Year 2025 Tax Update

General Description:

This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the Trump administration, Inflation Reduction Act, the latest developments on the Corporate Transparency Act, other new tax legislation; and other new regulations, cases, and rulings in all areas of federal taxation. Content will be finalized in October.

Learning Objective:

After completing this course the participant will be able to:

• Describe the legislative changes made by the Trump administration and the Inflation Reduction Act (IRA), including residential energy requirements for 2025; electric vehicle credits; clean energy credits; and treatment of state or property tax refunds.
• Discuss the retirement changes in the SECURE 2.0 Act, conservation easement tax shelters, and increased funding limits for retirement plans in 2025.
• Discuss the latest guidance on digital assets.
• Describe the options for distributions from qualified plans and IRAs, the effect on stretch IRAs, regulations which affect the 10-year payout, and RMDs in 2025.
• Explain new developments that affect S corporations and partnerships including the PTE election and requirements for Form 8308 and Form 7217.
• Discuss the current status of the Corporate Transparency Act and reporting beneficial ownership information.
• Summarize the most recent tax accounting provisions, including Rev. Proc. 2024-23 on changes in methods of accounting.
• Describe the latest changes affecting passive activity losses, including whether the income or loss from an Airbnb/Vrbo is reported on Schedule C or Schedule E.
• Discuss the current status of the return preparer rules, e-filing requirements, and PTINs.
• Describe the latest developments in IRS procedures and practices, including proposed changes to Circular 230. (One hour ethics credit.)
• Discuss the recent changes in the estate and gift tax rules, including the status of a Charitable Reminder Trust as a listed transaction.
• Discuss recent developments in employment and self-employment tax, including Soroban Capital Partners, Denham Capital Mgt., and Sirius Solutions.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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