0
| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 59 ||| Word Count: 26,762 ||| Review Questions: 20 ||| Final Exam Questions: 20 |
| CPE Credits : | 4.0 |
| IRS Credits : | 0 |
| Price : | $35.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2579 |
| Description : |
The "One Big Beautiful Bill Act," often called the Big Beautiful Bill (BBB), is a sweeping budget reconciliation. Designed to make permanent the 2017 Trump tax cuts, the bill aims to deliver substantial tax relief to American families, workers, farmers, and small businesses. Key provisions include locking in and expanding the child tax credit, eliminating taxes on tips, overtime, and car loan interest, and providing enhanced deductions for seniors. The legislation also expands the §199A small business deduction, renews 100% immediate expensing for factories and equipment, and increases the death tax exemption for family farms. Supporters claim the bill will boost take-home pay for families, raise wages for workers, and create or save millions of jobs over the next four years, fueling significant economic growth and investment, particularly in rural and Main Street America. However, the bill is not without controversy. It includes significant reductions in non-military government spending, notably imposing stricter eligibility requirements and cuts to programs like SNAP and Medicaid. The BBB also scales back clean-energy tax credits and extends the cap on state and local tax (SALT) deductions, while allocating an additional billions for defense spending. Critics have raised concerns about the bill's projected addition to the national debt. This course is an overview providing reference to selected individual, education, business, retirement, insurance, international, and estate tax provisions enacted or indexed for inflation by the BBB. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by TCJA. |
| Usage Rank : | 20030 |
| Release : | 2025 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
President Trump’s One Big Beautiful Bill Is Now the Law
|
| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 12-Jul-2025 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2579 |
| Keywords : | Taxes, Big, Beautiful, Bill, Summary, Selected, Tax, Provisions, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Individual & business tax credits, deductions & exclusions * Education incentives * Corporate & small business taxation * Compensation restrictions * International provisions * Exempt organization taxation
b. deduction of car loan interest, c. changes to the child tax credits, d. new educational incentives & student loan discharge rules, e. mortgage interest & suspended deduction provisions, f. remittance transfer changes; and g. charitable deduction changes. 3. Recognize BBB changes to energy credits. 4. Identify increased BBB exclusion amounts for estate, gift, and generation skipping transfer taxes. 5. Specify BBB changes to expensing, the limitation on non-corporate losses, reporting requirements, and research and experimentation. 6. List excise taxes imposed by the BBB on exempt organizations and recognize the de minimis entry privilege termination on foreign transactions. |
| Course Contents : | Chapter 1 - “Big Beautiful Bill” (H.R. 1) of 2025 Rates, Standard Deduction, Exemptions & Credits Individual Income Tax Rates - §1 Farm Land Sales - §1062 – New Opportunity Zones - §1400Z-1 & 2 BBB Change Standard Deduction Increase - §63 BBB Change Termination of Personal Exemptions & Senior Deduction - §151 BBB Change Alternative Minimum Tax Exemption - §55 Exemption Amounts - §55(d)(1) AMT Exemption Phaseout - §55(d) & §59(j) BBB Change Child & Dependent Care Work Expenses Tax Credit - §21 BBB Change Employer-provided Child Care Credit - §45F BBB Change Adoption Credit - §23 & §137 BBB Change Credit for Contributions to Scholarship Organizations - New Low-income Housing Credit - §42 BBB Change Earned Income Tax Credit - §32 BBB Change Excise Tax On Remittance Transfers - New Deductions Enhanced Deduction for Seniors - New Car Loan Interest Deduction - New Qualified Residence Interest Limited - 163(h)(3) BBB Change Home Equity Indebtedness - §163(h)(3)(C) BBB Change Deduction For State & Local Taxes (SALT) - §164 BBB Change Business Income of Individuals - 20% Deduction - §199A BBB Change Child Tax Credit - §24 BBB Change Qualified Production Property Depreciation - §168 BBB Change Personal Casualty Losses - §165(h)(5) BBB Change Wagering Losses Limited - §165(d) BBB Change Charitable Deduction for Nonitemizers - §170 BBB Change Charitable Contributions for Itemizers - §170 AGI Percentage for Cash Contributions Increased College Athletic Event Seating Rights Repealed Substantiation Exception for Donee Reported Contributions Repealed BBB Change Miscellaneous Itemized Deductions Subject to 2% Floor - §67 BBB