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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 111 ||| Word Count: 36,128 ||| Review Questions: 25 ||| Final Exam Questions: 30 |
| CPE Credits : | 6.0 |
| IRS Credits : | 6 |
| Price : | $53.95 |
| 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 2654 |
| Overview : |
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| Description : |
Sweeping new legislation passed on July 4, 2025, titled “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” and referred to as the One Big Beautiful Bill Act (OBBBA) became law. The One Big Beautiful Bill Act Tax Provisions course, offering 6 CPE credits, examines the tax provisions of the Act, beginning with those provisions that are immediately effective for 2025, followed by provisions that become effective in 2026 and beyond. The new law makes permanent many of the tax provisions of the Tax Cuts and Jobs Act (TCJA) and makes changes to existing tax law, some permanent and others temporary. A brief explanation of existing tax law prior to OBBBA’s passage is provided, and appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes. The course will discuss both the individual and business tax provisions and is organized along effective-date lines and whether the principal effect will be experienced by individual or business taxpayers. Accordingly, the course is segmented as follows:
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| Usage Rank : | 20030 | ||||||||||
| Release : | 2025 | ||||||||||
| Version : | 1.0 | ||||||||||
| Prerequisites : | None. | ||||||||||
| 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 : | 11-Oct-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 - 2654 |
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| Keywords : | Taxes, One, Big, Beautiful, Bill, Act, cpe, cpa, online course | ||||||||||
| Learning Objectives : |
Course Learning Objectives After completing this course, students should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
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| Course Contents : | Course Learning Objectives Introduction Chapter 1 - Individual Taxpayers 2025 Effective Date Chapter Learning Objectives Introduction Standard Deduction Increased and Made Permanent Standard Deduction Eligibility Standard Deduction Amounts Standard Deduction for Blind and Senior Taxpayers Standard Deduction Summary Deduction for State & Local Taxes Temporarily Increased (SALT Deduction) Reduction of Limitation Based on Income Most Personal Exemptions Permanently Eliminated, Senior Exemption Authorized Child Tax Credit Increased Child Tax Credit Phaseout and Nonrefundable Amounts Social Security Number Requirement Credit for Other Dependents Limits on the CTC and ODC Claiming CTC and ODC Adoption Credit Now Partially Refundable Eligible Child Qualified Adoption Expenses Qualified Adoption Expenses not required for Special Needs Adoptions The Adoption Credit & Exclusion Benefit Timing of the Credit/Exclusion Benefit Phased-Out at Higher Taxpayer MAGI Benefit may be Carried Over Recognizing Indian Tribal Governments for Purposes of Determining Whether a Child Has Special Needs for Purposes of The Adoption Credit OBBBA Gives Tribal Governments Power to Declare “Special Needs” Status Tax on Tips Reduced Qualified Tips Defined Tax on Overtime Reduced Qualified Overtime Compensation Defined Deduction Limited by Modified Adjusted Gross Income Car Loan Interest Deduction Qualified Passenger Vehicle Loan Interest Defined Applicable Passenger Vehicle Defined Tax Credits for Purchase of Electric Vehicles Terminated OBBBA Ends Electric Vehicle Tax Credits Postsecondary Credentialing Expenses Now Qualified Higher Education Expenses Extension of Rules for Treatment of Certain Disaster-Related Personal Casualty Losses OBBBA Extends Casualty Loss Claim Rules Summary Chapter 1 Review Chapter 2 - Business Taxpayers 2025 Effective Date Chapter Learning Objectives Introduction Third-Party Network Reporting OBBBA Repeals Third-Party Network Reporting Bonus Depreciation OBBBA Makes Bonus Depreciation Permanent, Increases Percentage Qualified Property Used Qualified Property Increased Dollar Limitations Apply to Expensing Depreciable Assets OBBBA Permits Special Depreciation Allowance for Qualified