2025 Federal Tax Update featuring Greg White & George Koutelieris - Webcast

Overview

The most significant tax legislation in almost a decade was passed in July 2025. George and Greg will do a deep dive into the OBBBA passed on July 4th. They’ll also cover other important developments during the year. Their focus will be both on tax changes and tax planning.

IRS CE: Pending Approval

Highlights

One Big Beautiful Bill provisions:

• Deductions for overtime and tips income.
  • What are the limitations and for what period they will apply.
• New deduction for car loan interest expense.
  • Do you need to itemize deductions to claim it?
• The state and local tax itemized deduction has been increased.
  • There are a couple of twists, we’ll cover them.
  • Who will benefit and who won’t.
• New phase out of itemized deductions. 
  • It’s not as bad the previous “Pease” limitation.
• Section 199A QBID deductions.
  • What changed and how to plan for it. 
• Bonus depreciation.
  • The Act makes a retroactive change to bonus depreciation.
    • We’ll discuss the effective date and planning ideas.
• Excess business losses.
  • There’s an interesting twist that will scale back on the deduction limit.
• Restrictions (or lack thereof) on deducting the pass-through-entity tax (“PTET”).
• Permanent extensions of individual tax rates.
  • Impacts on planning. 
• Increases to the standard deduction and a new phase-out for itemized deductions.
• Changes to the deductibility of employer-provided meals. 
• Estate tax changes and gifting opportunities.

Other developments:

• Final regulations on the new “Rothification” of 401(k) catch-up contributions.
  • When are they effective. 
  • What dramatic change will they cause in 401(k)s.
• Final regulations on IRS administrative appeals.
• Developments on when limited partners and LLC members are subject to self-employment tax.
• A new cannabis case involving qualification for the 20% section 199A QBID.
• Significant changes for Form 1040.
  • There are loads of new questions.
  • New Form 1-A for car loan interest, tips and overtime deductions.
• Changes to Form W-2 to accommodate the OBBBA.
• CPA tax fees are rising rapidly. We’ll cover how much they’re going up.
• IRS staffing issues and how to get things done with the “leaner” IRS.
• A new passive activity case.
• New tax cases “in the trenches.”
  • These are cases that affect everyday tax issues like estimated expenses and substantiation.

Designed For

Tax professionals, whether in public practice or industry.

Objectives

• Learn about the new deductions for overtime and tips income.
  • What are the limitations and for what period they will apply.
• Apply the new rules for deduction for car loan interest expense. 
  • Do you need to itemize deductions to claim it?
• Identify the state and local tax itemized deduction has been increased.
  • There are a couple of twists, we’ll cover them.
  • Who will benefit and who won’t. 
• Apply the new phase out of itemized deductions.
  • It’s not as bad the previous “Pease” limitation.
• Identify changes in the Section 199A QBID deductions.
  • What changed and how to plan for it. 
• Apply the new bonus depreciation rules.
  • The Act makes a retroactive change to bonus depreciation.
    • We’ll discuss the effective date and planning ideas.
• Apply the changes to the excess business losses.
  • There’s an interesting twist that will scale back on the deduction limit.