Description

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.

Instructor: Gregory Holzel

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

Comprehensive coverage of the One Big Beautiful Bill Act

Review of key components of President Trump's tax bill, 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

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

Prerequisites

Experience with individual and business clients