Overview of the One Big Beautiful Bill Act (OBBBA) Self Study Webinar
Overview
Get ready for major tax changes! The One Big Beautiful Bill Act (OBBBA) brings sweeping updates that will impact your financial planning for 2025 and beyond. This self-study webinar will be presented by Jill Scher, Managing Director of Tax and Business Services at CBIZ. Jill has over 25 years of experience in tax consulting and compliance, advising on tax minimization and deferral strategies for companies and their owners. Join us to learn about:
- Permanent changes to income tax rates
- Updates to the SALT cap and PTET workaround
- Changes to Section 1202 (Qualified Small Business Stock)
...and more
Objective
To help CPAs and other financial professionals prepare for all of the sweeping changes in the One Big Beautiful Bill Act so that they can adequately prepare and advise their company and their clients.
DETAILED LEARNING OBJECTIVES
• Identify the top marginal individual income tax rate under OBBBA
• Determine the income threshold for the 39.6% tax bracket for married couples filing jointly
• Describe the change OBBBA made to standard deduction amounts
• Recall the base year used for inflation adjustments under OBBBA beginning in 2026
• State the new SALT deduction cap introduced by OBBBA for 2025 to 2029
• Identify the AGI threshold for medical expense deductions under OBBBA
• Determine the maximum deduction allowed for qualified overtime compensation
• Recall the monthly deduction amount permitted for first responders under OBBBA
• Identify which suspended deduction is reinstated under OBBBA
• Recall the unified exemption amount for estate, gift, and GST taxes starting in 2026
• Describe how OBBBA affects the step-up in basis rule for inherited property
• Identify the refundable portion of the Child Tax Credit beginning in 2025 under OBBBA
• State the new maximum exclusion amount for dependent care assistance programs under OBBBA
Emphasis
- Key Business Tax Provisions
– Bonus depreciation
– Research and experimentation
– Business interest expense limitation
– “Qualified Production Property” deduction
– Section 179 expense limitations
– Excess business loss limitation - Key Individual Tax Provisions
– Rates
– Standard deduction
– Personal exemption and senior bonus
– SALT cap
– Section 1202 Small Business Stock
– Section 199A QBI deduction
– Tip income
– Overtime pay
– Charitable contributions
– Child tax credit
– Interest on domestic auto purchases - Key Estate & Gift Tax Provisions
- Tax Provisions Affecting International Business
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