Mid-Year Tax Strategies: Business Planning and the One Big Beautiful Bill Act (OBBBA)

Description

This course is designed for tax practitioners seeking to update their knowledge of business income taxation and provide timely, effective tax planning advice to clients before year-end. Participants will receive an extensive review of key business tax issues for the current tax year, including updates to the Internal Revenue Code (IRC) with emphasis on the proposed One Big Beautiful Bill Act (OBBBA). This course also covers expected tax changes under the current administration, helping practitioners prepare clients for how these developments may affect business operations.

With a practical focus, this session equips professionals to navigate important topics such as employee classification, depreciation, compensation, and common deductions. Attendees will leave with actionable strategies to help business clients make informed tax decisions and remain compliant with evolving laws.

Highlights

• Legislative changes affecting business tax planning, including OBBBA proposals
• Depreciation, start-up expenses, and profit motive issues
• Employee classification, compensation, and benefits
• Business use of home, vehicle, and meals/entertainment deductions
• Cryptocurrency and marijuana-related tax concerns
• Section 199A and penalties related to business operations

Objectives

• Discuss major changes to the Internal Revenue Code due to recent business tax legislation, including OBBBA.
• Identify tax planning strategies to optimize clients' business operations under current tax laws.
• Analyze potential business tax changes from the current administration.
•  Advise clients on employee classification, compensation, and retirement plan issues.
• Explain business-specific tax matters like depreciation, start-up expenses, and home office deductions.
• Advise clients in handling penalties, health insurance issues, and business use of vehicles. 

Designed For

CPAs, EAs, attorneys, financial planners, insurance agents, and bankers