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
*CE/CPE Eligible: 1.0 CE credit(s) is(are) available to FEN Members with these designations: CFP, CLU, ChFC, RICP, and EA. CPA members will earn 1.0 CPE credit(s).
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
NASBA Approved
Financial Experts Network (Sponsor Id#: 145173) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Larry Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA.
Mr. Pon has been in practice since 1986 and speaks regularly to tax professionals and financial planners on the latest tax planning and preparation topics nationally. Mr. Pon is a longtime member of CalCPA and AICPA. He served as a Money Doctor for AICPA’s 360 Degrees of Financial Literacy. He is currently an AICPA PFP Champion.
Mr. Pon teaches Income Tax at College of San Mateo. Mr. Pon received his BS in Business Administration from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco