2024 Tax Season Review: Successes, Challenges and Planning Opportunities
RegisterTanya Baber CTRS, NTPI Fellow, EA
11:00am - 01:45pm MT
12:00pm - 02:45pm CT
01:00pm - 03:45pm ET
- 10:00 - 12:45 PM Pacific Time Zones
- 11:00 - 1:45 PM Mountain Time Zones
- 12:00 - 2:45 PM Central Time Zones
- 1:00 - 3:45 PM Eastern Time Zones
Important: Your webinar access link will come from webinar.host@bigmarker.com.
This course introduces Tax Professionals to an early update, review and summary of what happened during the 2024 filing season. The session reviews the challenges experienced in implementing the reporting of federal income tax provisions enacted by the Inflation Reduction Act of 2022.
The course will review the Tax Professional’s and taxpayer’s experiences of working with the IRS in a post-pandemic era, where there was supposed to be a new and improved IRS providing customer service and new technologies to provide a better taxpayer experience.
The presentation will specifically review the following areas of interest:
- §25C Energy Efficient Home Improvement Credits including the distinction between Qualified Energy Efficiency Improvements which are applied to a taxpayer’s principal residence vs.
- §25C Residential Energy Property Expenditures which are applied to a taxpayer’s dwelling unit.
- §25D Residential Clean Energy Credit which provides an unlimited credit amount for qualified expenditures for:
- Solar electric property costs
- Solar water heating property costs
- Small wind energy property costs
- Geothermal heat pump property costs
- Battery storage technology, and
- Fuel cell property.
The presentation will include discussion and illustration of the proper preparation of the Form 5695, Residential Energy Credits, and will review filling out the specific areas of the Form with an understanding of the instructions applying the Internal Revenue Code to the Form 5695.
At the conclusion of the course, the participants will have a better understanding of the successes, challenges and experiences of the 2024 tax filing season and the issues facing them during the 2024 extension season. The participants will be more aware of the proposed improvements that were projected by the IRS as a result of the additional funding included in the Inflation Reduction Act of 2022.
At the end of the session, participants will have a better working knowledge on the enhanced Residential Energy Credits provided in §25C for Energy Efficient Home Improvements Credits and §25D Residential Clean Energy Credits. Tax Professional’s will have learned how to properly fill out IRS Form 5695 with a better understanding of the Internal Revenue Code and the application to the instructions and Forms.
