Course Description

Our Federal Tax Update covers individual and business taxation. This online event offers 16 CPE Credits and will update tax professionals on the complexities of the Federal tax law and client focused planning opportunities. You will also have the ability to speak with the instructors directly and ask questions during the presentation.

Topics to be Covered

Day 1

• Pass-Through Entity TaxationHow income, deductions, and credits flow through partnerships, S corporations, and LLCs to owners' individual returns, including basis tracking, distributions, and special allocation issues.
• Net Investment Income Tax OverviewA refresher on the 3.8% NIIT surtax: what counts as net investment income, the MAGI thresholds that trigger it, and planning strategies to reduce exposure for higher-income clients.
• Does the Tax Professional Need a Power of AttorneyWhen practitioners should obtain a Form 2848 POA to represent clients before the IRS, the scope of authority it grants, and common mistakes that lead to rejected or limited authorizations.
• FinCEN ReportingWhere Beneficial Ownership Information reporting under the Corporate Transparency Act currently stands, including the domestic-company exemption, the new residential real estate reporting rule, and what remains in flux through litigation and rulemaking.

• Research and Experimental Expenditures (IRC §174)The capitalization and amortization rules that still apply to foreign R&E costs, and how the prior TCJA framework continues to affect cross-border research spending.
• Domestic Research or Experimental Expenditures (IRC §174A)The new code section restoring immediate expensing for domestic R&E costs, including available elections, transition relief for 2022–2024 capitalized amounts, and retroactive options for small businesses.
• Evolving Issues of Marijuana TaxationThe conflict between state legalization and federal tax treatment, the continuing impact of IRC §280E on cannabis businesses, and recent court and rescheduling developments.
• Cases, Rulings, and IRS Developments (Individuals)A roundup of recent Tax Court decisions, IRS rulings, and other guidance affecting individual taxpayers, with practical takeaways for return positions and client advice.

Day 2

• OBBBA Update (Individual)Key individual provisions of the One Big Beautiful Bill Act, including the permanent tax rate structure, the increased standard deduction, the temporary SALT cap increase, the senior deduction, and the new tip and overtime deductions.
• Like-Kind ExchangesIRC §1031 mechanics for deferring gain on real property exchanges, qualifying property rules, identification and closing timelines, and common pitfalls.
• Underpayment of Estimated Taxes: What You Need to Know (Individuals)Safe harbor rules, penalty computation, and strategies to help individual clients avoid or minimize underpayment penalties.
• Whistleblower ClaimsHow the IRS whistleblower program works, the process for filing a claim, award eligibility, and notable recent case outcomes.

• OBBBA Update (Business, Estates and Trusts)Business and entity-side provisions of the OBBBA, including permanent 100% bonus depreciation, the increased §179 expensing limit, the permanent §199A QBI deduction, and the increased estate and gift exemption.
• Cost Segregation UpdateHow cost segregation studies accelerate depreciation on real property components, and how that interacts with restored bonus depreciation to maximize current-year deductions.
• Business Succession Planning OverviewTax and structural considerations in transitioning business ownership, including buy-sell agreements, valuation approaches, and gifting or trust strategies.
• Cases, Rulings, and IRS Developments (Business)Recent court decisions, IRS rulings, and guidance affecting business taxpayers, with an eye toward audit risk and planning recommendations.

Please note that topics are subject to change.

Course Details

• Course NumberLWC2026
• CPE Credit16 hours
• NASBA Field of StudyTaxes (16 hours)
• LevelOverview
• Instructional MethodGroup Internet Based
• PresentersSheldon Clark and Larry Johnson
• PrerequisiteA basic understanding of Federal tax laws
• Advanced PreparationNone
• IRS Program NumbersXW9MP-U-02053-26-O
  XW9MP-U-02054-26-O
  XW9MP-U-02055-26-O
  XW9MP-U-02056-26-O