Mid-Year Tax Strategies: Planning for Individuals under the One Big Beautiful Bill Act (OBBBA)

Description

This course is designed for tax practitioners seeking to enhance their knowledge of individual income taxation and provide clients with timely, effective tax planning advice before year-end. Participants will receive an in-depth review of Form 1040 issues and the latest updates to the Internal Revenue Code (IRC), including proposals under the One Big Beautiful Bill ACT (OBBBA). This course will also address potential tax changes under the current administration, helping practitioners anticipate and plan for what may come.

With a practical focus, this course equips professionals to navigate key tax topics such as  income adjustments, deductions, credits, and planning strategies for retirement, estate, and financial goals. Attendees will leave with actionable insights to guide clients through mid-year tax decisions and evolving legislative developments.

Highlights

• Legislative changes affecting individual tax planing, including OBBBA proposals
• Income, deduction, and credit planning strategies
• Form 1040 issues: divorce, death of a taxpayer, and status updates
• Compensation, fringe benefits, and Social Security updates
• Foreign reporting, resident alien, and cryptocurrency tax matters
• Capital gains, Kiddie Tax, and related deductions

Objectives

• Discuss major changes to the Internal Revenue Code due to recent legislation, including OBBBA.
• Identify tax planning strategies for clients in light of recent and proposed legislation.
• Update financial, estate, and retirement plans based on new tax rules.
• Analyze potential tax changes from the current administration and their implications.
• Recognize key issues related to Form 1040 filings, including status, deduction, and credit updates.
• Advise clients on capital gains, Social Security, and compensation/fringe benefits planning.

Designed For

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