Unpacking OBBA for Individual Taxpayers

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.

Highlights

The major topics that will be covered in this course include:

• 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
• 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.
• Repeal existing law provisions, including electric car credit and home energy credits

Prerequisites

Basic knowledge of individual taxation.

Designed For

CPAs in public practice and industry seeking an update on recent legislative changes impacting individual taxpayers.

Objectives

After attending this presentation, you will be able to...

• Identify individual provisions of the OBBA of 2025.
• Identify key compliance issues.
• Analyze tax planning implications of OBBA of 2025.

Preparation

None