Don Farmer's New Individual Items for 2025: Overtime, Tips, Cars & Seniors

Overview

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Tax legislation and IRS guidance for 2025 include several new and important provisions that impact individual taxpayers. Among the most notable are new rules surrounding overtime pay, reporting and taxation of tips, treatment of employer-provided and personal vehicles, and expanded provisions for seniors. This course provides practitioners with an in-depth understanding of the provisions most affecting their individual tax clients for tax year 2025.

During the course, we'll walk through these developments in detail, explaining the new law, its application, and the planning opportunities it presents. Using examples and case studies, you'll gain an understanding of the changes and be able to confidently apply them in advising clients.

Highlights

Overtime Provisions: changes in taxation, reporting, and employer compliance; planning implications for employees.
Tips Reporting & Taxation: new reporting obligations, IRS compliance initiatives, and employer/employee responsibilities.
Cars & Transportation Benefits: treatment of company-provided vehicles, standard mileage rates, fringe benefit considerations, and personal-use rules for 2025.
Seniors & Retirement Planning: updated credits and deductions, expanded benefits for older taxpayers, retirement contribution adjustments, and planning opportunities.
Compliance Issues: documentation, IRS enforcement focus, and practitioner risk management.
Planning Opportunities: strategies to minimize tax liabilities and maximize benefits for individuals affected by these changes.

Prerequisites

None

Designed For

Tax professionals at any level.

Objectives

Explain the new rules impacting overtime pay and their implications for individual taxpayers.
Interpret IRS guidance related to tips, including new reporting requirements and compliance obligations.
Apply changes in the taxation of employer-provided and personal vehicles for 2025.
Evaluate expanded provisions for seniors, including retirement-related benefits, credits and planning opportunities.
Identify compliance challenges and planning strategies for each of these new individual provisions.
Incorporate practical examples and real-world applications to improve client outcomes under the 2025 rules.