Start with the federal tax updates practitioners need for 2026. Module 1 covers major tax developments, including the One Big Beautiful Bill Act, TCJA-related changes, S corporation and partnership updates, and residential clean energy and clean vehicle credits.
Best for tax professionals who want a focused update on recent legislation, entity developments, and credit changes affecting 2026 planning and return preparation.
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 2025
Designed For
CPAs and Tax Professionals
Topics Covered
- Tax Cuts and Jobs Act Extensions
- SALT Deduction Limit
- Child Tax Credit
- Alternative Minimum Tax
- Itemized Deductions
- Qualified Business Income Deduction
- Deduction for Tips
- Deduction for Overtime
- Senior Deduction
- Car Loan Interest Deduction
- Trump Accounts
- Child and Dependent Care
- Charitable Contribution Deductions
- Excise Tax on Private Universities and Colleges
- Business Provisions Phasing Down from the TCJA
- Form 1099 Reporting
- Qualified Small Business Stock
- Clean Energy Provisions
- International Provisions
- Administrative Provisions and Excise Taxes
- Respecting Business Entities as Separate from Their Owners
- Tax Planning Issues
- Life Insurance and estate Tax
- Terminating S Corporation Status
- Estate of Fry
- Trust, Estates, and S corporations
- S Corporation Subsidiaries
- IRS and Hedge Funds
- Change to Form 1065
- Respecting Business Entities as Separate from Their Owners
- The One Big Beautiful Bill Act
- Penalties: First-Time Abatement
- Residential Clean Energy Credits
- Energy Rebate Programs
- Clean vehicle credits for individuals
- Planning and Due Diligence
- Resources
Learning Objectives
- Recognize the individual and business tax changes contained in the One Big Beautiful Bill Act
- Describe the extensions of the Tax Cuts and Job Act provisions for both individual and business clients
- Identify how to answer basic client questions regarding tax legislation
- Explain the new individual tax provisions regarding taxes on tips, taxes on overtime pay, and taxes on Social Security income
- Identify the updates to business tax provisions including bonus depreciation, research and experimental expenditures, and the qualified business income deduction
- Explain the permanent extensions to several international and foreign-related provisions under the Tax Cuts and Jobs Act, including foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) rates
- Recognize how to apply a recent case that covers when an S corporation will be respected for tax purposes
- Explain how to calculate shareholder basis in S corporation stock under a recent taxpayer-friendly Tax Court decision
- Describe issues surrounding S corporation ownership of life insurance
- Identify tax planning strategies related to extensions of Tax Cuts and Jobs Act provisions under the One Big Beautiful Bill Act
- State developments in self-employment tax for limited liability company (LLC) members
- Identify the term used by Congress that means someone acted like a limited partner (as well as having limited liability)
- Explain when courts respect a partnership and when they do not
- Calculate what portion of self-employment tax is applicable to limited partners on Form 1065, Schedule K-1, Box 1 income
- Identify a recent change to Form 1065, U.S. Return of Partnership Income
- Explain the qualifications for the Inflation Reduction Act of 2022 residential energy tax credits and clean vehicle tax credits available to individuals
- Describe the latest IRS guidance and information available to assist in claiming these credits
- Identify due diligence and planning considerations relevant to the clean energy credits
- Recognize how the One Big Beautiful Act (OBBBA) affects the residential clean energy and clean vehicle credits
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (7 hours)
Program Prerequisites
An understanding of S corporations, recent tax legislation, business tax provisions, self-employment tax rules for LLC members, and clean energy tax credits.
Advance Preparation
None
Instructors
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.
Mark Luscombe
Mark A. Luscombe, J.D., LL.M., CPA is Principal Analyst for Wolters Kluwer Tax & Accounting, the leading provider of tax law information to business professionals since 1913. Luscombe is the senior tax expert on the editorial and analyst staff, and is a key member of the Tax Legislation team that tracks, reports and analyzes tax legislation before Congress.
Mark is the Chair of the Current Developments Subcommittee of the Partnership Committee, American Bar Association Tax Section, and regularly speaks on a wide range of tax topics. In addition, Luscombe co-authors a monthly tax column for the respected professional publication, Accounting Today, and authors a monthly column for Taxes magazine. Prior to joining Wolters Kluwer, he was in private practice for nearly twenty years with Chicago-area law firms where he specialized in taxation. He received his B.S. degree in Accountancy from the University of Illinois, J.D. from the University of Michigan, and his LL.M in tax from DePaul University in Chicago.
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.