In this quarterly update, we examine key developments in federal individual taxation as of Q1 2025. This course highlights potential changes under consideration by the House Budget Committee, expiring provisions of the Tax Cuts and Jobs Act (TCJA), and implementation of the Federal Disaster Relief Act of 2023.

It also covers recent IRS clarifications on required minimum distributions (RMDs), the taxation of inherited retirement accounts, and updates related to virtual currency reporting, losses, and charitable donations. The course concludes with practical insights into green energy credits, changes to Circular 230, and emerging tax forms and reporting requirements for digital assets. Practitioners will gain timely insights and strategies for advising individual clients effectively in today’s evolving tax landscape.

🧩 Key Topics Covered:

Proposed Individual Tax Reforms
- Review of House Budget Committee proposals affecting ACA subsidies, child tax credits, SALT deduction limits, and more.
Expiring TCJA Provisions
- Summary of key individual tax cuts, deductions, and credits scheduled to sunset after 2025.
Federal Disaster Tax Relief
- Expanded casualty loss rules, exclusions for wildfire relief payments, and deadline extensions for disaster-affected taxpayers.
Required Minimum Distributions (RMDs)
- Updates under SECURE Act 2.0, including new age thresholds, inherited account rules, and penalty waivers.
Taxation of Virtual Currency
- IRS guidance on digital assets, reporting thresholds, theft loss treatment, charitable donation rules, and new Form 1099-DA.
Green Energy Credits
- IRS Fact Sheet 2025-01 clarifying eligibility for energy-efficient home improvements and clean energy property credits.
Circular 230 and IRS Practitioner Administration Updates
- Proposed changes to contingent fees, appraisal standards, cybersecurity duties, and practitioner compliance standards.