In today’s rapidly evolving tax landscape, staying informed is critical. This course delivers an essential quarterly update on key business tax developments as of Q1 2025. Topics include recent tax proposals from the House Budget Committee, implications of the Inflation Reduction Act and the Tax Cuts and Jobs Act sunset provisions, and detailed updates on Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act.

We will also explore important partnership tax issues such as basis shifting, Section 754 elections, and new reporting obligations (Form 7217). The session wraps up with clarifications to SECURE 2.0 regulations, including mandatory Roth catch-up contributions and automatic enrollment in retirement plans. Through practical examples and regulatory analysis, practitioners will gain actionable insights for advising business clients in this dynamic environment.

🧩 Topics Covered:

1. House Budget Committee Tax Proposals

A review of tax-related provisions under consideration for 2025, including changes to green energy credits, SALT cap options, endowment taxes, and EV tax credits.

2. Expiring Tax Cuts and Jobs Act (TCJA) Provisions

Discussion of key TCJA provisions set to sunset after 2025, including QBI deductions, moving expense deductions, bonus depreciation, and employer tax credits.

3. Beneficial Ownership Information (BOI) Reporting

A deep dive into the Corporate Transparency Act requirements, legal challenges, recent court decisions, enforcement status, and practitioner responsibilities.

4. Section 754 Elections and Basis Shifting

Explains how 754 elections affect basis adjustments in partnerships, including detailed examples of inside/outside basis, liquidating vs. non-liquidating distributions, and Form 7217 filing requirements.

5. Reportable Transactions & Related Party Rules

Covers IRS guidance on when basis adjustments related to partnerships may trigger reportable transaction disclosures (Forms 8886 and 8918), including new thresholds and lookback periods.

6. SECURE 2.0 Updates

Clarifies new regulations under SECURE 2.0, including mandatory Roth catch-up contributions for high-income earners, enhanced catch-up limits for ages 60–63, and automatic enrollment mandates for new retirement plans.