Accounting and finance practitioners are continually asked for strategic planning advice and to help their clients understand and apply the many new provisions of the OBBBA. Many of these changes are effective for the 2025 tax year and beyond. In this program, participants will be introduced to and provided with a review and analysis of what we consider some of the most important, current, and critical OBBBA changes impacting both individual and business clients. Throughout the program, we will cover topics designed to make clients, and their advisors, tax smart and tax prepared. The course examines a broad range of OBBBA provisions affecting businesses and individuals, with a focus on understanding new rules, evaluating their impact on taxpayers, and identifying planning strategies that may be profitably adopted in light of these changes. If you want the latest OBBBA information to relay to your clients, this course is for you.
Learning Objectives
- Understand the many new tax changes taking place as a result of OBBBA
- Advise clients with regard to planning strategies they could profitably adopt in light of the OBBBA changes
Major Topics
- Business losses
- The SALT cap
- Implementing Section 1202 changes
- Form 1099 reporting changes
- Business meals
- Health care–related issues
- Family and medical leave
- Marginal tax rates effective in 2025 and beyond
- The QBI deduction
- Qualified residential interest
- Child Care Credit
- Miscellaneous itemized deductions, including the educator deduction
- Rollovers from 529 plans to ABLE accounts
- Additional expenses treated as qualified higher education expenses for purposes of 529 accounts
- Termination of credits for environmentally clean autos and expenditures
- Other crucial and timely OBBBA provisions