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Income Tax Fundamentals 2024, 42nd Edition

Gerald E. Whittenburg, Steven Gill

Copyright 2024
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Income Tax Fundamentals 2024 42nd Edition by Gerald E. Whittenburg/Steven Gill

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Overview
Meet the Authors
What's New
Features
Table of Contents
Pricing

Overview

Introduce today's most important areas of tax law with Whittenburg/Gill's best-selling INCOME TAX FUNDAMENTALS 2024, 42nd EDITION. This concise and practical workbook presentation takes a unique forms-based approach that has set the market-leading standard in tax education for more than 30 years. It uses current examples and real tax forms to present the latest tax laws, and updated end-of-chapter questions and online problems will reinforce students' skills and understanding of the more complex aspects of tax law. This edition's tax return problems use source documents identical to those of real clients and provides extensive overlap with the federal tax education requirements for tax preparers in California, Oregon and Maryland. Each new edition utilizes Intuit® ProConnect™ tax software for further hands-on practice. CNOWv2's online learning platform and homework resources are also available to help you prepare students with the knowledge to become successful tax preparers.

Meet the Authors

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Gerald E. Whittenburg

As the original author of INCOME TAX FUNDAMENTALS, Dr. Gene Whittenburg was critical in designing the forms-based approach that has clarified and reshaped how students have learned income tax fundamentals for three decades. Although Dr. Whittenburg unexpectedly passed away in March of 2015, this edition continues to uphold his highest standard of publishing excellence. This edition furthers the insights and advancements that Dr. Whittenburg started in preparing learners to be successful tax preparers many years ago.

Steven Gill

Dr. Steven Gill is an associate professor in the Charles W. Lamden School of Accountancy at the Fowler College of Business at San Diego State University. He received a B.S. in accounting from the University of Florida (Gainesville, FL), an M.S. in taxation from Northeastern University (Boston, MA) and a Ph.D. in accounting (University of Massachusetts). Prior to entering academia, Dr. Gill worked for twelve years in the field of accounting, including roles in public accounting, internal audit, corporate accounting and, ultimately, vice president of finance. Dr. Gill's research interests include a concentration in taxation, including mutual funds and college savings ("529") plans and wider interests in tax compliance behavior. He has taught undergraduate and graduate courses and his teaching interests include taxation and both financial and managerial accounting. Dr. Gill ls co-author of FEDERAL TAX RESEARCH and INCOME TAX FUNDAMENTALS.

What's New

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THOROUGH UPDATES IN THIS EDITION REFLECT THE LATEST CHANGES IN TODAY'S TAX LAWS. This 2024 edition integrates the latest tax law changes made up to the time of publication. The book's clear, concise presentation addresses both new and complex tax law features, such as the 90+ new tax provisions enacted as part of the SECURE 2.0 Act. Although many of these provisions are not yet in effect, the book provides discussions of all changes that might affect individual taxpayers so preparers can address these changes when they arise later.
THE MOST RECENT TAX LAWS OF 2023 ARE INTEGRATED THROUGHOUT THIS EDITION. All of the sweeping tax changes for the 2023 tax year are seamlessly integrated in this edition's explanations, examples and practice. The author clearly introduces even the most complex changes, making topics such as the qualified business income deduction and phase-out of bonus depreciation easy to understand. This edition also covers temporary provisions and the provisions that will apply when many of the 2017 Tax Cuts and Jobs Act laws sunset in 2025.
STUDENTS WORK WITH THE LATEST PROFESSIONAL INTUIT® PROCONNECT™ SOFTWARE. Your students are able to use actual Intuit® ProConnect™ software for the 2023 tax year. This software is available with each new copy of the book. Students can actually solve many of the 2023 Individual Income Tax Return problems in this edition using this professional tool. The software is easy to master with many helpful features, including access to useful tips, calculators and the most current tax information.

Features

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THIS EDITION PROVIDES SIGNIFICANT OVERLAP WITH THE TAX PREPARER EDUCATION REQUIREMENTS. A concerted effort to cover all federal tax provisions and concepts as required by regulations for tax preparers in California, Maryland and Oregon are included in the latest edition to help students get prepared in states that regulate tax preparers.
UPDATED TAX RETURN PROBLEMS NOW FEATURE EVEN MORE "REAL-LIFE" SOURCE DOCUMENTS. Your students learn to work with real, common source documents, such as Form W-2, 1099s, income statements and trials balances. Using the real documents in practice helps readers better understand and prepare for the work they will encounter in the actual tax return preparation process today.
UPDATED END-OF-CHAPTER QUESTIONS AND PROBLEMS WORK SEAMLESSLY WITH CNOWv2. The authors have carefully reviewed all problems in this edition and updated the questions to work seamlessly between the textbook and the online learning platform CNOWv2. Students can complete useful online homework with problems and exercises that remain even more consistent with the printed book.
REVISED PROBLEMS AND PRACTICAL QUESTIONS OFFER HANDS-ON EXPERIENCE AND CHALLENGE THINKING. This edition's updated applications ensure students are practicing with the latest tax information available. Proven and new end-of-chapter questions, tax return problems and test bank problems all reflect the dozens of standard changes impacting tax preparation today -- ranging from yearly cost of living tax rate increases to the phase-ins and phase-outs of tax benefits.
INTERNAL REVENUE CODE SECTIONS AND QUICK TAX REFERENCE GUIDE PROVIDE INFORMATION AT A GLANCE. Useful and convenient reference tools, including a particularly important Internal Revenue Code Sections and Quick Tax Reference Guide, highlight critical information, such as the Tax Formula. The book's full-color design makes this information even easier for readers to locate quickly and use as a handy reference.

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1. The Individual Income Tax Return.
2. Gross Income and Exclusions.
3. Business Income and Expenses.
4. Additional Income and the Qualified Deduction.
5. Deductions For and From AGI.
6. Accounting Periods and Other Taxes.
7. Tax Credits.
8. Depreciation and Sale of Business Property.
9. Employment Taxes, Estimated Payments, and Retirement Plans.
10. Partnership Taxation.
11. The Corporate Income Tax.
12. Tax Administration and Tax Planning.
Appendix A: Tax Rate Schedules and Tax Tables.
Appendix B: Earned Income Credit Table.
Appendix C: Withholding Tables.
Appendix D: Additional Comprehensive Tax Return Problems.
Appendix E: Solutions to Self-Study Problems.
Appendix F: Blank Forms.
Glossary of Tax Terms.
Index.