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| Author : | Andrew Clark, EA |
| Course Length : | Pages: 272 ||| Word Count: 19,3691 ||| Review Questions: 96 ||| Final Exam Questions: 153 |
| CPE Credits : | 30.5 |
| IRS Credits : | 30 |
| Price : | $160.45 |
| 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 2742 |
| Overview : |
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| Description : |
The One Big Beautiful Bill Act, also known as the OBBBA, is a diverse and far-reaching bill that changed many aspects of the tax code. Since the OBBBA and the Tax Cuts and Jobs Act now work together as the foundation for the US tax code, this course will cover both bills and how they work together and intersect. The OBBBA is an extremely large bill, so for the purposes of this course, we will only go over the material that relates to the tax code. This material is found under Title VII of the OBBBA, labeled “Finance.” The Tax Cuts and Jobs Act is organized into four primary sections of: Individual Tax Reform, Business Tax Reform, Exempt Organizations and International provisions. This is an updated course for 2025 that will provide a thorough review of all four portions of the Tax Cuts and Jobs Act Bill (H.R.1.) as well as any changes for 2025. This course will provide a summary description of all provisions referenced in the Tax Cuts and Jobs Act for each of the primary sections. It will identify which sections changed for 2018 and which were updated for 2025. In addition, each provision will reference a more detailed description of each provision. The detailed description will review the pre-2018 law, provide a detailed description of the changes for 2018 and identify the effective date that the provision became effective. |
| Usage Rank : | 20030 |
| Release : | 2025 |
| Version : | 1.0 |
| Prerequisites : | Basic understanding of federal tax code. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Internal: One Big Beautiful Bill (OBBB) CPE overview page
Internal: CPA Tax Courses Online (page including One Big Beautiful Bill category)
External: President Trumps One Big Beautiful Bill Is Now the Law
External: Official Text of H.R. 1 - One Big Beautiful Bill Act (119th Congress)
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 01-Jan-2026 |
| 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 - 2742 |
| Keywords : | Taxes, Tax, Implications, One, Big, Beautiful, Bill, Act, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives At the end of this course, students will be able to:
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| Course Contents : | Chapter 1 - Tax Implications of the One Big Beautiful Bill Act Course Learning Objectives Introduction Part 1 – Overview of the One Big Beautiful Bill Act Title VII – FINANCE SUBTITLE A: Tax Chapter 1 – Providing Permanent Tax Relief for Middle-Class Families and Workers Sec. 70101 – Extension of Modification of Rates Sec. 70102 – Extension and Enhancement of Increased Standard Deduction Sec. 70103 – Termination of Deduction for Personal Exemptions Other Than Temporary Senior Deduction Sec. 70104 – Extension and Enhancement of Increased Child Tax Credit Sec. 70105 – Extension and Enhancement of Qualified Business Income Sec. 70106 – Extension and Enhancement of Increased Estate and Gift Tax Exemption Amounts Sec. 70107 – Extension of Increased Alternative Minimum Tax Exemption Amounts and Modification of Phase-out Thresholds Sec. 70108 – Extension and Modification of Limitation on Deduction for Qualified Residence Interest Sec. 70109 – Extension and Modification of Limitation on Casualty Loss Deduction Sec. 70110 – Termination of Miscellaneous Itemized Deductions Other Than Educator Expenses Sec. 70111 – Limitation on Tax Benefit of Itemized Deductions Sec. 70112 – Extension and Modification of Qualified Transportation Fringe Benefits Sec. 70113 – Extension and Modification of Limitation on Deduction and Exclusion for Moving Expenses Sec. 70114 – Extension and Modification of Limitation on Wagering Losses Sec. 70115 – Extension and Modification of Increased Limitation on Contributions to ABLE Accounts Sec. 70116 – Extension and Enhancement of Savers Credit Allowed for ABLE Contributions Sec. 70117 – Extension of Rollovers from Qualified Tuition Programs to ABLE Accounts Permitted Sec. 70118 – Extension of Treatment of Certain Individuals Performing Services in the Sinai Peninsula and Enhancement to Include Additional Areas Sec. 70119 – Extension and Modification of Exclusion from Gross Income of Student Loans Discharged on Account of Death or Disability Sec. 70120 – Limitation on Individual Deductions for Certain State and Local Taxes, Etc. Chapter 2 – Delivering on Presidential Priorities to Provide New Middle-Class Tax Relief Sec. 70201 – No Tax on Tips Sec. 70202 – No Tax on Overtime Sec. 70203 – No Tax on Car Loan Interest Sec. 70204 – Trump Accounts and Contribution Pilot Program Part 1a Review Questions Chapter 3 – Establishing Certainty and Competitiveness for American Job Creators Subchapter A – Permanent U.S. Business Tax Reform and Boosting Domestic Investment Sec. 70301 – Full expensing for Certain Business Property Sec. 70302 – Full Expensing of Domestic Research and Experimental Procedures Sec. 70303 – Modification of Limitation on Business Interest Sec. 70304 – Extension and Enhancement of Paid Family and Medical Leave Credit Sec. 70305 – Exceptions from Limitations on Deductions for Business Meals Sec. 70306 – Increased Dollar Limitations for Expensing of Certain Depreciable Business Assets Sec. 70307 – Special Depreciation Allowance for Qualified Production Property Sec. 70308 – Enhancement of Advanced Manufacturing Investment Credit Sec. 70309 – Spaceports are Treated Like Airports Under Exempt Facility Bond Rules Subtitle B – Permanent America-first International Tax Reforms Part I – Foreign Tax Credit Sec. 70311 – Modifications Related to Foreign Tax Credit Limitation Sec. 70312 – Modifications to Determination of Deemed Paid Credit for Taxes Properly Attributed to Tested Income Sec. 70313 – Sourcing Certain Income from the Sale of Inventory Produced in the United States Part II – Foreign-Derived Deduction Eligible Income and Net CFC Tested Income Sec. 70321 – Modification of Deduction for Foreign-Derived Deduction Eligible Income and Net CFC Tested Income Sec. 70322 – Determination of Deduction Eligible Income Sec. 70323 – Rules Related to Deemed Intangible Income Part III – Base Erosion Minimum Tax Sec. 70331 – Extension and Modification of Base Erosion Minimum Tax Amount Part IV – Business Interest Limitation Sec. 70341 – Coordination of Business Interest Limitation with Interest Capitalization Provisions Sec. 70342 – Definition of Adjusted Taxable Income for Business Interest Limitation Part V – Other International Tax Reforms Sec. 70351 – Permanent Extension of Look-Thru Rule for Related Controlled Foreign Corporations Sec. 70352 – Repeal of Election for 1-Month Deferral in Determination of Taxable Year of Specified Foreign Corporations Sec. 70353 – Restoration of Limitation on Downward Attribution of Stock Ownership in Applying Constructive Ownership Rules. Sec. 70354 – Modifications to Pro Rata Share Rules Chapter 4 – Investing in American Families, Communities, and Small Businesses Subchapter A – Permanent Investments in Families and Children Sec. 70401 – Enhancement of Employer-Provided Child Care Credit Sec. 70402 – Enhancement of Adoption Credit Sec. 70403 – Recognizing Indian Tribal Governments for Purposes of Determining Whether a Child Has Special Needs for Purposes of the Adoption Credit Sec. 70404 – Enhancement of the Dependent Care Assistance Program Sec. 70405 – Enhancement of Child and Dependent Care Tax Credit Part 1b Review Questions Subchapter B – Permanent Investments in Students and Reforms to Tax-exempt Institutions Sec. 70411 – Tax Credit for Contributions of Individuals to Scholarship Granting Organizations Sec. 70412 – Exclusion for Employer Payments of Student Loans Sec. 70413 – Additional Expenses Treated as Qualified Higher Education Expenses for Purposes of 529 Accounts Sec. 70414 – Certain Postsecondary Credentialing Expenses Treated as Qualified Higher Education Expenses for Purposes of 529 Accounts Sec. 70415 – Modification of Excise Tax on Investment Income of Certain Private Colleges and Universities Sec. 70416 – Expanding Application of Tax on Excess Compensation Within Tax-Exempt Organizations Subchapter C – Permanent Renewal and Enhancement of Opportunity Zones Sec. 70421 – Permanent Renewal and Enhancement of Opportunity Zones Sec. 70422 – Permanent Enhancement of the Low-Income Housing Credit Sec. 70423 – Permanent Extension of New Markets Tax Credit Sec. 70424 – Permanent and Expanded Reinstatement of Partial Deduction for Charitable Contributions of Individuals Who do Not Elect to Itemize Sec. 70425 – 0.5 Percent Floor on Deduction of Contributions Made by Individuals Sec. 70426 – 1-Percent Floor on Deduction of Charitable Contributions Made by Corporations Sec. 70427 – Permanent Increase in Limitation on Cover Over of Tax on Distilled Spirits Sec. 70428 – Nonprofit Community Development Activities in Remote Native Villages Sec. 70429 – Adjustment of Charitable Deduction for Certain Expenses in Support of Native Alaskan Subsistence Whaling Sec. 70430 – Exception to Percentage of Completion Method of Accounting for Certain Residential Construction Contracts Subchapter D – Permanent Investments in Small Business and Rural America Sec. 70431 – Expansion of Qualified Small Business Stock Gain Exclusion Sec. 70432 – Repeal of Revision to De Minimis Rules for Third Party Network Transactions Sec. 70433 – Increase in Threshold for Requiring Information Reporting with Respect to Certain Payees Sec. 70434 – Treatment of Certain Qualified Sound Recording Productions Sec. 70435 – Exclusion of Interest on Loans Secured by Rural or Agricultural Real Property Sec. 70436 – Reduction of Transfer and Manufacturing Taxes for Certain Devices Sec. 70437 – Treatment of Capital Gains from the Sale of Certain Farmland Property Sec. 70438 – Extension of Rules for Treatment of Certain Disaster-Related Personal Casualty Losses Sec. 70439 – Restoration of Taxable REIT Subsidiary Asset Test