In this continually revised course, tax advisors will be fully updated on the most recently enacted legislation and IRS guidance, as well as major emerging trends and their planning considerations. This update course is designed for all practitioners, in both public accounting and private industry, who need the latest information on tax changes.
DESIGNED FOR
CPAs who need to know the latest tax law changes in all areas of practice, whether newly licensed or a seasoned professional
BENEFITS
- Understand the latest tax law changes
- Understand strategies and techniques for individuals to use in light of tax changes
- Understand current cases and rulings affecting individuals and businesses
HIGHLIGHTS
Individual provisions of the One Big Beautiful Bill Act (OBBBA), including but not limited to:
- TCJA provisions made permanent, including lower marginal tax rates, expanded standard deduction, and the increased child tax credit
- New Tip Income Deduction of up to $25,000 for individuals in customarily tipped ocupations, including Treasury Tipped Occupation Codes (TTOCs) and the code 000 disqualification trap
- New Overtime Pay Deduction of up to $12,500 ($25,000 MFJ) for FLSA non-emempt employees on qualifying overtime pay
- New Vehicle Loan Interest Deduction of up to $10,000 annually for interest on qualifying loans for new U.S.-assembled vehicles
- New Temporary Senior Deduction of $6,000 for eligible taxpayers aged 65 and older ($12,000 for MFJ where both spouses qualify)
- Expanded SALT Cap of up to $40,000 through tax year 2029
- Trump Accounts, a new savings vehicle for minors, including new 2026 guidance on contribution rules, basis tracking, and the pilot program
Business provisions of the OBBBA, including but not limited to:
- Permanent 100% bonus depreciation, including new Qualified Production Property (QPP) provisions
- Increased §179 Expensing Limit
- Changes to §174 domestic R&E Expenditures, including restoration of immediate expensing
- Changes to §163(j) and withdrawal opportunities under Rev. Proc. 2026-17
- Form 1099/1099-K changes, including increased reporting thresholds
- Qualified Small Business Stock (QSBS) Exclusion changes
New 2026 information returns and form changes, including a full walkthrough of:
- Schedule 1-A (Form 1040): tracing the tip, overtime, vehicle interest, and senior deductions to their source
- New Forms 1098-VLI (vehicle loan interest), 5498-TA (Trump Account contributions), and 1099-LPS (long-term care distributions)
- Revised Forms W-2, 1099-NEC, 1099-MISC, and 1099-K
Charitable giving after the OBBBA:
- Digital Assets & Tax Implications - understand the tax treatment of various digital assets, updated guidance on basis tracking and cost identification methods, as well as the phased rollout of Form 1099-DA for broker reporting
- Retirement Plan Developments: SECURE 2.0 catch-up contribution rules taking effect in 2026, including mandatory Roth treatment for certain higher-paid participants
- IRS Administration and Compliance Developments
- 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
New 0.5% AGI floor on itemized charitable contributions, the statutory ordering rule, and carryforward mechanics
Interaction of the new limitation on the value of itemized deductions with the charitable floor
Bunching strategies and donor-advised funds as a continuing planning response
New charitable contribution deduction for non-itemizers
Qualified Charitable Distributions (QCDs) as a strategy unaffected by the new floor
Substantiation rules
PREREQUISITES
Experience with individual and business clients
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Qualifies for CFP credit
- Qualifies for IRS credit