Federal Tax Update for Business & Individual

Overview

This course will address the most recent tax legislation, rulings and developments occurring in 2024-25 that will impact both the business and individual taxpaying client. The course is designed to prepare the practitioner for the upcoming filing season and provide useful strategies to assist in the tax preparation process.

Highlights

• Highlight significant tax changes impacting 2025 and 2026 returns
• Address impending TCJA Expiration
• Form 1040 - Review and Update
• New Form 7206 for Self-Employed Health Insurance Deduction
• 2025 Standard Deduction and Brackets
• 2025 Itemized Deductions
• Digital asset reporting
• 1099-K reporting
• Employee retention credit
• Section 163(j) business interest expense
• S Corporation basis reporting
• Partnership and S Corporation updates
• Estate and gift taxes
• 2025 & 2026 tax planning

Prerequisites

Basic working knowledge of business and individual taxation.

Designed For

Practitioners desiring an update on significant developments to prepare for the filing season, staff members who will have significant compliance assignments during tax season, and members in industry seeking to keep their knowledge current.

Objectives

• Identify the latest legislation and regulations impacting individual and business taxpayers.
• Implement practical strategies based on recent developments.
• Apply changes in tax forms.
• Discuss planning and potential pitfalls.

Preparation

None

Notice

• This event is paperless unless you elect to pay for printed materials. • All materials will be available to download in advance and participants will receive an email two days prior to the course date. • Materials will also be posted in the “My CPE” section of the NESCPA website. • Parking and lunch are provided on-site