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Top Federal Tax Issues for 2025 CPE Course: Module 1

10 CPE Credits $26.00/credit hour
★ ★ ★ ★ ☆ 4.8 (438 ratings)
Wolters Kluwer's Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot" issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2025. They have been selected not only because of their impact on return preparation during the 2025 tax season but also because of the important role they play in developing effective tax strategies for 2025 and beyond. This module covers tax developments and updates. Topics covered include tax updates for businesses, tax updates for individuals, C corporations update, LLCs, employee retention credit (ERC), partnership update, and the road to compliance: understanding the Corporate Transparency Act and FinCEN beneficial ownership.
This course is excluded from the following subscription programs: Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: December 2024

Designed For
CPAs and Tax Professionals

Topics Covered

  • Income and Exclusions
  • Deductions
  • Credits and Other Taxes
  • Other Developments
  • Planning in Advance for the Sunset of the TCJA
  • Inflation-Adjusted Amounts
  • Treasury Priority Guidance Plan
  • Adjusted Minimum Late Filing Fee
  • Constitutional Challenge to the TCJA Transition Tax
  • IRS Reaching Corporate Assets
  • Authority to Assess the Form 5471 Penalty
  • Interaction Between C Corporations and Disregarded Entities
  • Accounting Method Changes
  • C Corporations Buy-Sell Agreements and Life Insurance
  • Electronic Filing of Information Reports and Income Tax Returns
  • Code Sec. 6672 Trust Fund Recovery Penalty
  • Employee Retention Credit
  • IRS Procedure
  • IRS Data Book
  • Overview
  • Self-Employment Taxes
  • Proposed Regulations
  • Self-Employment Tax for LLCs and Case Law
  • Phaseout of QBID for Specified Service Trade or Business (SSTB) Income
  • How to Adjust Guaranteed Payments
  • Original ERC Eligibility Highlights
  • IRS Audit and Compliance Investigations Involving the ERC
  • IRS ERC Withdrawal Program
  • Applicable Due Dates Related to the ERC
  • ERC Audits
  • Eligible Criteria for a Valid ERC Claim
  • Accurately Reporting ERC Refunds Received
  • Deduction for Restaurant Meals
  • “Sweat Equity” Interests
  • Self-Employment Tax for Limited Partnerships
  • Changes to Form 1065 and Schedule K-1
  • Changes to Form 8308
  • E-Filing Requirement
  • Credits for New Retirement Plans
  • Beneficial Ownership Information (BOI)
  • What is a Reporting Company?
  • Who is a Beneficial Owner?
  • What is a BOI Report?
  • When does an Initial BOI Report Need to be Filed?
  • BOI Report Updates
  • Penalties for Failing to Submit a BOI Report
  • Fraudulent Attempts to Obtain BOI
  • Additional Resources

Learning Objectives

  • Identify the latest developments in federal taxation for businesses
  • Recognize and apply recent developments to year-end tax planning
  • Identify the business meals deduction percent for 2023 and beyond
  • Identify the credit percentage for a qualified investment in a facility that manufactures semiconductors or the equipment to make them
  • Identify the penalty amount per month per owner for failure to file 2023 S corporation returns in 2024
  • Identify the latest developments in federal taxation for individual taxpayers
  • Recognize and apply recent developments to year-end tax planning
  • Identify the 2024 foreign earned income exclusion
  • Identify the MSRP limits for a vehicle to qualify for the new clean vehicle credit
  • Identify the 2024 wage base with respect to Social Security for figuring the applicable portion of self-employment tax
  • Recognize and apply new developments affecting C corporations
  • Identify after what year many non-corporate provisions of the Tax Cuts and Jobs Act (TCJA) will expire
  • Identify the 2023 IRS standard mileage rate with respect to business travel
  • Identify the form to be used for conducting Trust Fund Recover Penalty (TFRP) interviews
  • Identify the Code Sec. 6621(c)(1) large corporation underpayment rate for the period of October 1, 2023, through December 31, 2023
  • Recognize when self-employment tax does not apply to LLC members
  • Identify and apply self-employment principles to LLC members
  • Describe how to maximize the LLC 20% passthrough deduction
  • Recognize how to adjust guaranteed payments to maximize the 20% passthrough deduction
  • Identify under which type of LLC all members can contractually obligate the LLC
  • Identify what portion of guaranteed payments qualify for the qualified business income deduction
  • Determine which clients may be facing audit exposure for employee retention credit (ERC) refunds received
  • Explain ERC withdrawal options to clients who may have submitted questionable claims
  • Identify best practices for reporting ERC refunds received in 2023 and prior years
  • Identify clients who may need to amend tax returns for ERC refunds received
  • Identify a client’s eligibility to submit a claim for the 2021 ERC
  • Identify the percent deduction allowed for restaurant meals on 2023 and 2024 tax returns
  • Identify the method for admitting “sweat equity” partners without triggering gain recognition and allowing existing partners to extract their capital
  • Determine whether LLC members are required to pay self-employment tax
  • Identify the type of interest you can earn equity through by using tax-free “sweat equity”
  • Identify the number of beneficial ownership information (BOI) exemption categories
  • Explain the purpose of the beneficial ownership information (BOI) reporting requirements
  • Identify the information required in a BOI report
  • Identify which entities are considered “reporting companies” and any exemptions
  • Recognize who is considered a “beneficial owner” and a “company applicant”
  • Describe how to obtain a FinCEN Identifier
  • Explain how to file a BOI report
  • Identify deadlines for filings and updates
  • Identify penalties associated with untimely or untrue filings
  • Recognize fraudulent attempts to obtain BOI

