Federal Tax Update 2024 - Individuals
Tax season waits for no one—and staying updated is key to serving your clients with confidence. During the Federal Individual Tax Update 2024, we’ll unpack the latest changes in federal tax law, IRS guidance, and must-know strategies for this filing season.
What you’ll gain:
✅ Insight into the most recent IRS updates and their impact
✅ Practical guidance to navigate changes confidently
✅ Tools and knowledge to set your practice apart
We’ll cover critical updates and practical strategies, including:
2025 Inflation Adjustments and Tax Changes:
Updates on tax brackets, standard deduction amounts, and limits for key credits like the Child Tax Credit and Earned Income Tax Credit.
Insights into Health Savings Accounts (HSA) and Flexible Spending Account (FSA) adjustments.
Navigating Retirement and Savings Updates:
New rules for Required Minimum Distributions (RMDs) under SECURE Act guidance.
Increased contribution limits for Traditional and Roth IRAs, as well as SIMPLE and 401(k) plans.
Energy and Vehicle Tax Credits:
Expanded Residential Clean Energy Credits and new rules for labor cost inclusions.
Updates on Clean Vehicle Credits and the impact of recent IRS guidance on electric vehicles.
Tax Implications of Recent Court Cases:
Analysis of rulings like Anderson v. Commissioner and Betty Amos v. Commissioner of IRS, with practical takeaways for compliance and deductions.
Digital Asset Reporting and IRS Initiatives:
Final regulations for cryptocurrency basis reporting starting in 2025.
Overview of the IRS’s Direct File program and initiatives to simplify compliance.
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*Self-Study recording not available for NASBA CPE credit.
Allan J. "A.J." Reynolds
,
EA
A.J. is an enrolled agent (EA) with over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. specializes in IRS Audits, Appeals, Collections, Innocent Spouse, Independent Contractor vs. Employee Issues, and Civil Tax Fraud Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives.Based in Sioux City, Iowa, A.J. nevertheless brings his everyday “in the trenches” experience to seminars nationally and internationally to assist attendees with real issues affecting tax professionals. A.J. has spoken Basics + Beyond Income Tax Seminars and Webinars, NATP National Conference and Webinars, NAEA Webinars, NTI Resort Conferences, and Iowa State University Webinars and Annual Tax Seminars.A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. During his time on the destroyer, A.J. and crew members were awarded the Navy Expeditionary Medal for their work in the Straits of Hormuz off the coast of Iran.Outside of his tax practice, he is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.
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