Part 1c Review Questions Chapter 5 – Ending Green New Deal Spending, Promoting America-First Energy, and Other Reforms Subchapter A – Termination of Green New Deal Subsidies Sec. 70501 – Termination of Previously-Owned Clean Vehicle Credit Sec. 70502 – Termination of Clean Vehicle Credit Sec. 70503 – Termination of Qualified Commercial Clean Vehicles Credit Sec. 70504 – Termination of Alternative Fuel Vehicle Refueling Property Credit Sec. 70505 – Termination of Energy Efficient Home Improvement Credit Sec. 70506 – Termination of Residential Clean Energy Credit Sec. 70507 – Termination of Energy Efficient Commercial Buildings Deduction Sec. 70508 – Termination of New Energy Efficient Home Credit Sec. 70509 – Termination of Cost Recovery for Energy Property Sec. 70510 – Modifications to Zero-Emission Nuclear Power Production Credit Sec. 70511 – Termination of Clean Hydrogen Production Credit Sec. 70512 – Termination and Restriction on Clean Energy Production Credit Sec. 70513 – Termination and Restrictions on Clean Electricity Investment Credit Sec. 70514 – Phase-Out and Restrictions on Advanced Manufacturing Production Credit Sec. 70515 – Restriction on the Extension of Advanced Energy Project Credit Program Subchapter B – Enhancement of America-First Energy Policy Sec. 70521 – Extension and Modification of the Clean Fuel Production Credit Sec. 70522 – Restrictions on Carbon Dioxide Sequestration Credit Sec. 70523 – Intangible Drilling and Development Costs Taken Into Account for Purposes of Computing Adjusted Financial Statement Income Sec. 70524 – Income from Hydrogen Storage, Carbon Capture, Advanced Nuclear, Hydropower, and Geothermal Energy Added to Qualifying Income of Certain Publicly Traded Partnerships Sec. 70525 – Allow for Payments to Certain Individuals Who Dye Fuel Subchapter C – Other Reforms Sec. 70531 – Modifications to De Minimis Entry Privilege for Commercial Shipments Chapter 6 – Enhancing deduction and Income Tax Credit Guardrails, and Other Reforms Sec. 70601 – Modification and Extension of Limitation on Excess Business Losses of Noncorporate Taxpayers Sec. 70602 – Treatment of Payments from Partnerships to Partners for Property or Services Sec. 70603 -Excessive Employee Remuneration from Controlled Group Members and Allocation of Deduction Sec. 70604 – Excise Tax on Certain Remittance Transfers Sec. 70605 – Enforcement Provisions with Respect to COVID-Related Employee Retention Credits Sec. 70606 – Social Security Number Requirement for American Opportunity and Lifetime Learning Credits. Sec. 70607 – Task Force on the Replacement of Direct File Part 1d Review Questions Part 2 – Overview of Other Important Tax Statutes INDIVIDUAL TAX REFORM Reduction and Simplification of Individual Income Tax Rates Individual income tax Tax Bracket Amounts and Rates for 2024 Tax Bracket Amounts and Rates for 2025 Increase in standard deduction Repeal of the deduction for personal exemptions Alternative inflation adjustment Treatment of Business Income of Individuals, Trusts, and Estates Deduction for qualified business income Simplification and Reform of Family and Individual Tax Credits Enhancement of child tax credit and new family credit Credit for the elderly and permanently disabled Repeal of credit for plug-in electric drive motor vehicles Termination of credit for interest on certain home mortgages Modification of taxpayer identification number requirements for the child tax credit, earned income credit, and American Opportunity credit. Procedures to reduce improper claims of earned income credit Certain income disallowed for purposes of the earned income tax credit Limitation on losses for taxpayers other than corporations Reform of American opportunity tax credit and repeal of lifetime learning credit Consolidation and modification of education savings rules Reforms to discharge of certain student loan indebtedness Repeal of deduction for student loan interest Repeal of deduction for qualified tuition and related expenses Repeal of exclusion for qualified tuition reductions Repeal of exclusion for interest on United States savings bonds used for higher education expenses Repeal of exclusion for educational assistance programs Rollovers between qualified tuition programs and qualified ABLE programs Repeal of overall limitation on itemized deductions Part 2a Review Questions Simplification and Reform of Deductions and Exclusions Modification of deduction for home mortgage interest Modification of deduction for taxes not paid or accrued in a trade or business Repeal of deduction for personal casualty and theft losses Limitation on wagering losses Modifications to the deduction for charitable contributions Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor Repeal of deduction for medical expenses Repeal of deduction for alimony payments and corresponding inclusion in gross income Repeal of deduction for moving expenses Termination of deduction and exclusions for contributions to medical savings accounts Denial of deduction for performing artists and certain officials; Modification of deduction for educator expenses Suspension of exclusion