October Monthly Tax Update 2024

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As tax professionals, staying informed about the latest updates and changes in tax regulations is essential. In our recent discussion, Jason Dinesen and Nicholas Preusch covered the October Monthly Tax Update for 2024, highlighting crucial developments that can impact your practice and your clients. Let’s delve into the key takeaways from this update.

Key Updates from the October Tax Discussion

Inflation Adjustments

The IRS has announced significant adjustments for the 2025 tax year, which will affect returns filed in 2026. Here are the highlights:

Standard Deductions:

Single/Married Filing Separately: $15,000 (an increase of $400)
Married Filing Jointly: $30,000 (an increase of $800)
Head of Household: $22,600 (an increase of $600)

Other Adjustments:

Foreign Earned Income Exclusion: $130,000
Estate Tax Exclusion: $13,990,000
Gift Tax Exclusion: Increased to $19,000

These adjustments are crucial for tax planning and preparing clients for their tax obligations.

1. 2025 Security Wage Base

The Social Security Wage Base for 2025 has increased to $176,100, up from $168,600. This change impacts payroll calculations and employee contributions, so it’s important to update your systems accordingly.

2. Social Legislative Updates

Be aware of potential legislative changes, especially with the expiration of parts of the Tax Cuts and Jobs Act (TCJA) on December 31, 2025. Keep an eye on any upcoming lame-duck session legislation, as it may have implications for the tax landscape.

3. PTIN Renewal

The PTIN renewal process is ongoing, with a deadline of December 31. Tax professionals need to renew their PTINs for a fee of $19.75. Ensure that you have your written data security plan in place, as this is now a requirement during the renewal process.

4. Key Takeaways

Stay Informed: Keep abreast of inflation adjustments and other changes to ensure accurate client guidance.
Review Payroll Practices: Update payroll systems to reflect the new Social Security Wage Base.
Renew PTIN: Don’t forget to renew your PTIN and prepare the necessary documentation.

Conclusion

The October Monthly Tax Update provides essential insights for tax professionals to navigate the upcoming tax year effectively. By understanding these changes, you can better serve your clients and ensure compliance with the latest regulations.

Don’t miss out on these important updates! For more detailed guidance, stay connected with MY-CPE, where we provide ongoing support and resources for your professional development.

FAQs

The key adjustments include increased standard deductions, foreign earned income exclusion, and gift tax exclusion. For example, the standard deduction for married filing jointly will be $30,000.

The new wage base of $176,100 means higher contributions for employees and employers. Ensure your payroll systems are updated to reflect this change.

The deadline for PTIN renewal is December 31. Make sure to renew your PTIN and submit the required documentation on time.

Subscribe to newsletters from tax authorities, follow industry professionals, and engage with platforms like MY-CPE for ongoing updates and training.

Jason Dinesen

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.