Navigating H.R.1 "OBBBA": Comprehensive Tax Impacts for Individuals, Businesses, and International Clients

The One Big Beautiful Bill Act (OBBBA) introduces substantial updates to business tax planning, deductions, credits, and compliance. This course examines the sweeping provisions now codified into law that affect flow-through entities, corporate taxpayers, tax-exempt organizations, and administrative reporting. Practitioners will gain practical insight into how these reforms change longstanding tax planning assumptions and will receive strategies to position clients favorably in the new environment. Major topics include the permanency of IRC §199A, bonus depreciation, expansion of Section 179, modifications to the business interest deduction limitation, and major changes to clean energy credits. Additional sections cover tax-exempt organization excise taxes, charitable giving limits, and new surtaxes on foreign payments.

Who Will Benefit

CPAs, EAs, tax professionals

Key Topics

Taxes

Learning Outcomes

• Identify the key changes made to IRC §199A and determine their application
• Calculate bonus depreciation under the new permanent rules
• Apply Section 179 limitations and phaseouts to qualifying property
• Determine how EBITDA modifies the business interest deduction limitations under IRC §163(j)
• Identify how excess business loss limitations affect flow-through entities
• Use revised options for treatment of research and experimental expenses under IRC §174
• Recognize changes to 1099-K and general Form 1099 reporting thresholds
• Determine the impact of new corporate charitable contribution limits and excise tax brackets

This course walks through the individual and estate tax changes created by the One Big Beautiful Bill Act (OBBBA). From sunsetting the TCJA provisions to introducing new deduction limits, credits, and savings vehicles, these reforms are wide-reaching. Practitioners will learn how income tax brackets, standard and itemized deductions, child tax credits, charitable rules, and other key areas are permanently or temporarily adjusted. We’ll also cover the new “Trump” savings accounts, rules for tip and overtime deductions, estate and gift exemption increases, and the elimination of the IRS Direct File program. Attendees will leave equipped to help individuals plan under the updated rules and avoid common pitfalls.

Who Will Benefit

CPAs, EAs, tax professionals

Key Topics

• TCJA sunsets repealed
• Individual income tax bracket adjustments
• SALT cap phase-ins and phase-outs
• Charitable and gambling deduction modifications
• Trump accounts and expanded 529 plans
• Overtime and tip income deductions
• New rules for adoption and scholarship credits
• Estate and gift tax exemption increases
• Earned Income Tax Credit certification and enforcement
• Elimination of IRS Direct File program

Learning Outcomes

• Identify which TCJA provisions have been made permanent for individual taxpayers
• Apply new standard deduction and senior deduction rules to taxpayer scenarios
• Calculate limitations on itemized deductions, including SALT and gambling losses
• Determine charitable deduction limits for both itemizing and non-itemizing taxpayers
• Identify eligibility and contribution rules for “Trump” accounts and expanded 529 plans
• Use MAGI thresholds to determine eligibility for tip and overtime deductions
• Apply updated child tax credit, dependent care credit, and scholarship credit provisions
• Recognize changes to estate and gift tax exemption amounts and administrative rules

Legislation reshapes U.S. taxation of cross-border payments, modifies withholding and surtax structures, and eliminates key thresholds under prior law. Attendees will learn how these reforms alter planning for corporations, partnerships, trusts, and exempt organizations with international exposure. The program will highlight the expanded surtax on certain foreign payments, the interaction of OBBBA provisions with the Base-Erosion and Anti-Abuse Tax (BEAT), and the compliance impact on U.S. companies with foreign shareholders. Practitioners will gain insight into exceptions for U.S. multinationals and funds, as well as the broader risks and reporting obligations created by the new law.

Who Will Benefit

CPAs, EAs, tax professionals

Key Topics

• OBBBA surtax on foreign payments (IRC §899)
• Increased withholding and gross-basis tax rates on U.S.-sourced payments
• Removal of $500M gross receipts and 3% base erosion thresholds
• Application to U.S. corporations, partnerships, trusts, and private foundations
• Interaction with Base-Erosion and Anti-Abuse Tax (BEAT)
• Majority U.S. Owner Exception for U.S. multinationals and funds
• Compliance requirements and reporting risks
• Planning implications for cross-border transactions

Learning Outcomes

• Identify how OBBBA expands surtaxes on U.S. payments to foreign recipients
• Recognize the elimination of gross receipts and base erosion thresholds under prior law
• Apply the revised rules to U.S. corporations with majority foreign ownership
• Determine when the Majority U.S. Owner Exception applies
• Assess how partnerships, trusts, and private foundations are impacted by new surtax provisions
• Evaluate planning considerations under the modified BEAT framework
• Assess and prepare to advise clients on compliance and reporting obligations created by the new law
• Identify risks and opportunities for U.S. multinationals and investment funds