Description

Each tax year presents new and existing tax issues requiring tax specialist to consider and prepare for when advising their clients. The 2026 tax filing season is no exception. The One, Big, Beautiful Bill Act of 2025 (OBBB) took aim at TCJA and repealed many of the sunset provisions and made a few new sunset provisions. In addition, OBBB introduces some new taxpayer favored tax provisions. As a result, taxpayers are looking to tax professionals to provide sage advice on the application of these new rules.

Since the passage of OBBB, Treasury has provided some interpretations, which is just the beginning. In this presentation, we do a high-level look at many of these tax provisions, including tip income, overtime income, senior deduction, new car loan interest deduction, SALT changes, child tax credit to name a few. In this presentation, we discuss the applicable tax provisions and modifications introduced by OBBB that apply to a taxpayer’s 2025 tax return, including but not limited to the deduction for tip and overtime income, senior deduction, and the deductibility of loan interest on newly purchased automobiles. In addition, we discuss the recently released Treasury interpretations that pertain to a few of these legislative provisions.

Why should you attend

Each tax year presents new and existing tax issues requiring tax specialist to consider and prepare for when advising their clients. The 2026 tax filing season is no exception. The One, Big, Beautiful Bill Act of 2025 (OBBB) took aim at TCJA and repealed many of the sunset provisions and made a few new sunset provisions. In addition, OBBB introduces some new taxpayer favored tax provisions. As a result, taxpayers are looking to tax professionals to provide sage advice on the application of these new rules. Since the passage of OBBB, Treasury has provided some interpretations, which is just the beginning. In this presentation, we do a high-level look at many of these tax provisions, including tip income, overtime income, senior deduction, new car loan interest deduction, SALT changes, child tax credit to name a few.

In this presentation, we discuss the applicable tax provisions and modifications introduced by OBBB that apply to a taxpayer’s 2025 tax return, including but not limited to the deduction for tip and overtime income, senior deduction, and the deductibility of loan interest on newly purchased automobiles. In addition, we discuss the recently released Treasury interpretations that pertain to a few of these legislative provisions.

Areas Covered in the Session:

• An overview of the enacted tax legislation of OBBB
• Recognize the impact of these provisions on individual and small business taxpayers
• An in-depth discussion of the changes to the child tax credit and the qualifying business income deduction
• A discussion on the new deductions for tip income and overtime
• A discussion of the changes to the itemized deductions
• Raise potential issues that will need interpretation by Treasury
• Illustrate the reporting requirements for some of these tax provisions

Who will benefit:

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