Accounting and finance practitioners are still grappling with the many changes the One Big Beautiful Bill Act (OBBBA) has made to the tax laws, many of which will impact tax filings for individual and business taxpayers. This program is an introduction to and review of some of these critical changes and their impact on taxpayers. Accounting and finance practitioners will gain a better understanding of this very complex set of new tax rules by focusing on what is new and what is a continuance of prior rules to develop deeper insights into the many changes that OBBBA has made to the law. The program examines a broad range of OBBBA provisions and includes a review and analysis of what we consider the most important changes from OBBBA that impact client transactions and planning strategies. To the extent that Treasury has provided guidance relating to these new OBBBA changes, that guidance will be discussed. Where guidance is lacking, areas that require future attention from Treasury will be identified.
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
- Changes to the standard deduction
- Senior deduction
- Deduction for auto loan interest
- Estate tax changes and the portability option
- Tax consequences associated with investing in revised opportunity zones
- Full expensing of domestic R&E
- Individual and corporate charitable contributions
- Wagering losses
- Student loan discharges
- Taking advantage of scholarship granting organizations (SGOs)
- Dependent care assistance program
- Bonus and Section 179 depreciation
- Depreciation of qualified production property
- The business interest deduction
- Tax on excess compensation within tax-exempt organizations
- Excise tax on investment income of private colleges
- ABLE accounts and the Saver’s Credit
- Child Tax Credit
- Casualty losses
- Other crucial OBBBA provisions