H.R. 1 Tax MasterClass Series

Get up to speed on the international tax provision overhaul in H.R. 1, P.L. 119-21, commonly referred to as One Big Beautiful Bill Act or OBBBA, in this concise 1-hour session, part of the H.R. 1 Tax Masterclass Series.

We’ll cover:

• Rate adjustments to Sec. 250 (formerly foreign derived intangible income or FDII) and Sec. 951A (formerly global intangible low-taxed income or GILTI) and base erosion and anti-abuse tax (BEAT) rules;
• Modifications to the foreign tax credit (FTC) rules under sections 904 and 960, including sourcing inventory sales and haircuts to taxes deemed paid attributable to previously taxed earnings and profits.

You’ll learn how reinstatement of Sec. 958(b)(4) drastically reduces Form 5471 filings, simplifying compliance related to U.S. shareholder inclusions.

We’ll close with practical planning considerations for cross-border operations and tax-efficient repatriations.

Note: This webcast is a rebroadcast of the session originally recorded in early fall 2025. Please be aware that subsequent IRS guidance released after the enactment of H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025 — may impact the content presented. For the most current updates and resources, please visit the Planning after tax change page.

Key Topics

• Rate shifts and other adjustments to Sections 250 and 951A, BEAT, FTC changes
• Reinstatement of Sec. 958(b)(4); the reduction in Form 5471 filings; new Section 951B; and potential increase in application of passive foreign investment company rules

Learning Outcomes

• Calculate impacts due to rate adjustments and other international provisions.
• Identify effective tax changes for outbound investment and U.S. multinational planning.
• Identify base erosion payments and structure transactions to minimize BEAT exposure to effectively navigate BEAT.
• Calculate the reduction in Form 5471 filings and streamline U.S. shareholder reporting requirements by leveraging Sec. 958(b)(4) relief.

Who Will Benefit

• CPAs
• Tax practitioners
• Small firms
• Medium firms
• Large firms
• Sole practitioners

Bundle and Save

Bundle this session with the remaining four in the HR. 1 Tax MasterClass Series to access all 5 classes, earn 10 CPE credits, and receive a 20% discount compared to stand-alone pricing.

For a more comprehensive learning experience, combine the H.R. 1 Tax MasterClass Series with the HR. 1 PFP MasterClass Series — featuring 5 classes, 7 CPE credits, and a 25% discount off stand-alone course pricing.

Together, they form the H.R. 1 MasterClass Series Bundle: 8 classes, 15 CPE credits, and an additional 13% discount when purchased as a combined bundle.

Part of the H.R. 1 Tax Masterclass Series, this session covers the major individual tax changes under H.R. 1, also known as OBBBA.

We’ll begin with:

• State and local tax (SALT) itemized limits and the temporary cap boost
• Bracket creep and the fixed 37% top rate compared to inflation-indexed lower brackets

From there, we’ll explore temporary deductions, including:

• The senior deduction
• Car loan interest, tech, and gig economy write-offs
• A new above-the-line deduction for tips and overtime

We’ll also:

• Review planning scenarios for family credits ahead of the 2025 transition
• Review current compliance and reporting changes
• Compare “Trump accounts” to Roth IRAs and 529 plans.

The session wraps with tax planning strategies to help clients manage deduction phaseouts and prepare for 2026 rule changes.

Note: This webcast is a rebroadcast of the session originally recorded in early fall 2025. Please be aware that subsequent IRS guidance released after the enactment of H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025 — may impact the content presented. For the most current updates and resources, please visit the Planning after tax change page.

