OVERVIEW

Tax laws are continuously evolving, presenting a significant challenge for even the most seasoned tax professionals to stay current. In recent years, for example, the federal government implemented legislative actions, such as temporary income tax cuts and business tax incentives, to stimulate economic growth. Changes are inevitable.

The IRS makes annual adjustments for inflation, affecting federal income tax brackets, the standard deduction, and more. This course will provide a robust analysis of the tax revisions for 2024 tax returns filed in 2025, focusing on the implications of the SECURE Act 2.0 and the adjusted inflation limits. These changes are particularly significant for income tax preparers, necessitating a thorough understanding to ensure compliance and optimal client outcomes.

The IRS makes annual inflation adjustments, including changes to the federal income tax brackets, standard deduction and more.

Learning Objectives:

Upon completion of this course, you will be able to:

• Examine recent legislative changes and their implications on tax credits, deductions, and overall tax liability.
• Understand the annual inflation adjustments made by the IRS, including changes to federal income tax brackets, the standard deduction, and personal exemption amounts.
• Advise clients on how to adjust their income and deductions to optimize their tax outcomes under the new thresholds.
• Develop sophisticated tax planning strategies that leverage new tax laws and IRS updates to minimize tax liability and maximize refunds.
• Dive deep into the SECURE Act 2.0 provisions, understanding its impact on retirement accounts, required minimum distributions (RMDs), and retirement savings strategies.
• Understand the recent changes to 1099-K reporting requirements and their implications for reporting income from third-party payment networks.
• Utilize comprehensive charts and visuals throughout the course to illustrate complex tax concepts and legislative changes.

At the end of the course, participants will be required to pass a comprehensive final exam covering all topics addressed throughout the course. The exam is open book, and the downloadable PDF containing the course material is available on the first page of the course. A minimum score of 70% is necessary to satisfy the Continuing Education (CE) requirement and to obtain a Certificate of Completion. Successful course completions are reported to the IRS within three business days.