Northeast: Ethics & Federal Tax Potpourri including OBBBA E3S5R-E-00987-25-I (Ethics) E3S5R-T-00989-25-I (Federal Tax)

Please note NEW LOCATION: Holiday Inn - Wilkes Barre at East Mountain Inn

2 Hours Ethics and 6 Hours Federal Tax

Morning Session Course Description:

Signed into law on July 4, 2025, HR1/PL 119-21 (OBBBA) includes over 100 tax provisions. This course will highlight the key tax changes and what practitioners need to know.

Topics to include

• Temporary deduction for seniors
• Child tax credit
• Qualified tips deduction
• Qualified overtime deduction
• Trump accounts
• Extension of QBID
• Business meal deduction
• Many other individual and business provisions

Additionally, other tax updates will be covered that will affect the 2025 tax return, including Executive Order 14247 on digital payments; Repeal of WEP and GPO, and Theft Loss for Internet Scams under CCA 202511015.

Afternoon session Course Description:

2 hours ethics -- New/Updated Statements on Standards for Tax Services (SSTS) – 2 Hours Federal Ethics – This session will cover the newly updated AICPA Statement on Standards for Tax Services (SSTS) as well as other ethical challenges for local tax preparers, including Circular 230 issues. Comparisons of SSTS and Circular 230 requirements will be examined as applicable.

1 hour federal tax Schedule E course description – 1-hour federal tax - The focus of this overview course is on using Schedule E Part 1of Form 1040 to report Income and Loss from Rental Real Estate. Topics to be discussed:

• Types of income reported on Schedule E
• Comparison with other forms – which rents and royalites go on Schedule C or elsewhere on Form 1040
• Expenses on schedule E – effect of personal/family use
• Asset lives/depreciation
• Schedule E as trade or business/Section 199A
• Commonly used trusts – 1 hour federal tax – Overview of various types and trust, their uses, and tax return reporting for each.