2024 Annual Federal Tax Refresher Course

This 6 hour law course is for tax professionals who must complete 18 hours of continuing education for 2024 in order to help individuals file their 2023 tax returns. There are three core parts to this course.  

Domain 1 provides dollar amount and rate inflations for the 2023 tax year with walk-through examples of how to figure some of these related calculations, referencing Rev. Proc. 2023-34. New standard mileage rates, Notice 2024-08, is also reviewed. Special attention is given to explaining concepts, not just providing the updated numbers; context is essential. A few minor notes relating to the CARES Act have been included, where relevant. The SECURE 2.0 Act, is given consideration as well, both Section 325, Roth plan distribution and Section 603, Catch-up Contributions effective, both for 2024. 

The second domain in the series is the longest of the three because it returns to the basics and ensures students understand key concepts they’ll continue to work with. The section starts with a Filing Status Review, then moves to the taxability of earnings and what constitutes employee compensation. Schedules A through D and supplementary forms, topics, and instructions are all reviewed. Though not intended to be exhaustive, these walk-throughs should serve tax preparers well in navigating any revisions and calculations. Of particular interest will be the changes relating to retirement income limits and the repeal of the alimony deduction. Modern influences of virtual currency and disaster losses find their way into our discussion. Itemized deductions and tax credit eligibility will require a full hour. Then we’ll end with an overview of key topics.  

Finally, Domain 3 explores warning signs of tax-related identity theft, precautions to mitigate risk, and what to do if a client or tax preparer has suspicions about information abuse. E-file requirements, the purpose and expiration date calculation for ITINs, and the requirements of the Annual Filing Season Program are also covered, including a tax preparer’s consent to be subject to the Circular 230 rules. Penalties for failure to comply with one’s duties as a tax professional are given context.