Fiscal Winners and Losers – How Inflation Has Affected Tax Returns and Liability
You have one year from airing date to use this course as credit.
Continuing Education
CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0167
IRS/RPO Approved Program
#7ZBUJ-T-00118-23-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00118-23-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)
Program Content
This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.
The program, through a lively round-table discussion and real time interaction with the audience, examines the impact inflation has had on tax returns and liability. The program will focus on many of the tax provisions that are adjusted annually for inflation and how those adjustments benefit or hurt particular taxpayers. Panelists will discuss the tax rates and income items subject to adjustment. Panelists also will explore the inflation-adjusted exemptions, deductions, and tax credits, and how inflation has affected retirement plan contributions and benefits.
By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the impact of inflation on tax returns and liability.
Program Learning Objectives
- Identify the number of provisions adjusted for inflation in Rev. Proc. 2023-34.
- Identify the long-term capital gains tax rate for the 2024 tax year for an individual who earns up to $47,025.
- Identify the increase in the 2024 standard deduction amount for Single or Married Filing Separately filers.
- Identify the 2024 increase in Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans.
Program Outline
Tax Rates
- Tax tables
- Alternative minimum tax
- Capital gains and losses
Income Items
- Social Security benefits
- Employee benefit exclusions
- Health care benefit exclusions
- Savings Bond interest
Deductions and Exemptions
- Personal exemption
- Standard deduction
- Additional standard deduction
- Limitation on itemized deductions
- Interest on education loans
- Qualified business income
- Mileage rates
- Depreciation
- Gifting
- HSA Contributions
- Flex Accounts
Tax Credits
- Adoption
- Child Tax Credit
- Other Dependent Credit
- Earned income
- Child Care Credit
- Retirement Savings Contribution Credit
- Energy Credits
Retirement Plans
- Contribution limits
- Benefit limits
- SIMPLE plan
- SEPs
- Highly compensated employees
- Key employees
Panelists
Moderator
Alan Pinck, EA
A. Pinck & Associates
Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.
IRS Panelist
Jill Maniacci, M.S., and E.A.
Senior Stakeholder Liaison - Tax Specialist
IRS Communications & Liaison
Prior to becoming a senior stakeholder liaison, Jill was an internal revenue agent with the IRS's Large Business and International (LB&I) and the Small Business/Self-Employed (SB/SE) divisions for over 18 years. She worked on high-profile and sensitive cases, including cases involving kingpins, potential fraud and Ponzi schemes in New York. She was also a collaborating agent for the IRS's Criminal Investigation division and an acting group manager in SB/SE, LB&I and Communications & Liaison. In her role as a senior stakeholder liaison, she utilizes her skills to build and maintain relationships with tax practitioner organizations, employers, community associations, faith-based organizations, educational institutions and underserved/multilingual communities.
Industry Panelist
Mike Tullio, EA
Mike has been in the tax preparation business for nearly 40 years. He is the owner of Tullio Financial Services, LLC, located in San Diego California. His business mainly focuses on Individual and Small Partnership tax returns. Previously, Mike was a Senior Tax Content Analyst at Intuit, makers of Turbo Tax, ProSeries and Lacerte. Mike has written national tax articles and has conducted live and Webinar speaking engagements. He is an Enrolled Agent and member of the National Society of Tax Preparers (NSTP), the National Association of Enrolled Agents (NAEA) the California Society Tax Consultants (CSTC) and the California Society of Enrolled Agents (CSEA).
Lawrence Pon, CPA, PFS, CFP, EA, USTCP, AEP
Mr. Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA.
Mr. Pon has been in practice since 1986 and enjoys helping his clients reach their financial goals. He frequently speaks on tax and financial planning topics to tax professionals, financial advisors, and the general public nationally.
Mr. Pon is a long-time member of NAEA and CSEA.
Mr. Pon received his BS in Business Administration with emphases in Accounting and Finance from the University of California, Berkeley and MS in Taxation from Golden Gate University in San Francisco.
Content Consultant
David F. Windish, J.D., LL.M
Content Consultant
David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.
Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.
Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.