This course will explain the key tax proposals of the 120th Congress including proposals carrying forward from the 119th Congress. The effect on taxpayers of various types and sizes will also be addressed. Factors likely to affect the legislative agenda such as trust fund deficiencies, growing national debt and interest expense, and more will also be covered.
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Topics Covered
- Review of principles of good tax policy
- Tax proposals likely for the 120th Congress
- Possible upcoming changes to the OBBBA
- Factors that affect tax legislation and timing
- How to help your employer or clients better understand possible upcoming tax changes
Learning Objectives
- Identify the relevance of principles of good tax policy to tax reform
- Explain legislative proposals and priorities for the 120th Congress, including dealing with expiring OBBBA provisions, and upcoming Social Security fund deficiencies
- Explain the factors influencing the timing and range of possible tax law changes, such as the make-up of Congress, deficit, national debt, interest rates, fund issues, and other economic considerations
- Explain how interests and concerns of state and local governments may affect tax law changes
- Describe how to help your employer or clients better understand possible upcoming tax changes
Level
Update
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of tax preparation and policies
Advance Preparation
None
Instructor
Annette Nellen
Annette Nellen, CPA, CGMA, Esq., is a professor at San Jose State University. Her courses include tax research, taxation of property transactions, taxation for accounting majors, and financial accounting.
Annette chairs the AICPA Digital Asset Tax Task Force and is a member of the AICPA SALT Committee. She formerly served on the AICPA Tax Executive Committee, including 2 ½ years as chair. In 2023 she was appointed to the IRS Advisory Council (IRSAC) and served as the IRSAC chair for 2024 and was reappointed for a 4th year. Annette is the recipient of the 2013 Arthur J. Dixon Memorial Award given by the Tax Division of the AICPA, the highest award given by the accounting profession in the area of taxation. In June 2023, she was awarded the Sid Kess Award for Excellence in Continuing Education. She is the recipient of the 2026 CalCPA Distinguished Service Award. Annette was named one of the Top 100 Most Influential People in Accounting for 2024 and 2025 by Accounting Today.
Annette is a regular contributor to Tax Notes State, and is the author of Bloomberg Tax Portfolio #533, Amortization of Intangibles. She is co-author and co-editor of four tax textbooks from Cengage. Annette has testified before the House Ways & Means Committee, Senate Finance Committee, California Assembly Revenue & Taxation Committee, and tax reform commissions and committees on various aspects of federal and state tax reform. She maintains the 21st Century Taxation website and blog (www.21stcenturytaxation.com). Prior to joining SJSU in 1990, Annette was with EY and the IRS.