Federal Tax Update: Individual and Business Current Developments

Overview

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest federal income tax topics affecting individuals, businesses and their owners with an emphasis of newly enacted income tax legislation. Gain insights into newly enacted income tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures and private letter rulings affecting individuals and businesses.

Highlights

• Federal income tax laws affecting individuals, corporations, partnerships, LLCs and LLPs
• Legislative and IRS updates, including the One Big Beautiful Bill Act (OBBB), IRS guidance, TCJA provisions expiring after 2025
• Tax changes and compliance tied to tax forms, schedules and major tax changes
• Business tax provisions including the 20% QBI deduction, NOL changes, business loss limitations, depreciation, accounting methods, retirement plans and fringe benefits and entertainment expenses
• Tax rates and calculations for individuals and businesses, including capital gains, self-employment tax, AMT and the 3.8% net investment income tax
• Individual tax provisions, including filing status, exemptions, deductions, income adjustments, and tax credits
• Updates to IRAs and new final RMD regulations
• IRS audit and compliance issues, including basis and at-risk limitations, passive activity losses, real estate professionals, and self-employment tax concerns

Prerequisites

Background in individual and business income tax law.

Designed For

CPAs and other business professionals.

Objectives

• Explore the One Big Beautiful Bill Act (OBBB) and the expiration or extension of any TCJA provisions after 2025
• Understand federal income tax laws impacting individuals, C and S Corporations, partnerships, LLCs and LLPs
• Identify newly enacted legislation, changes and IRS guidance affecting individual and business income tax returns
• Walk through major tax changes to corporations, partnerships and/or individuals
• Understand changes to the income tax forms and other related schedules
• Review business income tax provisions
• Brush up on the individual and business income tax rates
• Understand changes to IRAs and the NEW final required minimum distribution (RMD) regulations
• Review IRS audit areas such as basis and at-risk limitations for S shareholders and partners, passive activity losses and real estate professionals and self-employment taxes

Notice

• This seminar has been approved for IRS CE credit. To receive IRS CE credit, you must complete the IRS CE Credit Request Form within 30 days of the seminar.