In this continually revised course, tax advisors will be fully updated on the most recent enacted legislation and IRS guidance, as well as major trends on the horizon with a view toward planning considerations. This update course is designed for all practitioners, both those working in public accounting as well as those in private industry, who need the latest information on tax changes. Please Note: Due to content overlap, it is recommended that this course NOT be taken together with BITU.
Learning Objectives
- Understand the latest enacted tax law changes
- Understand strategies and techniques to use in light of tax changes
- Understand current cases and rulings affecting individuals and businesses
Major Topics
- Comprehensive coverage of individual provisions of the One Big Beautiful Bill Act, including but not limited to:
- TCJA provisions made permanent
- New Tip Income Deduction
- New Overtime Pay Deduction
- New Car Loan Interest Deduction
- New Temporary Senior Deduction
- Expanded SALT Cap
- Trump Accounts
- Comprehensive coverage of business provisions of the One Big Beautiful Bill Act, including but not limited to:
- Bonus Depreciation made permanent
- Increased §179 deduction
- Changes to §174 R&E Expenditures
- Changes to §163(j)
- Form 1099/1099-K changes
- Qualified Small Business Stock Exclusion
- Digital Assets and Tax Implications
- understand Form 1099-DA for reporting digital asset transactions, along with updated IRS guidance on cryptocurrencies and broker responsibilities
- Artificial Intelligence
- discover how AI and generative tools are transforming the tax profession
- Sale of Passthrough Entity Interests and Net Investment Income Tax
- analyze the tax implications of selling interests in passthrough entities, including relevant examples, and how the Net Investment Income Tax (NIIT) applies to these transactions
- The Gig Economy
- examine key tax implications for gig workers, including Independent Contractor vs. Employee classification challenges, and employer reporting responsibilities
- Timely coverage of breaking tax legislation
- Practice aids, including all the numbers applicable for the current year -
- inflation-adjusted amounts, mileage rates, retirement contributions, and more
- Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas
