October Monthly Tax Update 2024

7 Days Free Trial

for Enterprise Subscriptions

Monthly

$25_{/user
(Minimum 10 users)}

Annually

$199_{/user
(Minimum 3 users)}

Annually

$499_{/user
(Minimum 3 users)}

Trusted by 250,000+ Professionals for Continuing Education

Create Your Account 1/2

Already have an account? Log In

First Name

Last Name

Phone

Company Name

Password

Confirm Password

Promo Code

I Accept myCPE Terms and Conditions

You can cancel anytime during your trial period.

Become a Valued Member of myCPE Professionals Community

Trusted by 250,000+ Professionals

"Steven was knowledgeable and thorough…”

Steven was knowledgeable and thorough in his information about the product and what is offered. He was empathetic to my situation. He went above and beyond answering all of my many questions. Excellent service!

Crystal lovejoy

"Great Customer Service”

Great service and very patient as I asked several questions. Steven answered all my questions and helped me make the right decision in my subscription purchase. Thank you.

Lori corry

"It is what it advertised to be”

It is what it advertised to be. Professional quality training and CPE tracking and certificates; systems knows AZ CPA CPE requirements and categories. I've needed help on several occasions and the assistance was quick and effective; however, there were some problems with data entry. The assistance sometimes asks for input, but when I try to type it is dissallowed for some reason. On several occasions I had to close the popup to get it out of my way.

Brian Carey

"Great customer service”

Great customer service. Classes are pertinent. Great value

Steve

1/4

Create Your Free Account

First Name

Last Name

Email Address

Password

Confirm Password

Continue

Already have an account? Log In

Card No.

Card Holder Name

Expiry Date

CVV

Address

Address 2 (Optional)

Zip Code

I Accept myCPE Terms and Conditions

Guaranteed safe & secure checkout

Pay $199

October Monthly Tax Update 2024: Key Insights for Tax Professionals

Jason Dinesen

Nov 07, 2024

389

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.