This year practitioners need to keep abreast of tax changes affecting pass-through entities used by their business clients and employers, and this enlightening course delivers that information. You will learn invaluable strategies, techniques, innovative tax-planning concepts, income-generating ideas, and other planning opportunities available to S corporations, partnerships, LLCs, and LLPs. In addition, this course will discuss current trends and emerging issues, helping practitioners stay informed about relevant and significant topics that may impact their clients. Continually updated to reflect enacted legislation.
Learning Objectives
- Understand the major issues on which taxpayers and the IRS are in conflict
- Understand recent IRS guidance and legislation impacting pass-through entities
Major Topics
- Congressional Budget Reconciliation Process
- explore how this powerful legislative tool allows Congress to fast track tax law changes and how it could be used to enact significant tax reforms in the current political climate
- President Trump's tax proposals
- review key components of President Trump's tax agenda, including a tip income exemption, overtime pay relief, Social Security tax exemption, auto loan interest deductibility, SALT deduction modifications, a lower corporate tax rate, restoration of 100% bonus depreciation, immediate R&D expensing, and permanent extension of select TCJA provisions
- Potential expiration of select TCJA provisions
- understand the implications for taxpayers as key provisions of the TCJA approach sunset dates
- Tariff policy and implementation
- analyze the use of tariffs as a fiscal and trade policy tool
- Principles and considerations for nonresident withholding, composite payments, and passthrough entity taxes
- Partnership Distributions, Form 7217, and S Corporation Redemptions
- Thinking beyond §163(j) -
- Interest Allocation Rules, Original Issue Discount, Applicable High Yield Discount Obligations, Convertible Corporate Debt Instruments, and Debt-Financed Distributions
- Timely coverage of breaking tax legislation
- Selected Practice and Reporting Issues: What’s new?
- A review of recent cases and tax law changes and IRS guidance affecting S corporations, partnerships, limited liability companies, and limited liability partnerships
- Form 1099-K reporting requirements
- Bonus depreciation
- Section 174 Research & Experimental Expenditures -
- guidance under Notice 2023-63 and Notice 2024-12
- Decentralized Autonomous Organizations (DAOs)
