Year 2025 Tax Update (829)

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 Objectives:

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:

Claire O'Neal manages her own tax practice in Denver, serving clients in a variety of industries including real estate, agriculture, and wine production, and helped develop and manage ­Ballyneal Golf Club. In the past decade she has specialized in family partnerships, trusts, and wealth transfer. Previously she worked in two large international accounting firms. She is a CPA and earned a Master of Taxation degree at the University of Denver Graduate Tax Program.

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