2025 Fall Seminar Agenda

1040 Individual Income Tax Update Workshop

Practitioner’s Clinic

• NCPE’s“Famous” Practitioner’s Tax Helpers
• NCPE’s “Famous” Quick Look Federal Tax Data Sheets (Locate Most Used Tax Facts and Information Quickly)
• Up-to-Date Revenue Rulings, IRS Notices, Hot Topics and Planning Ideas
• Recent Developments

New and Proposed Legislation

(NCPE Is Always on the “Cutting Edge” of Change)

NCPE will always furnish attendees with any new or proposed tax laws that take place between the beginning of our Fall seminars and the end of the year.

H.R.1. - The One, Big, Beautiful Bill Act (OB3)

Below-the-Line Deductions

(Means After All and Before Taxable Income)

• Qualified Tips - Identifying Who and How Much
• OvertimePay-Identifying What and How Much
• Qualified Auto Loan Interest
• Qualified Business Income Deduction (IRC Section 199A)

Other Changes

• Major Depreciation Changes
• New Tax Credit for K-12 Education -NewQualifiedOpportunityZones
• Major Expansion of Section 529 - Education Expenses
• New Gambling Loss Rules
• QBI Changes
• SALT Deduction Changes
• Three Major Changes to Charitable Contributions - Individuals - Disaster Relief Modified
• New Trump Account for Newborns
• NewPersonalExemptionDeduction
• Clean Energy Credits
• Major Rollbacks and Some Ended

Many Provisions of Tax Cuts and Jobs Act of 2017 Made Permanent

• Standard Deduction
• TCJA Rates and Brackets
• Child Tax Credits
• What Is Absent from OB3?

Forms W-2, 1099 and 1098 Update

• New and Revised Forms
• 1099-DA - Digital Asset Processing (New)
• 1098-Q - Qualifying Longevity Annuity Contract (Revised)
• Incorrect Information Returns
• What to Do and How?
• What Forms to Use?
• 1099-K Update
• W-2 Update
• 1099-R - Making Income Tax Decisions with Box 6

Sole Proprietorship - Your Guide to Schedule C Planning and Preparation

• Depreciation Strategies
• A Key Strategy - Employing Family Members
• Cost of Goods Sold
• Some Issues as to Inventory and Underreporting Income
• Self-Employment Tax Strategies
  Why Use an LLC?
  Spouses - File Form 1065 or Two Schedules C?

Small Business Issues

• Employee Expense Reimbursement
• A “How To” with Accountable vs. Non-Accountable Plans
• The Trap for a 2% or More S Corporation Shareholder
• BOI Reporting Gone!
• A Few States Say “No”
• Retirement Plans for Self-Employed
• How to Choose for the Small Business
• How to Earn $125,000 and Pay Zero Income Tax

Schedule E - Your Guide to Doing it Right

• Schedule E Questions
  
• Are You Answering the Questions Correctly?
• Is the Rental Activity a Business or Investment?
• Truly Your Guide in Handling those Pesky Schedule E Questions and Decisions

Selected Tax Credits - Many Changes for 2025

• Most Home Energy and Clean Energy Credits Are Phased Out in 2025 and 2026
• Time Is Short to Utilize these Credits,
  Either by 9/30/25, 12/31/25 or 6/30/26
• The Expanded Child Tax Credit
• Earned Income Credit Strategies

Working with the IRS

• Al lAbout Extensions
• Sharpening Your Penalty Abatement Skills
• New Penalty Abatement Guide
• The 2025 Dirty Dozen

Schedule A Revisited

We’re on a roller coaster. Schedule A lost its luster with TCJA, but it may be time to shine again with OB3. The common deductions on Schedule A, such as medical, taxes, interest and charity, are still there. But there have been some changes created by OB3. Some issues, as simple as they may sound, can be complicated. It may be time to revisit the idea of doubling-up deductions in one year.See what’s old and what’s new. What about the miscellaneous category? Stay tuned.

Personal Credits

• OB3 has made some changes to old favorites.The following is an overview of various personal credits, including, but not limited to:
• Child Tax Credit
• Child and Dependent Care Credit
• Earned Income Credit
• Adoption Credit
• Education Credits

QBI

This deduction came into law temporarily as part of the Tax Cuts and Jobs Act and became permanent under OB3. We will address the IRC Section 199A deduction, also known as the Qualified Business Income deduction. Every tax professional needs to know the rules for this deduction. We’ve had this for several years, but since it’s here to stay, it’s time for a review of the basic rules and nuances together with OB3’s tweaks. We will cover the calculations required when one or more businesses have losses and others have profits; the tentative deductions for the three income levels (at or below the threshold, in the phase-in range, or at or above the ceiling); and defining wages and property used in the calculations.

Depreciation

The confusion of what is depreciable, and what methods and lengths of time are allowed for certain assets will be discussed. The permanency of bonus depreciation rules compared to expensing under Section 179 will be explored. But what happens when depreciation has been missed? Form 3115 to the rescue. See how it’s done.

Gig Economy

There’s a new way to look at businesses. Some clients may engage in side business activities for extra cash, some for flexibility, and others because it’s the latest fad. We will explore the creative business endeavors of individuals who use their personal assets, including themselves, to make money. These may be short-term activities, such as driving for Uber/Lyft/etc., renting out a vacation home or part of a principal residence either personally or through Airbnb type arrangements, or building an audience on social media as an influencer. Are these taxable events? What kind of expenses are deductible? What tax rules apply?

Ethics

• Are Ethics in the Tax Profession a Big Deal?
• What’s the Status of the Proposed Circular 230?
• Can the Death of a Client Present Ethical Dilemmas?
• How Much Can We Trust AI?
• There Are Lots of Questions We Face Every Day. This Is the Time to Talk about What to Do Ethically.

Recent Cases and Other Business Issues

No matter how busy the IRS is with OB3, there are new revelations coming out constantly – so often that we sometimes don’t see them right away. Get the latest updates on Form 1099-DA, W-2 codes, expenses after cessation of business, IPIN for minors, substantially equal periodic payments under Notice 2022-6, and much more!