2024 Annual Federal Tax Refresher Course (2025 AFSP)

PROGRAM CONTENT

Program content includes textual explanations of tax concepts in the context of a refresher course for tax professionals who are familiar with filing Form 1040 for individual taxpayers. The course meets requirements for the IRS Annual Federal Tax Refresher Course (AFTR).
Credits for this course are not available to Enrolled Agents.

EXPIRATION DATE AND FINAL EXAM DETAILS

This course must be successfully completed on or before midnight local time of the student December 31, 2024, to be valid for the 2025 filing season. This course expires after December 31, 2024.

This exam must be successfully completed in 6 attempts or less. By clicking the "Take Final Exam" button above, you will be taken to a landing page that will show your remaining attempts available.

CPE CREDIT HOURS

6 Credit Hours. One 50-minute period equals one CPE/CE Credit Hour.

PROGRAM LEVEL

Review. This course provides a general overview of the subject area from a broad perspective. It is appropriate for tax professionals at all organization levels.

LEARNING OBJECTIVES

• What’s New for Individuals
  • 1-A Apply certain inflation-adjusted limits for 2024.
  • 1-B Determine current standard mileage rates.
  • 1-C Identify Form 1099-K reporting requirements.
  • 1-D Identify taxpayers for whom the IRS is resuming balance due reminder notices.
  • 1-E Assess qualifications for the IRS Direct File Pilot Program.
  • 1-F Determine changes applicable for Roth 401(k) required minimum distributions (RMDs).
  • 1-G Recognize new law for catch-up contributions to designated Roth accounts.
• Income
  • 2-A Recognize the various filing statuses available to taxpayers.
  • 2-B Determine the taxability of earnings.
  • 2-C Recognize when Schedule B (Form 1040) must be completed.
  • 2-D Determine taxability of Social Security benefits and retirement income.
  • 2-E Recognize rules applicable to individual retirement arrangements (IRAs).
  • 2-F Identify taxable unemployment compensation.
  • 2-G Determine the taxability of alimony.
  • 2-H Define a sole proprietor’s gross income and expenses.
  • 2-I Determine factors that differentiate a for-profit business from a hobby.
  • 2-J Identify business use of home rules.
  • 2-K Recognize Schedule C (Form 1040) recordkeeping requirements.
  • 2-L Identify nondeductible entertainment expenses and certain deductible meal expenses.
  • 2-M Identify Section 179 expense deduction limitations.
  • 2-N Calculate the special depreciation allowance limits.
  • 2-O Apply the luxury auto depreciation limits.
  • 2-P Identify listed property.
  • 2-Q Recognize rules for reporting capital gains and losses on Schedule D (Form 1040) and Form 8949.
• Itemized Deductions and Credits
  • 3-A Identify a taxpayer’s allowed standard deduction.
  • 3-B Determine deductible medical expenses.
  • 3-C Calculate deductible state and local taxes.
  • 3-D Recognize deductible home mortgage interest.
  • 3-E Recognize qualifying charitable contributions.
  • 3-F Apply the AGI limits for cash contributions.
  • 3-G Determine the contemporaneous written acknowledgement required for contributions of $250 or more.
  • 3-H Apply the casualty and theft loss deduction for federally-declared disaster areas.
  • 3-I Recognize the suspension of the moving expense deduction for most taxpayers.
  • 3-J Identify records that substantiate income and deductions.
  • 3-K Determine eligibility for the Child Tax Credit, Credit for Other Dependents, Child and Dependent Care Credit, education credits, or Earned Income Credit.
  • 3-L Identify limitations for certain home-related energy credits.
  • 3-M Determine Clean Vehicle Credit qualifications.
• Overview Topics
  • 4-A Determine the tax rules for digital assets.
  • 4-B Identify the alternative minimum tax (AMT) exemption and phaseout amounts.
  • 4-C Determine the qualified business income deduction (QBID) provisions.
  • 4-D Identify children subject to the Kiddie Tax.
  • 4-E Recognize limitations for IRC section 529 college savings plans.
  • 4-F Identify contribution and rollover limitations for Achieving a Better Life Experience (ABLE) accounts.
  • 4-G Apply rules for exclusion of student loan debt forgiveness.
  • 4-H Apply the net operating loss (NOL) limitations.
  • 4-I Determine the Premium Tax Credit provisions and applications.
  • 4-J Recognize fringe benefit requirements.
  • 4-K Determine depreciation rules for residential rental property.
• Payments, Extensions, and Practices
  • 5-A Distinguish withholding and estimated tax payment requirements for individuals.
  • 5-B Distinguish payment and refund options available when filing Form 1040.
  • 5-C Identify tax return due dates.
  • 5-D Recognize steps to be taken by victims of tax-related identity theft.
  • 5-E Identify issues related to safeguarding taxpayer data.
  • 5-F Recognize proper usage of Individual Tax Identification Numbers (ITINs).
• Procedures and Rules of Professional Responsibility
  • 6-A Identify violations of conduct standards that may result in preparer penalties.
  • 6-B Recognize due diligence procedures for the Head of Household filing status, Earned Income Credit (EIC), Child Tax Credit, Credit for Other Dependents, and American Opportunity Credit.
  • 6-C Recognize the steps necessary to comply with e-file procedures.
  • 6-D Determine Annual Filing Season Program - Record of Completion requirements.
  • 6-E Identify limited representation rights for AFSP participants.

RECOMMENDED PARTICIPANTS

Tax professionals who prepare individual income tax returns are encouraged to participate in this course. Credits for this course are not available to Enrolled Agents.

*All CE hours issued by The Tax Book