The One Big Beautiful Bill Act: A Deep Look

Overview

A month after the enactment of the One Big Beautiful Bill Act we have had more time to look through the Act and determine how it will impact clients. Explore the various provisions added as part of the Act, how they impact your clients and what types of planning options are available with these new provisions. Also, find out what IRS guidance has been issued on the Act as they work to prepare to apply these provisions – many of which will impact 2024 income tax returns.

Highlights

• A review of initial guidance issued by the IRS regarding this law
• The Trump accounts -- upcoming tax advantaged accounts for those under age 18
• The temporary expanded deduction for state and local income taxes
• The various new rules that impact charitable contributions
• Immediate expensing for qualified production property
• Enhanced benefits for qualified small business stock
• Identifying energy tax credits that will expire over the next few months, some as soon as September 30, 2025
• Coverage of the other tax provisions in the bill

Prerequisites

Basic understanding of Federal taxation and related regulations

Designed For

CPAs and tax professionals in public practice.

Objectives

• Identify and explain key provisions of the One Big Beautiful Bill Act and how they impact individual and business taxpayers

Notice

• This seminar is co-sponsored and administered by the Minnesota Society of CPAs.
• Login information and eMaterials will be distributed to attendees via email 3-5 days prior to the conference and posted in the My Upcoming CPE section of the ISCPA website.