Exploring Client Advisory Services Tax Update

CAS professionals are an integral part of the operations of any CPA firm. As such, they must stay on top of changing tax laws. In this course, we will explore tax changes in the areas that CAS professionals are involved with—information reporting, payroll tax issues, and tax credit and deduction documentation. We will also discuss relevant changes on individual and business tax returns so that CAS professionals will be able to better assist clients with tax needs throughout the year.

Key learning outcomes and topics covered include:

• Analyzing major business provisions under OB3, including increased Section 179 limits, the specific acquisition-date rules for 100% bonus depreciation, and Section 168(n) for qualified production property.
• Understanding the new options for expensing domestic Section 174 research and experimental costs and the associated accounting method changes.
• Examining the four new below-the-line deductions: the Senior Deduction, Tip Deduction, Overtime Pay Deduction, and Car Loan Interest Deduction, including phase-out thresholds and modified AGI calculations.
• Reviewing updates to the QBI deduction, including the new minimum deduction for material participation and changes to taxable income phase-outs starting in 2026.
• Navigating new compliance forms, specifically Form 7217 for partnership property distributions and the simplified reporting options for Form 8308 regarding hot assets.
• Discussing the structure and rules of "Trump Accounts," a new tax-deferred savings vehicle for minors, including contribution limits and pilot program details.
• Identifying changes to information reporting thresholds for Forms 1099 and 1099-K, as well as the phasing out of paper tax refund checks.
• Evaluating the expiration timelines for green energy credits and the specific triggers based on acquisition versus placed-in-service dates.