The One Big Beautiful Bill Act (OBBBA): Implications for Tax Professionals Self Study Webinar

To help tax and other financial professionals prepare for all of the sweeping changes that the One Big Beautiful Bill Act will bring to the business world. Attendees will walk away from this self-study webinar with a firm understanding of the tax aspects of the bill that will enable them to adequately prepare and advise their company and their clients.

DETAILED LEARNING OBJECTIVES

• Identify the new top marginal income tax rate under the OBBBA

• Determine the AGI thresholds for the 37% and 39.6% income tax brackets for different filing statuses

• Explain how standard deductions are modified for single and married taxpayers under OBBBA

• Describe the treatment of personal exemptions under OBBBA

• Identify which above-the-line deductions were eliminated or added

• Explain the treatment of dependent care assistance exclusions after 2025

• Compare the new and prior rules for the Child Tax Credit and Child and Dependent Care Credit

• Apply the new rules for mortgage interest and mortgage insurance premium deductions

• Recognize the permanent AGI limitation for charitable contributions and any new phaseouts

• Determine how miscellaneous itemized deductions are treated under OBBBA

• Identify the AGI threshold for deducting qualified medical expenses

• Calculate the maximum deduction for qualified overtime compensation under OBBBA

• Recall reinstated deductions such as miscellaneous itemized deductions under the TCJA

• Explain how specified service trades or businesses are treated under the 199A deduction rules

• Identify income threshold limitations for qualified business income deductions

• Evaluate employment status planning strategies for optimizing 199A deductions

• Describe the role of W-2 wages and UBIA in QBI deduction calculations

• Recall the new Section 179 deduction limit and phase-out thresholds under OBBBA

• Identify qualifying property for Section 179 expensing and how it differs from bonus depreciation

• Explain how bonus depreciation is treated under OBBBA and how long it is extended

• Determine which energy-efficient improvements qualify under updated Section 179D rules

• Explain the scope and inflation-adjusted nature of expanded energy credits under OBBBA

• Identify the criteria for enhanced clean energy credits including labor and domestic content requirements

• Recognize qualified expenditures for the Section 48 Investment Tax Credit and Clean Electricity Investment Credit

• Recall the credit rate for the advanced manufacturing production credit

• Identify how IRS enforcement funding will be used under OBBBA

• Explain the adjusted inflation base year beginning in 2026

• Determine which corporations are subject to the new corporate minimum tax based on book income

• Recall new broker reporting requirements for digital asset transactions including Form 1099-DA

• Evaluate how the OBBBA supports fairness and transparency in taxation through its policy goals

• Extension of the TCJA
• Changes to Individual Tax Provisions
  – Senior deduction
  – Rate modifications
  – SALT deduction modification
  – Qualified residence interest
  – Charitable deductions
  – Itemized deductions
  – Car loan interest
  – Tip income
  – Overtime pay
  – Alternative minimum tax
  – Child tax credit
• Estate, Gift & GST Transfer Taxes
• Special Depreciation Allowance for Certain Property
• Changes to Business Deductions
• Deduction of Domestic Research & Experimental Expenditures
• Renewal & Enhancement of Opportunity Zones
• de Minimis Rules for Third Party Network Transactions
• Impact on International Tax Provisions
  – Foreign-derived intangible income and global intangible low-taxed income
  – Base Erosion (BEAT)
  – Modifications to Pro Rata share rules
• Energy Tax Credits
  – Clean fuel production credit
  – Clean electricity production credit
  – Advanced manufacturing production and investment