Tax Update Self-Study Webinar

To provide CPAs and other financial professionals with technical analysis and practical planning ideas based on the latest developments in tax legislation (including the One Big Beautiful Bill Act), litigation, regulations and rulings.

DETAILED LEARNING OBJECTIVES

• Identify the tax implications of the One Big Beautiful Bill Act (OBBBA) on standard deductions and personal exemptions

• Recognize the changes to individual income tax rates under OBBBA

• Determine which tax credits were retained or modified under OBBBA

• Recall the treatment of above-the-line deductions for student loan interest and educator expenses

• Understand the impact of OBBBA on traditional and Roth IRA contribution limits

• Identify the OBBBA rules surrounding Health Savings Accounts (HSAs)

• Distinguish between deductible and non-deductible expenses for itemized deductions

• Recognize the rules governing medical expense deductions post-OBBBA

• Recall the limitations placed on mortgage interest deductions

• Identify the OBBBA limitations on the state and local tax (SALT) deduction

• Understand the requirements for charitable contribution deductions under current law

• Recognize the substantiation requirements for cash and non-cash charitable contributions

• Determine when charitable contributions to donor-advised funds are deductible

• Identify the AGI percentage limitations for cash and capital gain property contributions

• Understand the changes to casualty and theft loss deductions under OBBBA

• Recognize when a taxpayer may deduct personal casualty losses

• Identify qualified education expenses under 529 savings plans

• Recall the rules for 529 plan rollovers and repayment of student loans

• Understand the credit limitations under the Child and Dependent Care Credit

• Identify the eligible expenses and requirements for the Child and Dependent Care Credit

• Recognize the tax treatment of employee achievement awards under OBBBA

• Determine the taxability of various employee participation incentives

• Recall the mechanics of calculating the Code Section 199A qualified business income deduction

• Identify the threshold amounts and phase-in ranges for the 199A deduction

• Distinguish between specified service trades or businesses and qualified businesses under Section 199A

• Understand how employment status impacts 199A deduction eligibility

• Recognize when compensation changes affect the ability to claim the 199A deduction

• Identify the Section 179 expensing limits and qualifying property under OBBBA

• Understand the bonus depreciation rules and phase-outs under current law

• Recognize how business energy credits are impacted by the OBBBA

• Identify the treatment of business interest expense limitations under OBBBA

• Understand the changes to the business meals deduction under current law

• Recall the OBBBA provisions related to conservation easement contributions

• Identify requirements for S corporation shareholders to deduct pass-through losses

• Understand the expanded eligibility for the EITC under the OBBBA

• Recognize the rules for reporting virtual currency transactions

• Determine how changes to depreciation schedules impact real estate businesses

• Recall the reporting obligations for gig economy and platform workers

• Identify applicable tax forms used for various OBBBA-related credits and deductions

• Understand new penalties for noncompliance with OBBBA reporting requirements

• Recognize the key differences in treatment between active and passive income under OBBBA

• Recall the criteria for qualified opportunity zone investments

• Identify reporting requirements for foreign bank accounts and foreign asset disclosures

• Determine which fringe benefits remain tax-free under current law

• Recognize the rules for earned income inclusion and exclusion for foreign taxpayers

• Understand the changes in net operating loss carryforward and carryback rules

• Identify when partnership tax basis adjustments are required under OBBBA

• Recognize the impact of OBBBA on business entity selection and taxation

• Recall the due diligence requirements for preparers under the OBBBA framework

• Identify thresholds and limitations for high-income taxpayers

• Understand new audit procedures for partnerships under the centralized audit regime

• Recognize how OBBBA aligns or diverges from TCJA provisions

• Identify the adjusted gross income limits for tax credits and deductions

• Understand the impact of the OBBBA on estate and gift tax exclusions

• Recognize new provisions affecting business tax credits, such as research or energy incentives

• Overview of the One Big Beautiful Bill Act 
  – Extension and enhancements on reduced rates for individuals 
  – Deductions for seniors 
  – Limitation on SALT deductions 
  – Potential impact on the Tax Cuts and Jobs Act 
  – Corporate tax provisions 
  – Tax credit for contributions 
  – Impact on energy credits 
  – Excise tax on transfers
• Tax Law Changes to Individual Tax Provisions 
  – Effects of the OBBBA 
     – Lowered rates 
     – Significant use of standard deduction 
     – Continuing personal exemption of zero 
     – Mortgage interest premiums 
     – New “floor” for charitable deductions 
     – Casualty and theft losses 
     – Child tax credit 
     – Earned income tax credit 
     – Health savings account 
     – Premium tax credits 
     – Business interest deduction 
     – Energy credits
• Effects of the TCJA Extension or Expiration
• Capital Gains Provisions
• New Limitations on Excess Business Losses
• The Benefits of the Pass-Through Entity (PTE)
• Recent Tax Law Changes to Estate and Trust Tax Provisions
• New Tax Laws Regarding Retirement Plans
• Mortgage Interest Deduction
• Deduction for Pass-Through Income, Changes to Section 199A, and How it Applies to Sole Proprietorships, General and Limited Partnerships, Trusts, Estates, LLCs, C Corps, & S Corps
• Changes to Business Tax Provisions/Planning Considerations 
  – Corporate tax rates, compensation, business interests, and NOLs 
  – Research and experimentation expenditures 
  – Depreciation 
  – Revenue recognition
• Tax Incentives for Qualified Opportunity Zones
• Recent Court Cases, Rulings & Regulations Affecting Individuals & Businesses