Production Property Qualified Production Property Defined Exception to Original Use Requirement Qualified Production Activity Defined Recapture Research and Experimentation Expenditures OBBBA Allows Immediate Expensing of Domestic Research & Experimentation Expenses Domestic Research and Experimentation Expenses Incurred 2022 - 2025 Small Business Research and Experimentation Transition Rules Limitation of Business Interest Allows Increased Deduction OBBBA Increases Amount of Deductible Business Interest Expense Floor Plan Definition of Motor Vehicle Expanded to Include Trailers and Campers Spaceports Treated Like Airports for Tax-Exempt Financing Spaceport Defined Credit for Foreign Taxes Paid Modified OBBBA Affects Foreign Tax Credit Repeal of Deferral in Taxable Year Determination of Specified Foreign Corporations OBBBA Repeals SFC Option to Elect Different Start of Tax Year From Majority U.S. Owner Nonprofit Community Development Activities in Remote Native Villages OBBBA Eliminates Recognition of Gain on Transfer of Assets from Certain Subsidiaries Residential Construction Contracts Exception to PCM OBBBA Enlarges PCM Exception Expansion of Qualified Small Business Stock Gain Exclusion OBBBA Increases Exclusion Amount, Adds Tiered Holding Periods & Increases Asset Limit Treatment of Certain Qualified Sound Recording Productions OBBBA Permits Immediate Expense Deduction of Sound Production Costs Exclusion of Interest on Loans Secured by Rural or Agricultural Real Property OBBBA Excludes Portion of Certain Interest Received by Lenders from Income Qualified Lender Defined Real or Agricultural Real Estate Defined Qualified Real Estate Loan Defined Treatment of Capital Gains From Sale of Certain Farmland Property OBBBA Allows Four-Year Recognition of Gain on Farmland Sale The Rules Relating to Farmland Capital Gains Installment Payments Timing of Installment Payments Failure to Make Timely Installment Payments Election of The Installment Arrangement Qualified Farmland Property Qualified Farmer Cost Recovery for Energy Property OBBBA Eliminates Five-Year Energy Property Accelerated Cost Recovery Treatment of Payments from Partnerships to Partners for Property or Services. OBBBA Treats Partner Providing Certain Property or Services to Partnership as Non-Partner Enforcement Provisions Concerning COVID-Related Employee Retention Credits OBBBA Imposes Penalties for ERTC Due Diligence Failures Penalty for Due Diligence Failure Normal Limitation on Assessments Extended Imposition of a Retroactive Deadline for Filing COVID-ERTC Claims Extension for Claiming Income Tax Refund for Wages Paid If ERTC Disallowed. Summary Chapter 2 Review Chapter 3 - Business Taxpayers Energy-Related Changes 2025 Effective Date Chapter Learning Objectives Introduction Modification of Tax Credit for Nuclear Power Production OBBBA Eliminates Nuclear Power Production Credit for Prohibited Foreign Entities Qualified Nuclear Power Facility Defined Qualified Commercial Clean Vehicle Credit Terminated OBBBA Ends the Commercial Clean Vehicle Credit Sustainable Aviation Fuel Credit Eliminated OBBBA Ends Sustainable Aviation Fuel Credit Advanced Manufacturing Production Credit Modified OBBBA Makes Various Changes to Advance Manufacturing Credit Termination Of Alternative Fuel Vehicle Refueling Property Credit OBBBA Accelerates End of Alternative Vehicle Refueling Property Credit by 5 ½ Years Termination Of Energy Efficient Commercial Buildings Deduction OBBBA Ends Deduction for Efficient Buildings Construction after June 30, 2026 Termination of Clean Hydrogen Production Credit OBBBA Ends Clean Hydrogen Production Credit Five Years Early Termination of and Restrictions on Clean Electricity Production Credit OBBBA adds Clean Electricity Credit Restrictions & Shortens Period Available Termination and Restrictions on Clean Electricity Investment Credit OBBBA Ends Wind & Solar Credits Early & Disqualifies Prohibited Foreign Entities Restriction on Extension of Advanced Energy Project Credit Program OBBBA Eliminates Advanced Energy Credit Restoration Extension and Modification of Clean Fuel Production Credit OBBBA Modifies, Extends and Eliminates Part of Clean Fuel Production Credit Restrictions on Carbon Oxide Sequestration Credit OBBBA Eliminates Carbon Sequestration