2026 Federal Individual Tax Update: Form 1040 Changes and Planning Under the New Law

An advanced federal tax update for practitioners preparing 2026 individual returns and advising clients on 2027 decisions. The course examines how the new deductions interact with filing status, modified adjusted gross income, information reporting, substantiation and limitation ordering. Applied cases address qualified tips and overtime premiums, itemized deductions, family and savings provisions, digital assets, equity compensation, property transactions and wagering losses. Participants conclude with an integrated return review and a planning framework that separates current-year return positions from decisions with future deadlines. Art Werner works through more than a dozen participant cases with the 2026 numbers: the Schedule 1-A deductions for tips (up to $25,000), the overtime premium (up to $12,500, $25,000 joint), seniors ($6,000 each) and car loan interest, each with its own MAGI phaseout; the $40,400 SALT cap and its phase-down above $505,000; the new 0.5% floor on charitable deductions; and the 90% limit on wagering losses. For each case you decide the treatment, defend it, and identify the fact that would change it.