Federal Tax Update for the Seasoned Tax Practitioner Self-Study Webcast

To update experienced tax professionals on specific critical areas of the federal tax code, including the recently enacted One Big Beautiful Bill Act (OBBBA), and show them how to effectively handle important issues and complete required tax forms.

DETAILED LEARNING OBJECTIVES

• Understand how OBBBA interacts with prior tax legislation

• Identify key factors influencing choice of business entity

• Recognize the temporary individual deductions available under OBBBA

• Identify the top individual income tax rate for 2018–2025

• Understand the treatment of the personal exemption under current law

• Understand how OBBBA affects the long-term standard deduction

• Determine the permanent AGI threshold for medical and dental expense deductions

• Identify the AGI limitation for cash charitable contributions under current law

• Distinguish how long-term capital gains and qualified dividends are taxed

• Identify the additional tax that may apply under the net investment income tax

• Determine current IRA contribution limits for individuals age 50 and over

• Understand the federal tax treatment of cancelled qualified principal residence debt

• Identify the SECURE 2.0 lifetime 529-to-Roth rollover limit

• Understand the temporary kiddie tax change made by TCJA and reversed by the SECURE Act

• Determine how a child’s unearned income is taxed under current kiddie tax rules

• Recognize how OBBBA affects AMT exposure beginning in 2026

• Determine the child tax credit amount for qualifying children under age 6

• Understand how OBBBA treats NIIT and the additional Medicare tax

• Recognize how Section 199A is structured under current law

• Identify the percentage of QBI eligible for deduction under Section 199A

• Calculate the effective tax rate on QBI for a taxpayer in the top bracket

• Identify which entities are ineligible for the Section 199A deduction

• Distinguish which trades or businesses do not qualify for Section 199A

• Determine the basic Section 199A deduction for qualifying taxpayers in lower brackets

• Determine the basic Section 199A deduction for specified service businesses in lower brackets

• Understand how high-income taxpayers in specified service businesses calculate Section 199A

• Understand how high-income taxpayers in non-specified service businesses calculate Section 199A

• Identify what constitutes qualified property for the Section 199A deduction

• Recognize the presumption rules for former employees under Section 199A

• Understand the permanence of corporate tax changes under current law

• Identify the federal corporate income tax rate

• Understand the new corporate AMT under the Inflation Reduction Act

• Identify the excise tax rate on stock repurchases under the IRA

• Recognize the dividends received deduction percentage for 80-percent owned subsidiaries

• Understand the percentage limitation on business interest expense under Section 163(j)

• Understand how OBBBA modifies the Section 163(j) ATI calculation beginning in 2026

• Identify the gross receipts threshold for exemption from the business interest limitation

• Recognize current NOL rules including the 80 percent income limitation and indefinite carryforward

• Understand how OBBBA treats domestic research and experimental expenditures

• Identify the maximum Section 179 expensing limit under current law

• Determine the phase-out threshold for Section 179 expensing

• Identify the gross-receipts threshold for cash-method eligibility

• Understand the scheduled change to the estate tax exemption beginning in 2026

• Recognize which individual tax provisions terminate after 2025 under current law

• Identify the minimum automatic enrollment rate required under SECURE 2.0

• Understand the enhanced start-up plan credit for small employers under SECURE 2.0

• Identify the top preferential tax rate for long-term capital gains and qualified dividends

• Recognize the graduated RMD age schedule under SECURE 2.0

• Understand how student-loan payments may qualify for employer retirement plan matching under SECURE 2.0

• Identify the reduced excise tax for RMD failures under SECURE 2.0

• Understand how LTCG and qualified dividend tax rates are determined under current law

• Recognize the mortgage interest deduction limit that applies beginning in 2026

• Identify the maximum amount of 529 plan funds eligible for Roth IRA rollover under SECURE 2.0

• Understand how the AMT exemption amounts will change beginning in 2026

• Identify the SALT deduction cap that applies through 2025

• Net give and take of various changes: much ado about nothing or major tax liability change?
• Practical application of tax changes to charitable contributions and itemized deductions
• Impact of tax law changes on other areas, including:
  – Software needs, policy and procedure 
  – Accounting 
  – Information return reporting
  – Employee retention credit restrictions
• Significant changes for 2025, 2026, and beyond
• Tax credits chart tracking changes under IRA and OBBBA
• Recent tax law changes to estates, foreign income, and business provisions
• Legislation introduced in the House and Senate