The passage of the One Big Beautiful Bill Act (OBBBA) represents the most consequential tax law since The Tax Cuts and Jobs Act (TCJA) in 2017. It is now up to accounting and finance professionals to digest this new legislation so they can adequately advise their clients or business regarding its effect. This course includes detailed coverage of all the business tax provisions contained in OBBBA.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
Accounting and finance professionals who wish to be informed for their own knowledge or who will be advising clients regarding the business tax changes brought about by the recent legislation
BENEFITS
- Be well informed about business tax changes resulting from the enactment of the recent legislation
HIGHLIGHTS
- Employer treatment of new tips and overtime legislation
- Qualified business income (QBI) deduction
- 100% bonus depreciation/Section 179 depreciation
- Increased dollar limitations for expensing of certain depreciable business assets
- Qualified production property
- Full expensing for domestic research and development expenses
- Opportunity zones
- Section 1202 - treatment of qualified small business stock
- Business interest deduction
- Increased threshold for reporting payments to independent contractors and other payees
- Extension and enhancement of paid family and medical leave
- Termination of auto and other energy-related subsidies
- Excess business losses
- Foreign tax credit
- Increased penalties connected to Employee Retention Credits
- Many, many other newly enacted business tax provisions in the far-reaching legislation affecting nearly all taxpayers and their advisors
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES