Overview
THE ONE BIG BEAUTIFUL BILL IS NOW THE ONE BIG BEAUTIFUL ACT!!! (Signed into law on July 4, 2025!). This program provides a summary of the major individual provisions of the OBBA of 2025 (H.R. 1), with a focus on the extended provisions, provisions made permanent without changes and those major changes, and new provisions for 2025 and beyond.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Prerequisites
Basic knowledge of individual taxation
Objectives
- Familiarize participants with business provisions of the OBBA of 2025
- Identify key compliance issues
- Discuss tax planning implications of OBBA of 2025
Highlights
An overview of provisions of existing law extended or made permanent without substantial change, including:
- casualty losses, individual tax rates, alternative minimum tax
- Provisions of existing law extended or made permanent with substantial change, including: child tax credit, earned income credit, standard deduction, state and local tax deduction
New law provisions applicable to individuals, including deductions for:
- Tip income and overtime pay
- Social security income
- Car loan interest
- AGI charitable contribution deduction
- Trump account
- Repeal existing law provisions, including electric car credit and home energy credits
