2025 National Income Tax Workbook

 

Note: This is a preliminary list of topics to be covered and is subject to change. Some topics may be moved from one listed topic area to another. Additional topics may also be added.

 

Ethics

A discussion of important issues that help tax practitioners comply with their ethical obligations according to Circular 230. Topics include the following:

• Noncompliance with Laws and Regulations
• Representation before the IRS
• Best Practices – proposed new best standards from Circular 230
• Contingent Fees and Disreputable Conduct
• Unauthorized Practice of Law

 

Ethics - Case Studies

A discussion of important issues that help tax practitioners comply with their ethical obligations according to Circular 230. Ten case studies are used to illustrate real-life ethical challenges.

 

Trusts and Estates

Covers the following issues: 1) tax rules that apply to a revocable living trust, 2) advantages of filing a combined return for an estate and a trust, 3) when a trust or an estate can claim a charitable contribution deduction, 4) basis of gifted and inherited property, 5) consistent basis reporting, and 6) nonresident noncitizen’s estate or gifts may be subject to US estate or gift tax.

 

Business Entities Tax Issues

The following issues will be presented:

1. basis and holding period of contributed assets
2. character of gain or loss on the sale of a partnership interest
3. Form 7217, Partner’s Report of Property Distributed by a Partnership
4. Form 8308, Report of a Sale or Exchange of Certain Partnership Interests
5. partnership elections, and 6) homeowners association reporting

 

Installment Sales

Coverage includes the following items related to installment sales.

• Calculating installment sale income
• Depreciation recapture
• Sale of a business
• Reporting installment sale income
• Selling price reduced
• Contingent payment installment sales
• Electing out of the installment sale method
• Installment sale to a related person
• Like-kind exchange
• Disposition of an installment obligation
• Death of an installment sale note holder
• Repossession of installment sale property

Retirement Tax Issues

Examination of various retirement tax issues as follows:

1. Required Minimum Distributions from inherited IRSs,
2. designating a trust as a beneficiary of a retirement account
3. Roth IRAs
4. designated Roth Contributions and Roth catch-up rules
5. retirement account disaster distributions
6. ABLE accounts
7. Education Savings Account rollover to a Roth, and
8. qualified charitable contributions.

 

Agricultural and Natural Resource Tax Issues: Part 1

Covers several current issues for tax practitioners preparing returns for farmers and ranchers, including the following:

• Agricultural buildings and structures
• CCC marketing assistance loans
• 4-H club and FFA projects
• Sale of inherited farm assets

Agricultural and Natural Resource Tax Issues: Part 2

Covers several current issues for tax practitioners preparing returns for farmers and ranchers, including the following:

• Valuation of unharvested crops
• Special use valuation
• Death of a farmer – unused carryovers

Business Tax Issues: Part 1

Reviews the purchase price allocation among business assets, correcting depreciation errors, and deducting and amortizing start-up and organizational expenses.

 

Business Tax Issues: Part 2

Reviews the types of equity-based compensation for a small business, claiming the qualified commercial clean vehicle credit, and claiming clean energy credits.

Individual Tax Issues: Part 1. Covers several current issues for tax practitioners preparing individual income tax returns, including the following:

• Filing status
• Constructive receipt
• Itemized deductions
• Student-athlete income and Name, Image, and Likeness (NIL) collectives

Individual Tax Issues: Part 2

Covers several current issues for tax practitioners preparing individual income tax returns, including the following:

• Kiddie Tax
• Earned Income Tax Credit
• Qualified disaster relief

IRS Issues

Discussion of key IRS issues for practitioners. Topics include the following:

• Identity Protection Personal Identification Number
• Document Upload Tool
• Business Tax Account
• Installment Agreements
• Transcripts
• Written Information Security Plan
• Tax scams

New and Expiring Legislation: Part 1

An in-depth discussion of the income tax provisions of the One Big Beautiful Bill Act and other recently enacted tax legislation and procedures. It is organized by subject to help participants quickly find topics of interest and includes a table of tax provisions that have expired or are set to expire.

 

New and Expiring Legislation: Part 2

Continuation of an in-depth discussion of the income tax provisions of the One Big Beautiful Bill Act and other recently enacted tax legislation and procedures. It is organized by subject to help participants quickly find topics of interest and includes a table of tax provisions that have expired or are set to expire.

 

Oklahoma Tax Law Update

A staff member of the Oklahoma Tax Commission will provide an update of important new legislation, current tax provisions, and discuss their relevance to Oklahoma taxpayers.