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (10 hours)

Program Prerequisites
A basic understanding of individual tax preparation, S Corporations, and C Corporations. Experience in preparing Forms 1065 for LLCs.

Advance Preparation
None

Instructors

Barbara Weltman

Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.

Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing tax attorney, licensed in Colorado, with 38 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank, and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.

Mr. Burnett has delivered more than 3,400 presentations on U.S. tax law throughout all 50 states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 45 CPE courses. Mr. Burnett served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and taught IRS practice and procedure. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.

David Morrissy

J. David Morrissy, co-head of Garfunkel Wild, P.C.’s Washington, DC Office, is a member of the Litigation and Alternative Dispute Resolution Group and its Real Estate and Construction Group. David has a unique ability to specialize in two diverse areas of law: combining both complex business litigation and commercial real estate transactions. This dual ability allows David to craft efficient, innovative, and sophisticated solutions for clients to manage risk and pinpoint opportunities wherever their business intersects with legal challenges.

As a litigator and trial lawyer, David has achieved substantial success for clients in various business and personal disputes. His expertise has helped clients secure and enforce judgments, negotiate favorable settlements as plaintiffs and defendants in lawsuits of varying types and in obtaining emergency injunctive relief when faced with imminent threats. As a component to his litigation practice, David has a history of skillfully counseling employers through internal investigations regarding all aspects of their businesses and health care practices and operations, from issues relating to the physical plant of their buildings, to their websites, to their relationships with their employees and customers (including complaints relating to harassment and discrimination based on age, race, gender, national origin, and disability, as well as claims under the Americans With Disabilities Act).

At the same time, David is a tireless advocate for clients engaged in selling, purchasing, financing, developing, and leasing real estate, with a history of navigating transactions efficiently and effectively, delivering highly valued results. On many occasions, David’s devotion to furthering his client’s business objectives and collaborative approach resulted in the mutually profitable closing of even the most tense and tightly negotiated transactions.

Greg White

Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.

Jane Ryder

Jane Ryder, EA, CPA, is a nationwide professional educator.Jane Ryder, EA, CPA writes and speaks nationwide on many tax, compliance, representation and accounting topics. She runs her full-service CPA firm in San Diego, California and has been providing tax, accounting, representation and tax collection services since 1980.

Steven R. Antico, Esq

Steven R. Antico is the Chair of Garfunkel Wild, P.C.’s Behavioral Health and Medical and Education Services Practice Group. As a well-respected corporate and tax attorney, focuses his practice in mergers, acquisitions, equity investments, including, private equity, venture capital, joint ventures, complex commercial transactions and arrangements, and general corporate governance matters. As a well-respected health care attorney, Steven routinely provides healthcare and regulatory guidance and compliance analysis (including, Stark Law and Anti-Kickback Law) to structure and consummate complex healthcare transactions.

Steven has substantial experience working with many kinds of healthcare and commercial businesses and organizations, and presently provides strategic and tactical guidance to enable clients to achieve goals, identify beneficial synergies, create alignment and consolidation strategies, enhance and expand existing business lines and develop new business lines and venture opportunities. With almost 30 years of experience, he is known as a business-oriented legal and business advisor with a demonstrated commitment to working with diverse cultures and communities throughout the region, and has created transformative relationships and alignment strategies for his clients. Steven also served with distinction as a Captain in the United States Marine Corps.
$260.00 / 10 CPE
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