Tax Update: H.R. 1 "One Big Beautiful Bill" & Form 1040

Overview

This course provides a focused analysis of the individual and small business provisions in H.R.1, “One Big Beautiful Bill.” Tailored for tax professionals working with Form 1040 filers, the course explores impactful updates, from the no-tax-on-tips provision, to enhanced bonus depreciation - designed to inform planning strategies and compliance for the 2025 tax year and beyond. Participants will gain actionable insight into newly proposed deductions and expanded credits.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

Individual Taxation: Child tax credit expansion, tip/overtime exclusions, SALT cap extension
Income & Adjustments: Tip income exclusion, overtime relief, educator expenses
Business Taxation: Bonus depreciation, §199A expansion, interest deduction limits
Estate & Gift Tax: Increased exemption thresholds, charitable deduction changes
Education Incentives: Student loan discharge, 529 plan expansion, new “Trump Accounts”
Compliance & Reporting: 1099-K threshold changes

Prerequisites

None

Designed For

CPA, EA, Tax Professional, Financial Planner, Attorney

Objectives

After attending this presentation, you will be able to...

Recognize key individual and small business tax reforms introduced in H.R.1

Apply provisions such as no-tax-on-tips, no-tax-on-overtime exclusions, expanded senior deductions and car loan interest.

Evaluate planning opportunities using expanded credits, phase-outs, and entity-level deductions

Advise Form 1040 filers on compliance strategies and tax planning as these provisions take effect.