One Big Beautiful Bill Act: What’s in the FINAL Version and How to Plan for It WEBCAST

Overview

The Tax Cuts and Jobs Act Extension, signed into law on July 4th, marks the most significant piece of tax legislation in the past eight years. In this timely and in-depth course, Greg and George will break down the key provisions and offer practical planning strategies to help you navigate the changes with confidence.

Topics include new deductions for overtime and tip income, the introduction of a car loan interest expense deduction, and an increased state and local tax (SALT) itemized deduction—with important nuances and limitations. You’ll also learn about the new phase-out of itemized deductions (less restrictive than the previous “Pease” limitation), updates to Section 199A QBID deductions, and retroactive changes to bonus depreciation with planning opportunities.

Additional areas covered include excess business losses, deductibility of the pass-through entity tax (PTET), permanent extensions of individual tax rates, and their impact on tax planning. The course also explores changes to the standard deduction, employer-provided meals, estate and gift tax strategies, and the repeal of the clean vehicle credit—plus how to take advantage of it before it’s gone.

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Highlights

The Tax Cuts and Jobs Act Extension, signed into law on July 4th, marks the most significant piece of tax legislation in the past eight years. In this timely and in-depth course, Greg and George will break down the key provisions and offer practical planning strategies to help you navigate the changes with confidence.

• New deductions for overtime and tip income
• The introduction of a car loan interest expense deduction
• An increased state and local tax (SALT) itemized deduction—with important nuances and limitations
• The new phase-out of itemized deductions (less restrictive than the previous "Pease" limitation)
• Updates to Section 199A QBID deductions
• Retroactive changes to bonus depreciation with planning opportunities
• Excess business losses
• Deductibility of the pass-through entity tax (PTET)
• Permanent extensions of individual tax rates and their impact on tax planning
• Changes to the standard deduction
• Employer-provided meals
• Estate and gift tax strategies
• The repeal of the clean vehicle credit
  

Prerequisites

None.

Designed For

Anyone preparing federal taxes

Objectives

• Identify important provisions in the Act, and planning opportunities.
• Apply the new rules in tax planning for clients. 

Preparation

None.