The One Big Beautiful Bill Act (OBBBA): What You Need To Know
4.00 Credits
Member Price $175
Non-Member Price $225
Overview
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.
Highlights
- 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
Designed For
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
Objectives
- Be well informed about individual and business tax changes resulting from the OBBBA
Preparation
None
Leader(s):
Leader Bios
Deborah Phillips, Discussion Leader, Surgent McCoy CPE, LLC
Deborah A. Phillips, MST, CPA, is a Senior Manager in the Flow Through Issue Practice Group (IPG) in Pre-filing Technical Guidance (PFTG) in the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS). This IPG specializes in S corporation and partnership tax issues in LB&I.
Ms. Phillips began her career with the IRS more than 31 years ago and has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations Executive Assistant to the Deputy Commission International, the Technical Executive Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a respected instructor within the IRS.
Ms. Phillips earned her master’s degree in taxation from Widener University.
Non-Member Price $225
Member Price $175