Top Federal Tax Issues for 2026 CPE Course: Module 1

Author: Greg White, Mark Luscombe, Annette Nellen

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 2026. They have been selected not only because of their impact on return preparation during the 2026 tax season but also because of the important role they play in developing effective tax strategies for 2026 and beyond. This module covers tax developments and updates. Topics covered include the Big Beautiful Bill, S corporation update, partnership update, and home energy and clean vehicle credits.

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