The One Big Beautiful Bill Act (OBBBA) reshapes federal taxation for both individuals and businesses beginning in 2025. This comprehensive course walks you through the most important changes, including permanent tax brackets, increased standard deductions, new senior and dependent credits, expanded estate exemptions, and deductions for tips, overtime, and car loan interest. For businesses, the law delivers significant wins such as permanent 100% bonus depreciation, Section 179 enhancements, Qualified Production Property depreciation, and immediate expensing of R&E costs.
In addition, participants will gain practical insights on new reporting thresholds, updates to Opportunity Zones, QSBS benefits, and expanded clean energy credits—all crucial for serving clients effectively in the new tax environment.
This course counts for 1 hour of IRS CE under the category of Federal Tax Law Related Matters.
Learning Objectives:
- Summarize individual tax law changes, including permanent standard deductions, senior credits, and expanded child/adoption credits.
- Apply business provisions, such as bonus depreciation, Section 179 expensing, and QPP depreciation.
- Recognize planning opportunities with enhanced credits and Opportunity Zone investments.
- Explain compliance updates, including revised reporting thresholds for Forms 1099-MISC and NEC.
- Incorporate energy-related credits into client planning strategies under updated provisions.
About the Presenter:
Dr. Bart A. Basi, the Senior Advisor at The Center for Financial, Legal & Tax Planning P.C., is a distinguished attorney and CPA, who also holds a Doctorate in Economics. As a Tax Course Instructor for the Internal Revenue Service’s Annual Filing Season Program, he educates tax preparers nationwide. Licensed in Illinois and New York, and admitted to the United States Supreme Court, Dr. Basi imparts expertise to CPAs and attorneys on financial, legal, and tax matters. Renowned as a sought-after speaker, he addresses audiences on topics including taxes, mergers, acquisitions, succession planning, and valuations for private companies. Additionally, Dr. Basi serves as a trusted advisor, guiding businesses through the complexities of inflation and economic impacts on strategic decision-making for private companies.
