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2025 Tax Filing Season Update

  • ITEM SKU
    8400
  • CPE Hours
    8
  • Full Course Price
    $64.50
Exam Questions: 40
Course Level: Basic
Pages: 228 | Content: 210, Supplemental: 18
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 8400

Each year, income tax return preparation must take into account inflation-related changes to various limits and new tax laws. This course outlines those changes as well as recent updates for the 2025 filing season, a general tax review, and important rules governing tax return practices and procedures. *PLEASE NOTE: course content is similar to that in #8395: Federal Income Tax Changes Summary - 2024; therefore, we recommend that you should not take both courses in the same CPE period. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00598-24-S

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Course Information

Table of Contents
  • New Tax Law/Recent Updates I
  • New Tax Law/Recent Updates II
  • Components of Income
  • Proprietorship Income
  • Individual Taxpayer Deductions
  • Common Tax Credits
  • General Income Tax Review - Part I
  • General Income Tax Review - Part II
  • Practices, Procedures, and Professional Responsibility
Objectives
  • To identify the inflation adjustments to various federal limits
  • To recognize Education Savings Bond Program Eligibility requirements
  • To identify the Average Annual Wage Limitation for 2024
  • To recognize limits to the Adoption Assistance Program
  • To recall the Social Security Limits for 2024
  • To recognize the optional standard mileage rates
  • To recall the reporting requirements of Third Party Network Transactions
  • To identify the resumption of automated reminders for taxable years 2021 and prior
  • To recall features of the Direct File Pilot Program
  • To recognize SECURE 2.0 Act provisions, including updated Roth Plan distribution rules effective for 2024, and catch-up contributions effective for 2024
  • To recall the filing status name change of qualifying widow(er) to qualifying surviving spouse
  • To identify those items included in a taxpayer's taxable earnings
  • To recognize the tax treatment of foreign accounts and trusts
  • To recall the rules governing contributions to and distributions from IRAs
  • To recognize the tax treatment of alimony under post-2018 divorce agreements
  • To recall the reporting and taxability of unemployment compensation
  • To recognize the items included in self-employment income and expenses
  • To identify the differences between a hobby and a business for tax purposes
  • To recall how to calculate the tax deduction for business use of a home
  • To identify the recordkeeping requirements to substantiate Schedule C entries
  • To recall the rules related to bonus depreciation
  • To recognize the tax treatment given to capital gains and losses
  • To recall the eligibility for, and amount of, standard deductions
  • To identify the limitations applicable to Schedule A itemized deductions
  • To identify the recordkeeping and documentation requirements applicable to claimed deductions
  • To identify the difference between refundable and nonrefundable tax credits
  • To recognize the eligibility requirements for claiming the common tax credits
  • To recall the tax credit amounts taxpayers may claim
  • To identify the limits applicable to the common tax credits
  • To recognize modifications to the Energy Efficient Home Improvement Credit
  • To identify changes to the Residential Clean Energy Property Credit
  • To recall the Clean Vehicle Credits authorized under the Inflation Reduction Act
  • To recognize the tax treatment of virtual currency
  • To identify the applicable alternative minimum taxable income exemption
  • To recognize how to calculate the qualified business income deduction available to pass-through entities
  • To recall how to apply the rules for taxing the unearned income of dependent children
  • To recognize the tax treatment of 529 Qualified Tuition Plans
  • To identify the tax treatment given to Achieving a Better Life Experience Act (ABLE) accounts
  • To recognize the rules governing exclusion from income of student loan indebtedness
  • To recognize the expanded health insurance premium tax credits
  • To recall the modification of net operating losses imposed under the CARES Act
  • To identify the tax treatment of employee fringe benefits
  • To recall the rules dealing with depreciation of rental property
  • To identify the rules governing a taxpayer's tax withholding, estimated tax payments, and tax return due dates
  • To recognize the options available to a taxpayer for paying any tax due or receiving a tax refund
  • To identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims
  • To recall the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it
  • To recall the purpose of individual taxpayer identification numbers, their effect on tax credits, and how to renew them
  • To recognize the penalties applicable to a tax return preparer under Title 26
  • To identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC, and AOTC
  • To recall the e-file requirements
  • To recognize the Annual Filing Season Program requirements

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.