Why you should Attend

With the sunsetting of the Tax Cuts and Jobs Act of 2017, Congress looked into the extension of some and the modification of some of these tax provisions and enacted the One, Big, Beautiful Bill of 2025 (OBBB). The question that arises is how this legislation impacts the tax provisions impacting individual and small business taxpayers. Due to the vastness of this legislation, we focus on the critical tax issues that are likely to impact the majority of individual and small business taxpayers in the forthcoming tax year. Since this legislation is signed into law in July, there is time for tax professionals to digest the changes and advise clients on possible tax planning strategies.

This is a two-part webinar, we look at items such as the changes made to the standard deduction, child tax credit, qualifying business income deduction, and tip income and overtime deductions. In Part 1, we take a high-level look at the applicable tax provisions and modifications introduced by recent legislation as they apply to individual and small business taxpayers.

Agenda

Each tax year presents new and existing tax issues requiring tax professionals to consider and prepare for when advising their clients. With the sunsetting of the Tax Cuts and Jobs Act of 2027 and now the enactment of the One, Big, Beautiful Act of 2025, tax professionals must address the question that arises is how these extensions and modifications impact individual and small business taxpayers in the current and forthcoming tax years. Due to the limited time allocated to this topic, we focus on the critical tax issues that are likely to impact on the majority of individual and small business taxpayers in the forthcoming tax year thereby giving time for tax professionals to digest the changes and advise clients on possible tax planning strategies.

In this webinar, we continue our discussion on the applicable tax provisions and modifications introduced by OBBB legislation as they apply to individual and small business taxpayers including items such as the new deduction for charitable contributions, MAGA account, bonus depreciation, R&D, and changes to the American opportunity & lifetime learning tax credits.

Session Highights

• An overview of the enacted tax legislation. 
• Recognize the impact of these provisions on individual and small business taxpayers.
• A discussion of the changes to the bonus depreciation and R&D.
• An introduction to the new money account for growth and advancement (MAGA account). 
• Raise potential issues that will need interpretating by Treasury.
• Illustrate the reporting requirements for some of these tax provisions

Who should Attend

Tax preparers, CPAs, Accountants, Local and regional accounting firms, Financial Planners, Consultants