The One Big Beautiful Bill Act: What You Need to Know

Description

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

Objectives

Be well informed about individual and business tax changes resulting from the OBBBA

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

Leaders

Michael Frost

Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 35 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with "high honors and distinction" from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.