Overview of the One Big Beautiful Bill Act/IRS Stakeholder Presentation
Paul La Monaca CPA, MST; Derek Gantor
Course Descriptions and Learning Objectives
Session 1: Overview of the "One Big Beautiful Bill Act"
This course introduces Tax Professionals to the issues of the "One Big Beautiful Bill Act". The session will review new and extended provisions enacted which will include:
Tax Cut and Jobs Act provisions that have been extended including:
- §1 Individual Tax Rates,
- §199A QBI Deductions for pass-through entity income,
- §55 AMT Provisions including Exemptions, Phase-outs and Rates,
- §164 SALT proposals to increasing the cap to $40,000,
- §168(k) Bonus Depreciation Issues made permanent
- Increased Standard Deduction Amounts, and
- Provisions Relating to Itemized Deductions including phase-out for high income individuals.
- §45S Employer Credit for “Paid Family Medical Leave” made permanent and expanded,
- §127 Qualified Education Exclusion of up to $5,250 annually on “student loan debt” paid by employers made permanent and expanded to inflation.
- §224 No Tax on Tips,
- §225 No Tax on Overtime, and
- Special deduction for seniors
- Deduction for Qualified Auto Loans
Session 2: IRS Operations Briefing and Online Services Updates to Help Tax Pros to Better Serve Clients
IRS is amid epic implementations and improvements. Within the next five years, taxpayers will be able to securely file all documents and respond to all notices online and securely access and download their data and account history. With new features for Online Accounts, taxpayers will be able to perform IRS transactions digitally. This presentation will introduce the features and benefits of the Tax Pro Account, including what’s new with the Individual Online Account and the Business Tax Account, and explain some of the exciting plans to enhance these valuable services provided by the IRS. In addition, it will provide an overview of the current operations and state of the Internal Revenue Service.
Session 1:
At the conclusion of this session, participants will have achieved a working knowledge of the "One Big Beautiful Bill Act" enacted Legislation facing Tax Professionals and taxpayers for 2025 and beyond. Participants will better understand the issues and challenges that will be presented because of Administrative Announcements by the IRS, resulting from the Legislation. Participants will be better equipped to provide guidance and consultation to their clients on these issues for compliance and planning purposes.
Session 2:
- Learn insights and operational activities related to:
- Executive orders
- Filing season
- OBBBA implementation
- Outreach priorities within Stakeholder Liaison
- Use Tax Pro Account to:
- View clients’ tax information
- Manage and submit authorizations
- Leverage new features to make payments or create payment plans on behalf of individual taxpayers
- Distinguish between Tax Pro Account and “Submit Forms 2848 and 8821 Online
- Understand how features in IRS online accounts will impact your clients and tax management practices.
- Access Individual Online Account
- Assist clients with:
- Approving authorizations,
- Making payments and setting up payment plans,
- Viewing their balance, notices and tax records, and
- Leveraging several new features
- Access Business Tax Account to manage a business’ tax liabilities by leveraging features like access tax records, view notices and make a payment
