Internal Revenue Service Federal Tax Update
Session I: 1-4 PM EST
Internal Revenue Service Federal Tax Update
During this course, Internal Revenue Service expert, Richard Furlong will discuss current tax topics impacting Federal taxes. Specifically:
- Overview of new tax legislation (“One Big Beautiful Bill Act – Public Law 119-21)
- Data Security Issues for Tax & Accounting Professionals
- Recognizing Current Tax Scams Promoted on Social Media
- Late Breaking IRS Information
Session II: 4:00-5:15 PM EST
IRC § 267 Explained: Matching, Loss Disallowance, and Constructive Ownership
This segment, Victoria Boon, EA, will provide a comprehensive analysis of Internal Revenue Code § 267, which governs transactions between related parties. Participants will examine the statutory framework, including the disallowance of losses, the matching of income and deductions, constructive ownership attribution, and the special rules applicable to pass-through entities. The program will also address common compliance issues identified in IRS examinations, such as related party loans, accrued compensation, and rent arrangements, as well as the interaction of § 267 with other provisions of the Code (e.g., §§ 170, 274, 318, 453, 1031, and 1239).
Learning Objectives:
- Revew tax law changes for tax year 2025
- Examine new tax legislation (“One Big Beautiful Bill Act – Public Law 119-21)
- Discuss data security issues for tax & accounting professionals
- Recognizing current tax scams promoted on social media
- Describe the purpose and scope of IRC § 267 and why related party rules exist.
- Identify the types of relationships and ownership structures that trigger § 267 restrictions.
- Apply the matching rules to income and deductions, including special rules for S corporations, partnerships, and pass-through entities.
- Analyze constructive ownership provisions and explain how attribution rules affect taxpayers.
- Evaluate common compliance flags and IRS adjustments in related party transactions (interest, rent, accrued wages, etc.).
- Recognize how § 267 interacts with other Code sections such as §§ 170, 274, 318, 453, 1031, and 1239.
| When: |
Tuesday, November 25th, 2025. 1:00 PM to 5:15 PM EST |
| Where: |
Your home or office |
| Speaker: |
Richard Furlong and Victoria Boon |
| CPE Credits: |
4 Tax CPE |
| CLE Credits: |
4 Substantive CLE |
| Program Level: |
Basic |
| Prerequisites: |
None |
| Advanced Preparation: |
None |
|
Delivery Method:
Price:
|
Group Internet-Based
Free for members, $85 for non-members
|
About the Presenters:
Richard Furlong
Mr. Furlong is a Senior Stakeholder Liaison in the Stakeholder Liaison office of the Internal Revenue Service Communications & Liaison Division. Stakeholder Liaison serves as the primary IRS liaison office to tax practitioner and industry organizations throughout the country. Each year, Mr. Furlong represents IRS at events where he discusses IRS policies and procedures, tax law updates, tax professional data security, and emerging areas of tax administration.
In 2018 he served on a detail assignment to the IRS C& L Technical Communications Branch where he assisted with the development and implementation of the IRS communications and outreach strategy for various provisions of the Tax Cuts and Jobs Act (TCJA). In 2023 he is a member of the C & L “Clean Energy Credits” team developing outreach products and strategy for these credits. Mr. Furlong also coordinates the PA Practitioner Liaison meetings where he engages with the IRS liaison representatives of Pennsylvania tax professional organizations.
Mr. Furlong is a graduate of the University of Pennsylvania Wharton School with a Bachelor of Science degree in Economics.
Victoria Boon, EA
Victoria Boon is a tax consultant and nationally recognized expert in federal taxation with more than 20 years of experience in IRS compliance, audit strategy, and professional education. A former IRS Senior Revenue Agent and Subject Matter Expert, she has specialized in areas such as IRC §§ 1031, 162, 274, and conservation easements, and contributed to IRS publications including Pubs. 544, 551, and 946. Today, she provides consulting, CPE instruction, and expert guidance on audit defense, tax law interpretation, and IRS procedures to practitioners nationwide.
About CPE/CLE:
* The ALA issues CLE credits as an accredited provider of CLE in Pennsylvania (PA CLE Provider # 5963). For additional information, please visit http://www.pacle.org/. It is the responsibility of each attorney to determine whether their state accepts CLE credits from a Pennsylvania-accredited provider. Acceptance of these credits varies by jurisdiction, and state-specific requirements may apply. Attorneys are encouraged to review their state’s CLE rules and regulations, including reciprocity policies, credit approval processes, and any submission requirements for out-of-state programs. The Accountant-Lawyer Alliance cannot guarantee CLE credit approval outside of Pennsylvania. For further guidance, please contact your state’s CLE regulatory body.
The Accountant-Lawyer Alliance, LLC is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site:www.nasba.org.
