Year 2026 Tax Update (830)

General Description:

This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the One Big Beautiful Bill including subsequent regulatory guidance; other new tax legislation including the Clergy Act of 2026; and other new regulations, cases, and rulings in all areas of federal taxation.

Learning Objectives:

After completing this course the participant will be able to:

• Describe the legislative changes made by TOBBB including all regulatory guidance which affects bonus depreciation, Trump Accounts (including the pilot program and how to claim a Trump Account), phaseout of itemized deductions, cutback on charitable contributions for individuals and corporations, charitable contribution deduction for non-itemizers, minimum deduction under §199A, and the latest on tips, overtime, and auto loan interest.
• Discuss retirement changes and increased funding limits for retirement plans in 2026, as well as the federal government matching contribution which is effective in 2027.
• Discuss the latest guidance on digital assets, including proposed legislation on theft losses and how to claim a theft loss as a business loss.
• Describe the options for distributions from qualified plans and IRAs and proposed regs.
• Explain new developments that affect S corporations and partnerships including the PTE election and requirements for Form 8308 and Form 7217, as well as the effect of filing a $0 tax return.
• Review the rules on sale of a principal residence as well as the tax effect of the sale or exchange of a principal residence after nonqualified use, pursuant to a divorce or separation, or after the death of the owner.
• Discuss the current status of the return preparer rules, e-filing requirements, and PTINs.
• Describe the latest developments in IRS procedures and practices, including proposed changes to Circular 230, and the use of AI for complying with substantial authority and a reasonable basis.
• Discuss the recent changes in the estate & gift tax rules, including when a gift tax return is required to be filed when money is contributed to a Trump Account.
• Discuss recent developments in employment and self-employment tax, including the current status of SE income for members of an LLC.

Instructors:

Claire O'Neal manages her own tax practice in Denver, serving clients in a variety of industries including real estate, agriculture, and wine production, and helped develop and manage ­Ballyneal Golf Club. In the past decade she has specialized in family partnerships, trusts, and wealth transfer. Previously she worked in two large international accounting firms. She is a CPA and earned a Master of Taxation degree at the University of Denver Graduate Tax Program.

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