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.
Target Audience
Accounting and Finance Professionals who need to know the latest tax law changes in all areas of practice, whether newly licensed or a seasoned professional
Course 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
Subjects
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 individual and business 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
Digital assets and tax implications - understand the new Form 1099-DA for reporting digital asset transactions, along with updated IRS guidance on cryptocurrencies, NFTs, and broker responsibilities
Artificial intelligence - discover how AI and generative tools are transforming tax practices, as well as how the IRS is leveraging AI to enhance audit selection
Form 1099-K reporting requirements - understand the evolving IRS thresholds and rules for third-party payment platforms
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, reporting responsibilities, and the impact of the 2024 Department of Labor Final Rule on worker status
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