Credit to SFEs & Foreign-Influenced Entities Intangible Drilling and Development Costs Taken into Account for Purposes of Computing Adjusted Financial Statement Income OBBBA Modifies IDCs Treatment for Adjusted Financial Statement Income Income from Hydrogen Storage, Carbon Capture, Advanced Nuclear, Hydropower, and Geothermal Energy Added to Qualifying Income of Certain Publicly Traded Partnerships OBBBA Expands Definition of Qualifying Income for PTPs Allow for Payments to Certain Individuals Who Dye Fuel OBBBA adds Excise Tax Refund for Dyed Diesel Fuel & Kerosene Determination of Deduction Eligible Income OBBBA Addition of Excluded Items Reduces Deduction-Eligible Income Termination of New Energy Efficient Home Credit OBBBA Terminates New Energy Efficient Home Credit 6½ Years Early Summary Chapter 3 Review Chapter 4 - Individual Taxpayers 2026 & Later Effective Date Chapter Learning Objectives Introduction Extension and Enhancement of Increased Estate And Gift Tax Exemption Amounts Lifetime Estate & Gift Tax Exemption Increased Extension of Increased AMT Exemption Amounts and Modification Of Phaseout Thresholds. OBBBA AMT Threshold Reduced & Exemption Increased Extension and Modification of Qualified Residence Interest Limitation Deduction OBBBA Makes Mortgage Insurance Premiums Deductible for Itemizers Casualty Loss Deduction Limitation Extension and Modification OBBBA Makes Provisions Permanent & Eliminates Need to Itemize Termination of Miscellaneous Itemized Deductions Other Than Educator Expenses OBBBA Permanently Eliminates Miscellaneous Deductions Subject to 2% for Other than Educator Costs Limitation on Tax Benefit of Itemized Deductions OBBBA Imposes Reduction on Itemized Deductions Extension and Modification of Qualified Transportation Fringe Benefits OBBBA Eliminates Most Excludable Transportation Fringe Benefits for Employees Extension and Modification of Moving Expenses Treatment OBBBA Permanently Eliminates Most Moving Expense Treatment, adds Intelligence Community Exception Extension and Modification of Limitation on Wagering Losses OBBBA Reduces Wagering Loss Deduction & Includes Travel & Lodging in Losses ABLE Account Extension and Enhancement of Increased Contribution Limitation OBBBA Links ABLE Contribution Limit to Gift Tax Annual Exclusion Extension and Enhancement of Savers Credit Allowed For Able Contributions OBBBA Repeals Savers Match & Increases Contribution Considered for Credit Extension of Rollovers from Qualified Tuition Programs to Able Accounts OBBBA Makes Rollovers to ABLE Accounts Permanent Treatment for Service in the Sinai Peninsula and Additional Areas OBBBA Permanently Extends Treatment of Imminent Danger Pay Extension and Modification of Exclusion from Gross Income of Student Loans Discharged on Account of Death or Disability OBBBA Makes Tax-Free Student Loan Discharges due to Death or Disability Permanent Trump Accounts and Contribution Pilot Program Enhancement of Child and Dependent Care Tax Credit OBBBA Increases Child and Dependent Care Credit & Income Limit Enhancement of the Dependent Care Assistance Program OBBBA Increases Dependent Care Assistance Program FSA Contribution Limit Tax Credit for Contributions of Individuals to Scholarship Granting Organizations Exclusion for Employer Payments of Student Loans OBBBA Makes Employer’s Student Loan Payment Exclusion Permanent Additional Qualified Higher Education Expenses for §529 Accounts OBBBA Increases 529 Distribution Limit & Expands Education Expense Definition Charitable Deduction for Non-itemizers Authorized OBBBA Authorizes Partial Charitable Deduction for Non-Itemizers 0.5 Percent Floor on Deduction of Contributions OBBBA Makes Cash Contribution Limit Permanent & Adds Deductible Floor Excise Tax on Certain Remittance Transfers OBBBA Imposes 1% Remittance Transfer Tax Termination of Energy Efficient Home Improvement Credit OBBBA Terminates Energy Efficient Home Improvement Credit 7 Years Early Termination of Residential Clean Energy Credit OBBBA Terminates Residential Clean Energy Credit 9 Years Early Social Security Number Requirement for American Opportunity and Lifetime Learning Credits OBBBA Narrows Needed AOTC & Lifetime Learning Credit Identification Documentation Summary Chapter 4 Review Chapter 5 - Business Taxpayers 2026 & Later Effective Date Chapter Learning Objectives Introduction Credit for Foreign Taxes Paid Modified OBBBA Increases Foreign Taxes Paid Credit Extension And Enhancement Of Deduction For Qualified Business Income OBBBA Makes QBI Deduction Permanent, Extends Phase-In & Establishes New Deduction New Minimum Deduction Extension and Enhancement of Paid Family and Medical Leave Credit OBBBA Makes PFML Credit Permanent, adds Insurance Premium Credit & Reduces Tenure Requirement Exceptions from Limitations on Deduction for Business Meals OBBBA Increases Meal Deduction for Restaurants, Caterers, Fishing Boats & Processers Enhancement of Advanced Manufacturing Investment Credit OBBBA Increases Advanced Manufacturing Investment Credit Sourcing Certain Income from the Sale of Inventory Produced in the United States OBBBA Allows 50 Percent of U.S. Produced Inventory to be Considered Foreign-Sourced Modifications Related to Foreign Tax Credit Limitation OBBBA Changes Foreign Tax Credit Limitations Modification of Deduction for Foreign-Derived Deduction Eligible Income and Net CFC Tested Income OBBBA Foreign-Derived Deduction Eligible Income and Net CFC Tested Income Rules Related to Deemed Intangible Income OBBBA Repeals Tax-Free Deemed Return on Foreign Investments Extension and Modification of Base Erosion Minimum Tax Amount OBBBA Increases the BEAT Rate to 10.5% Coordination of Business Interest Limitation with Interest Capitalization Provisions OBBBA Requires Application of Business Interest Limitation Before Interest Capitalization Definition of Adjusted Taxable Income for Business Interest Limitation OBBBA Amends ATI Definition Increasing Business Interest Expense Deduction Permanent Extension of Look-Thru Rule for Related Controlled Foreign Corporations OBBBA Extends CFC Look-Thru Rule Enhancement of Employer-Provided Child Care Credit OBBBA Increases Child Care Credit Amount and Percentage of Expenditures Enhancement of the Dependent Care Assistance Program OBBBA Increases Dependent Care Assistance Modification of Tax on Investment Income of Private Colleges & Universities OBBBA Imposes Higher Taxes on Some Private Colleges & Universities Expanding application of tax on excess compensation within tax-exempt organizations OBBBA Changes “Covered Employee” Definition Potentially Increasing Excise Tax Permanent Renewal and Enhancement of Opportunity Zones OBBBA Makes Opportunity Zones Program Permanent & Imposes Stricter Guidelines Permanent Enhancement of Low-Income Housing Tax Credit OBBBA Increases Low-Income Housing Tax Credits & Permits 100% Expensing Permanent Extension of New Markets Tax Credit OBBBA Permanently Extends New Markets Tax Credit 1-Percent Floor on Deduction of Charitable Contributions made by Corporations OBBBA Limits Corporate Charitable Deduction to Contributions over 1% of Taxable Income Permanent Increase in Limitation on Cover Over of Tax on Distilled Spirits OBBBA Increases Cover Over Payments to Puerto Rico & U.S. Virgin Islands Adjustment of Charitable Deduction for Certain Expenses Incurred in Support of Native Alaskan Subsistence Whaling OBBBA Increases Limit for Charitable Deduction for Whaling Captain Expenses Increase in Threshold for Requiring Information Reporting with Respect to Certain Payees OBBBA Raises Reporting Independent Contractor Threshold to $2,000 Reduction of Transfer and Manufacturing Taxes for Certain Devices OBBBA Eliminates Transfer & Manufacturing Tax on Specified Firearms Restoration of Taxable REIT Subsidiary Asset Test OBBBA Increases REIT’s Asset Limit Held in Taxable REIT Subsidiary Modifications to De Minimis Entry Privilege for Commercial Shipments OBBBA & Executive Order Eliminate De Minimis Entry Privilege, Impose Violation Penalty Modification and Extension of Limitation on Excess Business Losses of Noncorporate Taxpayers OBBBA Reduces EBL Limitation & Makes Rule Permanent Excessive Employee Remuneration from Controlled Group Members and Allocation of Deduction OBBBA Broadens Controlled Group Definition & Aggregates Compensation for Deduction Limit Extension and Modification of Qualified Transportation Fringe Benefits OBBBA Eliminates Deductibility of Most Transportation Fringe Benefits Summary Chapter 5 Review Glossary |
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