Description

Many accounting and finance practitioners have had difficulty understanding and applying the One Big Beautiful Bill Act (OBBBA). Accounting and finance practitioners are still confused and challenged by many of the new and extended tax provisions that the OBBBA delivered. Mastering these crucial provisions requires multiple exposures to these challenging tax changes. This program is a four-hour review and analysis of the most important changes from the OBBBA that impact both individual and business taxpayers. This course affords accounting and finance practitioners an opportunity to gain a broader, deeper understanding of this wide-ranging set of new tax rules, to grasp what is new and what is a continuance of prior rules, and to develop deeper planning insights into the many changes that the OBBBA contains.

To the extent that the Treasury has provided guidance relating to OBBBA changes, we will discuss that guidance. We will also point out areas where Treasury guidance would be useful and areas where guidance is expected.

Instructor: Mike Tucker, Ph.D., LL.M., J.D., CPA

Target Audience

Accounting and finance professionals who wish to be informed for their own knowledge or who will be advising clients regarding the individual and business tax changes brought about by the OBBBA

Course Objectives

Be well informed about individual and business tax changes resulting from the OBBBA

Subjects

The $6,000 senior deduction

The QBI deduction

Changes in the estate tax

Wagering losses

The SALT cap

Tips, overtime, and car loan interest

1099 changes

Trump Accounts

Investments in students and education

Bonus and Section 179 changes, including depreciation for qualified production property

Full expensing of domestic research and experimental expenditures

Changes in the deduction of business interest and business losses

Renewal of Opportunity Zones

Individual and corporate charitable contribution changes

Expansion of Section 1202 stock

Termination of credits for environmentally clean autos and expenditures

Many other individual and business income tax changes contained in the OBBBA

Prerequisites

A basic understanding of the tax rules impacting individuals and businesses