Individual Tax Update from OBBB Legislation
Author: Jane Ryder
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC |
This course will detail the many changes for federal individual tax returns implemented with the 2025 OBBB Act. Extensions of many TCJA provisions, new individual deductions for seniors, no tax on tips, no tax on overtime, deductible new car loan interest, and more. We’ll discuss the status of energy credits for individuals, the child tax credit, adoption credit, changes to charitable donations, and the new estate tax exemption amount. Also, new Trump Accounts, savings accounts for children and expansion of 529 plan rules, and more.
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN cardPublication Date: July 2025
Topics Covered
- Federal Tax Update
- Individual energy credits
- No Tax on Overtime
- No Tax on Tips
- No Tax on car loan interest
- Child Tax Credit
- New senior deduction $6,000
- Trump Accounts
- Qualified Opportunity Zones
- HSAs
- Dependent Care Credit
- ERTC
- 1099-K
- 1099-NEC
- SALT Deduction
- Charitable contributions
Learning Objectives
- Identify new tax deductions and credits for individuals and family members
- Determine deductions available for overtime, tips earned, and car interest paid
- Explain investment planning related to new Trump Accounts, 529 plans, HSA plans, and the new estate tax exemption amount
- Explain the status of energy credits after OBBB Act
- Identify new deductions and options for charitable donations
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Basic knowledge of federal tax law
Advance Preparation
None
