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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 160 ||| Word Count: 60,905 ||| 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 2352 |
| Description : | Please Note: This course covers tax issues applicable to 2024 income reported in the 2025 tax season. Each year, income tax return preparation is affected by inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws. The 2025 Annual Tax Season Update course is based on the Annual Federal Tax Refresher course and is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2024 income. It does not, however, satisfy the Internal Revenue Service’s voluntary annual filing season program. The course a) examines new tax law 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. |
| Usage Rank : | 70000 |
| Release : | 2025 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Tax Form Calculator
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 21-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 - Registered Tax Return Preparers - 2352 |
| Keywords : | Taxes, 2025, Annual, Tax, Season, Update, Mirrors, IRS-AFTR, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, a tax return preparer should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
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| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - New Tax Law/Recent Updates I Chapter 1 Learning Objectives Introduction Annual Inflation Adjustments Education Savings Bond Program Figuring the Tax-Free Amount Qualified Long-Term Care Insurance Premiums and Benefits Adoption Credit AMT Exemption for Child Subject to Kiddie Tax Expenses of Elementary and Secondary School Teachers Capital Gains and Losses – Changes for 2024 Small Business Premium Tax Credit Adoption Assistance Programs Interest on Education Loans Threshold for Excessive Business Loss Annual Exclusion for Gifts Social Security Limits Summary Chapter 1 Review Chapter 2 - New Tax Law/Recent Updates - II Chapter 2 Learning Objectives Introduction 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 Payment Card and Third-Party Transactions Reporting Requirements Transactions that Require Reporting Tax Relief Response to the Coronavirus Disease 2019 Pandemic Suspension of Automated Reminders Taxpayers Eligible for Tax Relief 2024 End of Pandemic-Related Relief Taxpayer Penalties and Interest IRS Direct File Pilot Program Participating States Eligible Identification Eligible Income Direct File and the Standard Deduction Direct File Eligibility based on Health Insurance Coverage Status Direct File and ID.me Roth Distributions Lifetime Distribution Requirements for Designated Roth Accounts Roth Contributions Roth Catch-up Contributions Employer Matching or Nonelective Roth Contributions Summary Chapter 2 Review Chapter 3 - Components of Income Chapter 3 Learning Objectives Introduction Filing Status Name Review Benefits of Filing as Qualified Surviving Spouse Criteria for Filing as Qualifying Surviving Spouse 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 Qualified Retirement Plans Designated Roth Account Distributions Annuities Individual Retirement Accounts Roth IRAs Reporting and Taxability of Unemployment Compensation Unemployment Compensation Taxable Nondeductible Contributions to Governmental Unemployment Compensation Plan Repayment of Unemployment Compensation Alimony – Pre 2019 and Post 2018 Divorce Agreements Summary Chapter 3 Review Chapter 4 - Proprietorship Income Chapter 4 Learning Objectives Introduction Schedule C, Profit or Loss from Business (Sole Proprietorship) Income & Expenses Defined Business vs. Hobby Business Use of a Home Recordkeeping Requirements Exceptions to Food and Beverage Expenses Section 179 Expense Limits Summary Chapter 4 Review Chapter 5 - Individual Taxpayer Deductions Chapter 5 Learning Objectives Introduction 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 Casualty Loss Deduction Moving Expense Deduction Recordkeeping and Documentation of Deductions Summary Chapter 5 Review Chapter 6 - Common Tax Credits Chapter 6 Learning Objectives Introduction Tax Credit Eligibility Child Tax Credit Credit for Other Dependents Child and Dependent Care Credit Education Credits Earned Income Tax Credit Summary Chapter 6 Review Chapter 7 - General Income Tax Review I Chapter 7 Learning Objectives Introduction Energy Credits Modified Energy Efficient Home Improvement Credit Qualified Energy Efficiency Improvements Tax Credit Limitations Qualified Energy Property Home Energy Audits Subsidized Energy Financing Tax Credits Reduce Taxpayer’s Basis Product Identification Number Required Modifications to the Residential Clean Energy Property 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 Rev. Proc. 2023-33 Overview Topics Tax Treatment of Virtual Currency Alternative Minimum Tax (AMT) QBI Deduction Qualified REIT Dividend Qualified Publicly Traded Partnership Income Deduction Eligibility Qualified Trade or Business Pass-Through Deduction for Qualified Trade or Business Owners Kiddie Tax – Unearned Income of Minor Children Section 529 Plans Achieving a Better Life Experience (ABLE) Account ABLE Account Contributions TCJA Changes to ABLE Accounts Summary Chapter 7 Review Chapter 8 - General Income Tax Review II Chapter 8 Learning Objectives Introduction Discharge of Student Loan Indebtedness Net Operating Loss (NOL) Premium Tax Credit Federal Poverty Level Amount of the Credit Benchmark Plan Taxpayer’s Expected Contribution Additional Tax Limitation 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 Penalties Withholding from Nonwage Income Estimated Tax Requirement to Pay Estimated Tax Balance Due and Refund Options Payment of Income Tax Owed Refunds 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 Summary Chapter 8 Review Chapter 9 - Practices, Procedures & Professional Responsibility Chapter 9 Learning Objectives Introduction 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 Extended Validation SSL Certificate External Vulnerability Scan Information Privacy and Safeguard Policies Protection Against Bulk Filing of Fraudulent Income Tax Returns Public Domain Name Registration Reporting of Security Incidents 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 Recordkeeping 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 AFSP Participants’ Limited Representation Rights Summary Chapter 9 Review Appendix A Appendix B Glossary |
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