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 One Big Beautiful Bill Act (TOBBB) such as the latest guidance on tips, overtime, deducting auto loan interest, senior deduction, EV credits, energy-efficient home improvement credits, and COLAs; and other new regulations, cases, and rulings in all areas of federal taxation.

Learning Objective:

After completing this course the participant will be able to:

• Describe the legislative changes made by TOBBB, including changes effective for 2025 and changes effective for 2026, such as residential energy requirements, electric vehicle credits, clean energy credits, treatment of state or property tax refunds, acquisition debt, mortgage insurance premiums, bonus depreciation, §179 deduction, deduction for qualified production property, status of Qualified Opportunity Zones, and changes to business energy credits.
• Explain other changes made by TOBBB, including the new Trump Accounts and Trump Pilot Program; changes to distributions from QSTPs effective July 5, 2025; refundable adoption credit; new rules on small business stock under §1202; filing requirements for Form 1099-K; treatment of ERC refunds and filing claims; new §1062 on sales of agricultural property; status of the Direct File Program; additional deduction in 2026 for certain educators; and issuing Form 1099-NEC and Form 1099-MISC.
• Discuss the latest guidance on digital assets and treatment of losses for individuals who have been defrauded.
• 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.
• Summarize the most recent tax accounting provisions, including Rev. Proc. 2025-23 on changes in methods of accounting and Reg. §1.471-1(b)(6)(iii)(F), Ex. 6 for deducting the cost of inventory for small retailers and wholesalers.
• 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 and the exemption amount for 2025 and beyond.
• 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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