Federal Tax Update for Business & Individual

Overview

Highlights

• Highlight significant tax changes impacting 2025 and 2026 returns
• Digital asset reporting issues
• Big changes to Form 1040 and New Schedule 1A
• OBBBA Permanent extension of TCJA provisions
• Increased 2025 Standard Deduction and inflation-adjusted Brackets
• No Tax on Tips and Overtime
• Employer and employee reporting challenges
• New limitations on itemized deductions
• Section 179 and 168(k) Bonus changes
• Research expenses and Section 163(j) business interest expense
• Termination of clean vehicle and other "green" tax credits
• Partnership and S Corporation updates
• Updated K2/K3 Domestic Filing Exception and NEW Small Partnership Exception
• 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