In this course, we review current year developments, recurring problems, and planning ideas affecting individual, corporate, and business income taxation. Using a combination of humor and examples, we will emphasize all major new tax legislation as well as other significant tax developments that affect 2025 tax-return preparation and 2025 income tax planning for individuals, corporations, and non-corporate businesses. A review of corporate and other business income taxation including * Segments covering the latest developments in the areas of S-corporations, partnerships, constructive dividend issues, the 20% QBI deduction, purchase and sale of businesses, §1031 exchanges, travel, meal, and entertainment deductions, fringe benefits, §179 and 168(k) depreciation deductions, accounting methods including final regulations explaining treatment of inventories and use of the cash method for taxpayers with average gross receipts of $29 million or less, Rev Proc providing rules for automatic accounting method changes, when rental income is subject to S/E tax, PTE elections to pay state income taxes at the entity level by S-corps and partnerships, business interest expense limitation, filing Forms K-2 and K-3, green energy, and other business topics * Significant 2024 developments, including any new 2024 legislation, SECURE Act 2.0 provisions effective for 2025, commercial vehicles qualifying for new electric vehicle credits, Inflation Reduction Act green energy provisions affecting businesses, the latest on the Corporate Transparency Act, employee retention credit developments, and many others * A review of significant tax provisions and changes first effective in 2025.
Required Knowledge: At least one tax season
Advanced Preparation: At least one tax season
Who Should Attend: Individuals having one or more tax seasons and a general understanding of individual, corporate, and business income taxation who are involved in the preparation and/or review of individual, corporate, and business income tax returns or who provide tax-planning advice to individuals and businesses