By Andi Anderson
The Purdue Income Tax School will provide detailed tax training for individuals seeking updated information for the 2025 tax year. The program uses the National Income Tax Workbook, which meets Internal Revenue Service requirements by including three hours of federal law updates, one hour of ethics, and eleven hours of other federal tax instruction.
The workbook covers newly enacted legislation, recent rulings, and important case summaries from September 2024 through August 2025. It also explains tax rates, deduction limits, credit thresholds, and other annual changes that affect taxpayers.
Several chapters address common topics encountered during tax preparation. Individual tax issues include filing status, income received by children, constructive receipt of income, earned income tax credit, itemized deductions, and support for individuals affected by wildfire disasters.
Retirement tax guidance discusses Roth individual retirement accounts, ABLE accounts, qualified charitable contributions, and updated rules for required minimum distributions on inherited retirement funds. Additional content explains the basis of inherited and gifted property, revocable trusts, and regulations for religious organizations and their members.
The workbook also covers information relevant to homeowners and the agricultural community. The agricultural and natural resources section includes depreciation of farm structures, marketing assistance loans, taxation of unharvested crops, issues following the death of a farmer, and income and expenses associated with 4-H and FFA activities.
Business-related material explains start-up and organizational deductions, equity compensation, asset allocation in business sales, and the clean vehicle credit. Current business entity topics include partnership elections, determining basis in contributed assets, and taxable gain or loss on partnership interest sales.
Installment sales are also reviewed, including depreciation recapture, related-party rules, and handling installment obligations.
Participants can earn continuing education credits through the program. Accountants may receive 1.6 Continuing Education Units, equal to sixteen hours of credit. Attorneys can earn up to 13.3 hours of continuing legal education, including one hour of ethics.
Certified Financial Planners may receive sixteen hours of continuing education, and enrolled agents are eligible for fourteen hours of federal tax law and one hour of ethics, with an optional additional ethics hour.
The two-day tax school will be held online on November 24 and 25 through Zoom. A reliable internet connection and sound are required, and registered attendees will receive access details in November.
An additional agricultural tax webinar will take place on December 15, offering focused coverage of farm-related tax topics such as disaster-related issues, depreciation of farm assets, retirement planning, and strategies for low-income years.
The webinar will be taught by instructors from Purdue University and Ohio State University.
For program content questions, participants may contact the course coordinator by email. Registration assistance is available for those needing support before the program begins.
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Categories: Indiana, Education