Description

Join us for an engaging and comprehensive overview of recent legislative tax changes encompassed in the latest major federal package—nicknamed the "One Big Bill." This course will break down the most impactful provisions affecting individuals, businesses, and tax practitioners. We will analyze the intent behind the legislation, practical implications for compliance and planning, and identify opportunities and pitfalls for clients and advisors alike.

Topics include updates on expiring provisions, new credits and deductions, changes to depreciation rules, updates to international and SALT regimes, and enforcement and procedural changes at the IRS. We’ll also explore how these provisions interact with existing tax law, and what strategies you may need to revise or develop in light of the bill.

Key Topics Covered:

• Overview of major individual and business tax changes
• Updates to bonus depreciation and expensing rules
• Expansion or expiration of key credits (e.g., Child Tax Credit, R&D Credit)
• Changes to international taxation and GILTI rules
• IRS funding, enforcement priorities, and procedural changes
• Planning opportunities for closely held businesses and pass-through entities
• Legislative outlook: what’s next and how to prepare

Learning Objectives:

By the end of this course, participants will be able to:

• Identify and explain the major tax provisions introduced or extended in the One Big Bill
• Evaluate the impact of changes to depreciation rules and cost recovery on capital investment decisions
• Describe updates to the Child Tax Credit and other personal tax benefits, and how they affect individual clients
• Apply the new rules surrounding research and development expenses for business clients
• Interpret modifications to international tax provisions, including GILTI and foreign tax credit limitations
• Assess the procedural changes at the IRS and their implications for taxpayer compliance and audit risk
• Develop proactive tax planning strategies in response to the legislation for both individual and business clients

Who should Attend

This session is designed for tax professionals looking to stay ahead of the curve and gain actionable insights for 2025 and beyond including

• CPA
• EA
• Tax Practitioner
• Finance Professionals