Federal Tax Law Updates
Tax laws change each year, and they can be tough to keep up with. Tax laws are not set in stone. In recent years, for example, the federal government has imposed temporary income tax cuts and other business tax incentives …
Overview
Tax laws change each year, and they can be tough to keep up with.
Tax laws are not set in stone. In recent years, for example, the federal government has imposed temporary income tax cuts and other business tax incentives to stimulate the economy.
Generally, the U.S. Congress (or legislature) first propose a tax law and then a vote is taken on whether to pass it or not. If it does pass, the change becomes law that you may end up seeing on one of your tax returns.
The IRS makes annual inflation adjustments, including changes to the federal income tax brackets, standard deduction and more.
Based on soaring prices, the agency boosted the income thresholds for each bracket for 2024, applying to returns filed in 2025.
This course will analyze the tax revisions for the year 2024, stemming from the enactment of the SECURE Act 2.0 and the adjusted inflation limits applicable for 2024. These changes hold particular significance for income tax preparers.