Business Federal Tax Update 2025

Author: Greg White

Publication Date: December 2025

Designed For
Tax professionals seeking an easy-to-follow summary of important tax developments in the first half of 2025.

Topics Covered

• OBBBA Business Provisions
• Section 199A QBID
• Excess Business Losses
• Section 1202 Exclusion
• Domestic Research Expenses
• Other Business Provisions
• Everyday Tax Issues
• IRS Data Book
• Passive Activities
• Beneficial Ownership Reporting
• Crypto Reporting
• Hobby Losses
• Reasponsible Person Penalties
• Employment Taxes
• Cannabis
• Reducing Risk
• IRS Procedure
• IRS Administration Appeals
• Artificial Intelligence and Tax
• S Corporations
• Guaranteed Payment
• New K-2/K-3 Exemptions

Learning Objectives

• Explain how to apply new IRS guidance on the income tax impact of receiving an employee retention credit (do you have to report the receipt as taxable income?)
• Explain where the beneficial ownership rules (Corporate Transparency Act) finally landed (after many changes and much litigation)
• Identify developments in the self-employment tax of LLC members
• Identify key elements of the expected extension of the Tax Cuts and Jobs Act
• Explain the impact of the IRS withdrawing the partnership basis-shifting regulations
• Explain how to apply the new IRS interpretation of an important exception to employee vs. independent contractor classification
• Determine how to avoid the pitfalls of an LLC that makes an S corporation election

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Some background in Federal tax.

Advance Preparation
None