for qualified bicycle commuting reimbursement Limitation on exclusion for employer-provided housing Modification of exclusion of gain on sale of a principal residence Sunset of exclusion for dependent care assistance programs Repeal of exclusion for qualified moving expense reimbursement Repeal of exclusion for adoption assistance programs Simplification and Reform of Savings, Pensions, Retirement Repeal of special rule permitting recharacterization of IRA contributions Reduction in minimum age for allowable in-service distributions Modification of rules governing hardship distributions Modification of Rules Relating to Hardship Withdrawals from Cash or Deferred Arrangements Extended rollover period for the rollover of plan loan offset amounts in certain cases Modification of nondiscrimination rules for certain plans providing benefits or contributions to older, longer service participants Modification of rules applicable to length of service award programs for bona fide public safety volunteers Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes Alternative Minimum Tax Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage Other Provisions Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit Extension of time limit for contesting IRS levy Treatment of certain individuals performing services in the Sinai Peninsula of Egypt Modifications of user fees requirements for installment agreements Relief for 2016 disaster areas Attorneys’ fees relating to awards to whistleblowers Clarification of whistleblower awards Exclusion from gross income of certain amounts received by wrongly incarcerated individuals Part 2b Review Questions BUSINESS TAX REFORM Tax Rates Reduction in corporate tax rate Cost Recovery Increased expensing Modifications to depreciation limitations on luxury automobiles and personal use property Modifications of treatment of certain farm property Applicable recovery period for real property Use of alternative depreciation system for electing farming businesses Expensing of certain costs of replanting citrus plants lost by reason of casualty Small Business Reforms Expansion of section 179 expensing Small business accounting method reform and simplification Modification of treatment of S corporation conversions to C corporations Reform of Business Related Exclusions, Deductions, etc. Interest Modification of net operating loss deduction Like-kind exchanges of real property Revision of treatment of contributions to capital Repeal of deduction for local lobbying expenses Repeal of deduction for income attributable to domestic production activities Entertainment, etc. expenses Repeal of exclusion, etc., for employee achievement awards Unrelated business taxable income increased by amount of certain fringe benefit expenses for which deduction is disallowed Limitation on deduction for FDIC premiums Repeal of rollover of publicly traded securities gain into specialized small business investment companies Certain self-created property not treated as a capital asset Repeal of special rule for sale or exchange of patents Repeal of technical termination of partnerships Recharacterization of certain gains in the case of partnership profits interests held in connection with performance of investment services Amortization of research and experimental expenditures Certain special rules for taxable year of inclusion Denial of deduction for certain fines, penalties, and other amounts Denial of deduction for settlements subject to nondisclosure agreements paid in connection with sexual harassment or sexual abuse Uniform treatment of expenses in contingency fee cases Part 3a Review Questions Reform of Business Credits Repeal of credit for clinical testing expenses for certain drugs for rare diseases or conditions Repeal of employer-provided child care credit Rehabilitation credit Repeal of work opportunity tax credit Repeal of deduction for certain unused business credits Termination of new markets tax credit Repeal of credit for expenditures to provide access to disabled individuals Modification of credit for portion of employer social security taxes paid with respect to employee tips Employer credit for paid family and medical leave Energy Credits Modifications to credit for electricity produced from certain renewable resources Modification of the energy investment tax credit Extension and phaseout of residential energy efficient property credit Repeal of enhanced oil recovery credit Repeal of credit for producing oil and gas from marginal wells Modification of credit for production from advanced nuclear power facilities Bond Reforms Termination of private activity bonds Repeal of advance refunding bonds Repeal of tax credit bonds No tax-exempt bonds for professional stadiums Insurance Net operating losses of life insurance companies Repeal of small life insurance company deduction Surtax on life insurance company taxable income Adjustment for change in computing reserves Repeal of special rule for distributions to shareholders from pre-1984 policyholders surplus account Modification of proration rules for property and casualty insurance companies