exclusions, adjustments and tax credits;
  • Calculate the alternative minimum tax (AMT) and Kiddie tax;
  • List the changes affecting Section 529 plans, ABLE accounts, discharge of student loan indebtedness, accounting for net operating losses and the individual responsibility requirement under the Affordable Care Act; and
  • Calculate the pass-through deduction available under IRC §199A.

Chapter 1
TCJA Provisions Affecting Tax Preparation

When you have completed chapter 1, you should be able to:
  • Recognize the TCJA’s effect on the individual income and capital gains tax rates;
  • List the changes in standard deductions, filing requirements and exemptions resulting from passage of the Tax Cuts and Jobs Act;
  • Describe the TCJA’s impact on the adjustments to income for alimony and taxpayer moving expenses;
  • Identify the changes affecting the itemized deductions on Schedule A; and
  • Understand the provisions of the enhanced child tax credit.

Chapter 2
TCJA Provisions Affecting Individuals

When you have completed the chapter 2 text addressing the principal individual provisions of the Tax Cuts and Jobs Act, you should be able to:
  • Describe the Kiddie Tax modifications and the broadening of §529 plan distributions;
  • List the changes affecting the discharge of student loan indebtedness and net operating losses;
  • Describe the TCJA’s effect on the ACA’s requirement to maintain health coverage and its changes to employee fringe benefits; and
  • Identify the principal changes to the rules governing real property depreciation.

Chapter 3
Business-Related TCJA Provisions Affecting Individual Taxes

When you have completed chapter 3, you should be able to:
  • Recognize the general pass-through deduction for a qualified trade or business
  • Define the terms “qualified trade or business,” “qualified business income,” and “qualified property” for purposes of the pass-through deduction;
  • Describe the W-2 wage limitation related to the pass-through deduction;
  • List the changes with respect to Schedule C provisions, including those related to –
      o Entertainment expenses,
      o Section 179 expense limits,
      o 100% expensing,
      o Luxury auto limits,
      o Listed property updates, and
      o Net operating losses.
Course Contents :

Course Learning Objectives

Introduction to the Course

Chapter 1 - TCJA Provisions Affecting Tax Preparation

Chapter Learning Objectives

Introduction

New Individual and Capital Gains Tax Rates

Standard Deduction Increased and Filing Requirements Changed

Standard Deduction for Dependents

Standard Deduction for Blind and Senior Taxpayers

Standard Deduction Eligibility

Federal Income Tax Return Filing Requirements

Personal Exemption Temporarily Reduced to Zero

Alimony

Moving Expense Deduction & Reimbursement

Moving Expenses in Military Relocations

Itemized Deductions Schedule A

Medical Expense AGI Threshold

State and Local Tax Deductions

Home Mortgage Interest Deduction

Exception for Binding Contracts

Indebtedness Refinancing

Charitable Contributions

60% AGI Limit for Cash Contributions

Deduction for Athletic Tickets

Exception to Contemporaneous Written Acknowledgement

Content and Timing of Contemporaneous Written Acknowledgement

Partial Above-the-Line Deduction for Charitable Contributions

Casualty and Theft Loss Deduction

Miscellaneous Itemized Deductions Subject to 2% of AGI Threshold

Itemized Deductions Phase-Out Amounts

Enhanced Child Tax Credit

Increase in Tax Credit Amount to $2,000

Child Tax Credit Phaseout and Refundable/Nonrefundable Amounts

Social Security Number Requirement

Partial Child Tax Credit

Alternative Minimum Tax (AMT)

Alternative Minimum Tax Exemption Amount Increased

Summary

Chapter Review

Chapter 2 - TCJA Provisions Affecting Individuals

Chapter 2 Learning Objectives

Introduction

Kiddie Tax Modifications

Section 529 (Qualified Savings Plan) Changes

SECURE Act 2.0 Permits Transfer of Limited §529 Funds to Roth IRAs

ABLE Account Changes

Tax-Deferred Account

ABLE Account Distributions

ABLE Account Contributions

TCJA Changes to ABLE Accounts

Additional Designated Beneficiary Contributions Permitted

Saver’s Credit

Discharge of Student Loan Indebtedness

Affordable Care Act (ACA) Provisions

Individual Requirement to Maintain Health Coverage

Penalty for Failure to Maintain Individual Health Coverage

Exemptions from Penalty for Failure to Maintain Health Coverage

Individual Mandate Penalty – 2019 and Later

Roth Recharacterization

Changes in Employee Fringe Benefits

Real Property Depreciation

Estate and Gift Tax Exclusion

Summary

Chapter Review

Chapter 3 - Business-Related TCJA Provisions Affecting Individual Taxes

Chapter Learning Objectives

Introduction

Nature of the 20% Deduction for Qualified Business Income

Deduction Eligibility

Pass-Through Deduction for Qualified Trade or Business

Pass-Through Deduction for Owners with Taxable Income Exceeding Threshold

Taxable Income Threshold

QBI Component Calculation

Pass-Through Business

Qualified Trade or Business

Exception for Specified Service Trade or Business Based on Taxpayer’s Income

Qualified Business Income

Exceptions to Qualified Business Income

Combined Qualified Business Income

Qualified REIT Dividend

Qualified Publicly Traded Partnership Income

Qualified Property

Depreciable Period

W-2 Wage Limitation

Determining W-2 Wages

Unmodified Box Method

Modified Box 1 Method

Tracking Wages Method

Computing the QBI Deduction

Threshold Amount

Schedule C Provisions

Entertainment Expenses

Food and Beverage Expenses

Temporary Increase in Business Meal Deductibility

Section 179 Expense Limits

Bonus Depreciation

Qualified Property

Luxury Auto Limits

Listed Property Updates

Net Operating Loss Changes

TCJA NOL Changes Amended by CARES Act

Summary

Chapter Review

Glossary
Click to go to: Tax Cuts and Jobs Act CPE Courses | Tax Reform Legislation
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