This essential 2025 Tax Season Update goes far beyond the much-anticipated One, Big, Beautiful Bill. Join CPA Larry Pon a review of OBBBA major provisions and the implications for individuals, trusts, and business owners. This session will also highlight several critical developments to include these key topics:
The Rowland Case and Portability Pitfalls: A detailed look at Estate of Rowland v. Commissioner, which underscores the IRS’s strict interpretation of “timely election” rules for portability of the Deceased Spouse Unused Exemption (DSUE). Learn what “strict compliance” really means for surviving spouses and how to avoid costly estate tax exposure through better communication with clients and estate attorneys.
Digital Asset Reporting and the New Form 1099-DA: Explore how the IRS’s new Form 1099-DA brings digital asset (cryptocurrency and NFT) transactions firmly into the 1099 reporting framework, including what custodians, exchanges, and clients must now report, and how advisors can help clients stay compliant amid uncertainty in the definitions of “broker” and “reportable transaction.”
Qualified Small Business Stock (QSBS) — Planning in a Shifting Landscape: Understand the latest IRS interpretations and legislative proposals affecting IRC §1202, including aggregation limits, holding-period verification, and how QSBS interacts with trusts, gifting strategies, and potential sunsets of favorable capital gains treatment.
Other Notable Updates:
New inflation adjustments for income tax brackets, standard deductions, and contribution limits.
Updated §179 expensing thresholds and bonus depreciation phase-downs.
IRS enforcement priorities for high-income taxpayers, pass-through entities, and digital assets under expanded funding authority.
Key sunset provisions approaching at the en