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The passage of the OBBB Act (Tax Cuts and Jobs Act extension) makes 2025 the most import tax year in almost a decade. We’ll go through most of the major changes, including important planning ideas.
Topics Covered
- Where the proposal to restrict pass-through entity taxes (PTET) finally ended up
- Changes in the excess business loss (EBL) restriction
- New rules related to the section 199A 20% QBID deduction
- Apply the new expanded credit for employer paid FICA taxes
- Apply important new changes in requirements for file Forms 1099-MISC and 1099-NEC
- Planning strategies for the new 1% charitable contribution floor for C corps
- New rules on the research deduction
Learning Objectives
- Apply the new rules related to the section 199A 20% QBID deduction
- Identify changes in the excess business loss (EBL) restriction
- Apply the new expanded credit for employer-paid FICA taxes
- Apply important new changes in requirements for file Forms 1099-MISC and 1099-NEC
Level
Update
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Basic understanding of federal income taxation concepts.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.