Description

This highly informative course comprehensively covers all the latest tax law developments. The focus is on individual taxation and discussion of the planning opportunities practitioners need to understand to help clients respond effectively. You will come away from the course with the up-to-date knowledge to educate your individual tax clients and implement tax-saving ideas that will serve their ever-evolving needs. This course is continually updated to reflect enacted legislation. Please Note: Due to content overlap, it is recommended that this course NOT be taken together with BFTU.

Instructor: Dave Peters, CPA, CFP, CLU, CPCU, MST, MBA

Target Audience

All tax practitioners, both those working in public accounting as well as those in private industry, who need the latest information on tax changes affecting their individual clients

Course Objectives

Understand strategies and tactics to use in light of new legislation

Understand the most current guidance on retirement planning

Understand how to nail down valuable deductions and other reductions to the tax base

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

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

Real Estate professional requirements

Review of pertinent cases and rulings affecting taxpayers

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 in individual tax planning