Duration: 90 minutes

Description:

The enactment of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in tax regulations affecting businesses, investors, and tax-exempt organizations. This in-depth course unpacks the complex timing and compliance considerations introduced by the new law, helping you avoid common pitfalls and capitalize on emerging opportunities.

You’ll explore major legislative changes, including the comprehensive revision of §199A, updates to bonus depreciation rules under §168(k), and expanded Form 1099 reporting requirements. The course also covers the impact on employee meal deductions and the critical timing changes affecting construction contractors.

By the end of this session, you will be prepared to navigate the evolving tax landscape with confidence, applying practical strategies that reflect the latest rules and ensuring compliance across diverse industries.

Topics Covered:

• Extension and overhaul of §199A deduction
• Bonus depreciation updates under §168(k)
• §179 expense date cutoffs and their distinctions
• Research and experimental expenditures (§174A)
• Business interest deduction limitations (§163(j))
• Rules on deductibility of excess business losses (§461(l))
• Employee meal expense deductibility changes
• New Form 1099 reporting requirements
• Introduction of a new manufacturing deduction
• Agriculture real property tax provisions
• Updates on COVID-19 Employee Retention Credit
• Clean energy tax incentives
• New remittance taxes on fund transfers
• Excise tax changes impacting tax-exempt organizations
• Timing modifications for construction contractors
• Opportunity zone regulations
• Changes to fringe benefit taxation

Learning Objectives

• Explain the key changes introduced by the One Big Beautiful Bill Act (OBBBA) and their impact on businesses, investments, and tax-exempt organizations.
• Analyze the extended and revised provisions of §199A, including eligibility criteria and calculation methods for qualified business income deductions.
• Interpret updated bonus depreciation rules under §168(k), including the applicable timelines and asset classifications affected by the changes.
• Differentiate between the §179 expense date cutoffs, understanding their distinct applications and implications for asset expensing.
• Evaluate the updated treatment of research and experimental expenditures under §174A, including allowable deductions and capitalization requirements.
• Apply new limitations on business interest deductions under §163(j) and determine how these affect overall taxable income.
• Assess the deductibility rules for excess business losses as outlined in §461(l), and their impact on taxpayers’ tax planning strategies.
• Identify changes to the deductibility of employee-provided meals and understand the conditions under which these expenses qualify for deduction.
• Comply with new Form 1099 reporting requirements, recognizing affected transactions and reporting deadlines.
• Understand the introduction and eligibility criteria for the new manufacturing deduction and its relevance to various industries.
• Analyze tax provisions related to agriculture real property and their application in tax planning for agricultural businesses.
• Discuss updates to the COVID-19 Employee Retention Credit, including eligibility and claiming procedures under OBBBA.
• Evaluate clean energy tax incentives, including eligibility criteria, credit calculations, and reporting requirements.
• Identify and understand the new remittance taxes imposed on cross-border fund transfers and their implications for businesses and investors.
• Explain new excise tax provisions affecting tax-exempt organizations and strategies for compliance.
• Recognize the timing changes for construction contractors introduced by OBBBA and how these affect revenue recognition and tax liability.
• Navigate Opportunity Zone regulations and incentives, understanding compliance requirements and tax benefits.
• Describe recent changes to fringe benefit taxation and their impact on employer-provided benefits and employee tax reporting.

Credits and Other information:

• Recommended CPE credit – 1.5
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Update
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 90 minutes

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Bradley Burnett

Tax Attorney, Tax Advisor, Tax Instructor

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 40 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. He also prepares a handful of tax returns.

Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank, and managed the tax department as a partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.