Sweeping new legislation passed July 4, 2025 is referred to as the One Big Beautiful Bill Act (OBBBA). This course examines tax provisions of the Act, beginning with those effective for 2025 and followed by those becoming effective in 2026 and beyond. The new law makes permanent many of the TCJA tax provisions and makes changes to existing tax laws, some permanent and others temporary.

Learning Objectives

• Recognize the new standard deduction amounts
• Describe the new senior, overtime, and tip deductions
• Explain the revisions made to several tax credits for individuals and businesses
• Apply the changes made to third-party network transaction reporting
• Explain the changes made to the business interest deduction limitation
• Apply the new casualty loss deduction limitations
• Describe the Achieving a Better Life Experience (ABLE) account modifications