Modification of discounting rules for property and casualty insurance companies Repeal of special estimated tax payments Computation of life insurance tax reserves Modification of rules for life insurance proration for purposes of determining the dividends received deduction Capitalization of certain policy acquisition expenses Tax reporting for life settlement transactions, clarification of tax basis of life insurance contracts, and exception to transfer for valuable consideration rules Compensation Modification of limitation on excessive employee remuneration Excise tax on excess tax-exempt organization executive compensation Treatment of qualified equity grants Increase in excise tax rate for stock compensation of insiders in expatriated corporations Part 3b Review Questions Other Provisions Treatment of gain or loss of foreign persons from sale or exchange of interests in partnerships engaged in trade or business within the United States Modification of the definition of substantial built-in loss in the case of transfer of partnership interest Charitable contributions and foreign taxes taken into account in determining limitation on allowance of partner’s share of loss Cost basis of specified securities determined without regard to identification Expansion of qualifying beneficiaries of an electing small business trust Charitable contribution deduction for electing small business trusts Production period for beer, wine, and distilled spirits Reduced rate of excise tax on beer Transfer of beer between bonded facilities Reduced rate of excise tax on certain wine Adjustment of alcohol content level for application of excise tax rates Definition of mead and low alcohol by volume wine Reduced rate of excise tax on certain distilled spirits Bulk distilled spirits Modification of tax treatment of Alaska Native Corporations and Settlement Trusts Amounts paid for aircraft management services Opportunity zones Provisions relating to the low-income housing credit Part 3c Review Questions EXEMPT ORGANIZATIONS Unrelated Business Income Tax Clarification of unrelated business income tax treatment of entities exempt from tax under section 501(a) Exclusion of research income from unrelated business taxable income limited to publicly available research Unrelated business taxable income separately computed for each trade or business activity Excise Taxes Simplification of excise tax on private foundation investment income Private operating foundation requirements relating to operation of an art museum Excise tax based on investment income of private colleges and universities Provide an exception to the private foundation excess business holdings rules for philanthropic business holdings Requirements for Organizations Exempt From Tax Section 501(c)(3) organizations permitted to make statements relating to political campaign in ordinary course of activities in carrying out exempt purpose Additional reporting requirements for donor advised fund sponsoring organizations Part 4 Review Questions INTERNATIONAL TAX PROVISIONS Establishment of Participation Exemption System for Taxation of Foreign Income Deduction for foreign-source portion of dividends received by domestic corporations from specified 10-percent owned foreign corporations Special rules relating to sales or transfers involving specified 10-percent owned foreign corporations Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate Election to increase percentage of domestic taxable income offset by overall domestic loss treated as foreign source Rules Related to Passive and Mobile Income Deduction for foreign-derived intangible income and global intangible low-taxed income Modifications Related to Foreign Tax Credit System Repeal of section 902 indirect foreign tax credits; determination of section 960 credit on current year basis Source of income from sales of inventory determined solely on basis of production activities Separate foreign tax credit limitation basket for foreign branch income Modification of Subpart F Provisions Repeal of inclusion based on withdrawal of previously excluded subpart F income from qualified investment Repeal of treatment of foreign base company oil related income as subpart F income Modification of stock attribution rules for determining CFC status Modification of definition of United States shareholder Elimination of requirement that corporation must be controlled for 30 days before subpart F inclusions apply Part 5a Review Questions Prevention of Base Erosion Limitations on income shifting through intangible property transfers Certain related party amounts paid or accrued in hybrid transactions or with hybrid entities Shareholders of surrogate foreign corporations not eligible not eligible for reduced rate on dividends Base Erosion and Anti-Abuse Tax (BEAT) Other International Reforms Restriction on insurance business exception to the passive foreign investment company rules Repeal of fair market value of interest expense apportionment Modification to source rules involving possessions Part 5b Review Questions Glossary |
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