Surgent's Overview & Analysis of the New Tax Law: Part 2 - Focus on Business Taxation

Overview

The passage of 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 practitioners to digest this new legislation so they can adequately advise their clients regarding its effect. This course includes detailed coverage of all the business tax provisions contained in OBBBA. Our experts have broken down this voluminous legislation and distilled its presentation into two parts, each offering four CPE credits. These courses are independent of each other and do not need to be taken in order. For coverage of all individual tax provisions, please see Overview and Analysis of the New Tax Law: Part 1 – Focus on Individual Taxation (NEW1).

Surgent is providing first-to-market coverage of the legislation in a comprehensive but easily digestible manner. We will, of course, bring our customers future clarifications and corrections emanating from the legislation. Clients will be immediately asking about these enactments, and a real-time understanding of them will be critical to properly provide advice.

Prerequisites

A basic rudimentary understanding of the tax rules impacting businesses

Objectives

• 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