Federal Tax Update

PROGRAM CONTENT

This course provides continuing professional education (CPE) to enhance understanding of the latest developments in federal income tax law. Subject matter includes the Clean Vehicle Credit, home energy audit credit, Form 1099-K, special depreciation limitations, beneficial ownership reporting, retirement plan changes, and the SECURE Act of 2022 provisions including new early withdrawal penalty exceptions, and other retirement plan provisions.

CPE CREDIT HOURS

3 Credit Hours. One 50-minute period equals one CPE Credit Hour.

LEARNING OBJECTIVES

• Individual Tax Provisions
  • 1-A Apply certain inflation-adjusted limits for 2024.
  • 1-B Determine Clean Vehicle Credit qualifications.
  • 1-C Identify rules for claiming a home energy audit tax credit.
  • 1-D Recognize special depreciation limitations for 2024.
  • 1-E Identify Form 1099-K reporting requirements.
• Business Tax Provisions
  • 2-A Determine rules for beneficial ownership reporting.
  • 2-B Identify new rules allowing employers to replace SIMPLE plans with Safe Harbor 401(k) plans.
  • 2-C Recognize new rules for starter 401(k) plans.
  • 2-D Determine when student loan payments are treated as elective deferrals for employer matching.
  • 2-E Apply increased limits for SIMPLE elective deferrals and employer matching contributions.
• SECURE Act 2.0 Provisions for Individuals
  • 3-A Identify new penalty exceptions for early retirement withdrawals.
  • 3-B Determine the rules for the special tax-free rollover from a long-term qualified tuition plan (QTP) to a Roth IRA.
  • 3-C Recognize new law establishing pension-linked emergency savings accounts (PLESAs).
  • 3-D Identify changes applicable for Roth 401(k) required minimum distributions (RMDs).
  • 3-E Recognize new law for catch-up contributions to designated Roth accounts.

RECOMMENDED PARTICIPANTS

Tax professionals who prepare individual tax returns.

PROGRAM LEVEL

Update. This course provides a general review of new developments in taxation. It is appropriate for tax professionals at all organization levels.

*All CE hours issued by The Tax Book