WLS00526: The Best Federal Tax Update

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.

Major Topics

• Comprehensive coverage of individual provisions of the One Big Beautiful Bill Act, 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 occupations, including updated final regulations (TD 10044)
• New Overtime Pay Deduction of up to $12,500 ($25,000 MFJ) for FLSA-eligible employees on qualifying overtime pay
• New Car Loan Interest Deduction of up to $10,000 annually for interest on qualifying new U.S. assembled vehicle loans
• New Temporary Senior Deduction of $6,000 for taxpayers aged 65 and older
• Expanded SALT Cap of up to $40,000 through tax year 2029
• Trump Accounts, a new savings vehicle for minors, including contribution rules, basis tracking, and the pilot program
• Comprehensive coverage of business provisions of the One Big Beautiful Bill Act, including but not limited to:
• 100% Bonus Depreciation made permanent, including new Qualified Production Property (QPP) provisions
• Increased §179 deduction
• Changes to §174 R&E Expenditures, including restoration of immediate expenses
• Changes to §163(j) and new election withdrawal opportunities under Rev. Proc. 2026-17
• Form 1099/1099-K changes and increased reporting thresholds
• Qualified Small Busines Stock Exclusion changes
• 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
• The Gig Economy – examine key tax implications for gig workers, including Independent Contractor vs. Employee classification challenges and employer reporting responsibilities in light of both the IRS and DOL frameworks, including the DOL’s 2026 proposed rule
• 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

Objective

* 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

Advanced Preparation

None

Required Knowledge

Experience with individual and business clients

Who Should Attend

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

Credit Types

CPE – Taxes