Change Overall Limitation On Itemized Deductions - §68 BBB Change Exclusions Tips Exclusion - New FICA Tip Tax Credit Expanded**? BBB Change Overtime Exclusion - New Dependent Care Assistance Exclusion - §129 BBB Change Bicycle Commuting Reimbursement Exclusion - §132 BBB Change Moving Expense Reimbursement Exclusion & Deduction - §217 BBB Change Small Business Stock Gain Exclusion - §1202 BBB Change Rural & Agricultural Property Loan Interest Exclusion - New Education Incentives Employer-provided Educational Assistance - §127 BBB Change Qualified Tuition Program - §529 BBB Change Educational Credits SSN Requirement - §25A BBB Change Discharge Of Student Loan Indebtedness Expansion - §108 BBB Change MAGA Accounts for Children - New Contributions Distributions Pilot Program Rollovers Between §529 Tuition & ABLE Programs BBB Change ABLE Account Contributions - §529A BBB Change Health CHOICE Arrangements - §9831A BBB Change Direct Primary Care Service Arrangements & HSAs - §223 BBB Change Other Miscellaneous HSA Changes Energy Clean Vehicle Credit Termination - §30D BBB Change Previously-owned Clean Vehicle Credit Termination - §25E BBB Change Commercial Clean Vehicles Credit Termination - §45W BBB Change Alternative Fuel Refueling Property Credit Termination - §30C BBB Change Energy-Efficient Home Improvement Credit Termination - §25C BBB Change Residential Clean Energy Credit Termination - §25D BBB Change Energy-Efficient Commercial Buildings Deduction Termination - §179D BBB Change Energy Efficient Home Credit Termination - §45L BBB Change Cost Recovery of Clean Energy Facilities - §168(e)(3)(B) BBB Change Nuclear Power Production Credit Restrictions - §45U BBB Change Clean Hydrogen Production Credit Termination - §45V BBB Change Clean Electricity Production Credit Restrictions - §45Y BBB Change Clean Electricity Investment Credit Restrictions - §48E BBB Change Manufacturing Production Credit Restrictions - §45X BBB Change Advanced Energy Project Credit Restriction - §48C BBB Change Clean Fuel Production Credit - §45Z BBB Change Carbon Oxide Sequestration Credit Restrictions - §45Q BBB Change Intangible Drilling & Development Costs - §55 & §56A BBB Change Energy Activity Income Added To Publicly Traded Partnerships BBB Change Advanced Manufacturing Investment Credit - §48D BBB Change Transfer of Clean Energy Tax Credits - §6418 BBB Change Estate, GST & Gift Taxes Estate Tax - §2001 Applicable Exemption (or Exclusion) Amount - §2010 Gift Tax - §2501 Applicable Exemption Amount for Gift Tax - §2505 Annual Exclusion for Gifts - §2503 GST Tax - §2601 Rates Applicable Exemption Amount for GST BBB Change Business Taxation Corporate Tax Rate – §11(b) Bonus (or Additional First-year) Depreciation - §168(k) BBB Change Expensing - §179 BBB Change Expensing of Qualified Sound Recording Productions - §181 BBB Change Limitation on Non-corporate Losses - §461(l) BBB Change 1% Floor on Corporate Charitable Deductions - §170 BBB Change Business Interest Limited - §163(j) & §448(c) BBB Change Threshold For Requiring Information Reporting (1099s) BBB Change Third Party Network Transactions (1099-K) - §6050W BBB Change COVID-related Employee Retention Credits Enforcement - §6701 BBB Change Research & Experimental Expenditures - §174 BBB Change Credit for Paid Family & Medical Leave - §45S BBB Change New Markets Tax Credit - §45D BBB Change Compensation Excessive Employee Remuneration Limitation - §162(m) BBB Change Exempt Organization Executive Compensation Tax - §4960(c) BBB Change Selected International Provisions De Minimis Entry Privilege Termination BBB Change Remedies Against Unfair Foreign Taxes - §899 BBB Change Limitation on Drawback of Importer Excise Taxes - §5062(c) BBB Change Modification of GILTI & FDII Deductions - §250 BBB Change Determination of Deduction Eligible Income - §904 & §956 BBB Change Deemed-Paid Foreign Tax Credits & GILTI - §960 BBB Change Deemed Intangible Income - §951A BBB Change Source Of Income From Sales Of Inventory Modified - §861 BBB Change Base Erosion Minimum Tax (BEAT) - §59A BBB Change Exempt Organizations Unrelated Business Income Tax (“UBIT”) - §512 UBIT Increased By Disallowed Fringe Benefit Expenses - §512(a)(7) BBB Change UBIT Increased By Name & Logo Royalty Income - §512 & §513 BBB Change UBIT Increased By Income From Non-Public Research - §512(b) BBB Change Excise Taxes Private College & University Investment Income - §4968 BBB Change Private Foundation Net Investment Income - §4940(a) BBB Change Foundation Excise Tax On Excess Business Holdings - §4943 BBB Change Miscellaneous Provisions Elimination of Tax on Certain Firearm Devices - §5845 BBB Change Task Force on the Termination of Direct File BBB Change Penalties for Unauthorized Disclosures - §7213 BBB Change Medicaid Overhaul - New REIT Subsidiary Asset Test - §856 Glossary |
Login/Register