Key Topics

• SALT deduction cap increase
• Family credits
• Compliance and reporting changes
• Tax planning synthesis
• Employee benefits
• "Trump accounts"

Learning Outcomes

• Distinguish SALT strategies by assessing the impact of the temporary SALT cap increase and itemized deduction limits on client returns.
• Compare the fixed 37% bracket to inflation-indexed brackets and quantify bracket creep effects.
• Apply temporary deductions and implement client scenarios for senior, car loan, tech/gig, and tips/overtime deductions.
• Calculate a plan around family credits, and design transition strategies for expanded child / dependent care (Sec 70405), adoption credits (refundability under Sec. 70402 and adoption costs under 70403) as well as the premium tax credit (section 71301).
• Identify key reporting changes and draft checklists for Forms 1099 K/NEC thresholds and new forms.
• Analyze recent changes to Sec. 127 educational assistance plans (including the employer paid student loan interest under ARPA), 529 plan expansions, the employer provided childcare tax credit (Sec. 70401), and employer provided dependent care assistance (section 70404).
• Compare tax-advantaged accounts (e.g., contrast “Trump accounts” with Roth and 529 vehicles and formulate client conversation starters).

Who Will Benefit

• CPAs
• Tax practitioners
• Small firms
• Medium firms
• Large firms
• Sole practitioners

Bundle and Save

Bundle this session with the remaining four in the HR. 1 Tax MasterClass Series to access all 5 classes, earn 10 CPE credits, and receive a 20% discount compared to stand-alone pricing.

For a more comprehensive learning experience, combine the H.R. 1 Tax MasterClass Series with the HR. 1 PFP MasterClass Series — featuring 5 classes, 7 CPE credits, and a 25% discount off stand-alone course pricing.

Together, they form the H.R. 1 MasterClass Series Bundle: 8 classes, 15 CPE credits, and an additional 13% discount when purchased as a combined bundle.

Dive into H.R. 1, commonly referred to as OBBBA, business tax provisions, and planning imperatives in this session of the H.R. 1 Tax Masterclass Series.

We begin with:

• Research and development (R&D) expensing under Sec. 174, including amendments, retroactivity, and small business election
• Cost segregation/qualified production property (QPP)

Next, we'll lock in on:

• Qualified business income (QBI) benefits
• Temporary state and local tax (SALT) cap boost
• Passthrough entity (PTE) workarounds

Industry experts will share insights on:

• Real estate (mortgage, Opportunity Zones (OZs), Sec. 179D),
• Manufacturing (bonus/production property) and construction

We will talk about the M&A provisions and an entity choice module, expanding on qualified small business stock (QSBS) tiers, OZ permanence, and leverage considerations.

We’ll touch on:

• The revived employee retention credit (ERC) and employer benefits planning
• Energy incentives
• Mapping timelines
• Documentation requirements
• State/ESG alternatives

Note: This webcast is a rebroadcast of the session originally recorded in early fall 2025. Please be aware that subsequent IRS guidance released after the enactment of H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025 — may impact the content presented. For the most current updates and resources, please visit the Planning after tax change page.

Key Topics

• R&D / Sec. 174 / Cost Segregation / QPP
• QBI
• SALT — Temporary cap increase, PTE workarounds, and state conformity updates
• Industry specific highlights
• M&A provisions and entity choice
• ERC and new planning considerations
• Energy incentives

Learning Outcomes

• Apply Sec. 174 retroactivity rules and small business elections to research budgets to optimize R&D expensing.
• Distinguish QBI safe harbor strategies and model SALT cap/PTE workarounds across states.
• Use actionable strategies for real estate, manufacturing, and construction clients, leveraging mortgage/OZ incentives, Sec. 179D deductions, and bonus depreciation timing.
• Compare QSBS tiers, OZ permanence, and entity-based leverage for tax efficiency for M&A entities.
• Identify ERC eligibility and design Trump EE comp agreements ahead of Sec. 274(o) to revive ERC and comp plans.
• Determine incentive deadlines, satisfy documentation rules for Sec. 179D, and integrate ESG alternatives to leverage energy incentives.

Who Will Benefit

• CPAs
• Tax practitioners
• Small firms
• Medium firms
• Large firms
• Sole practitioners

Bundle and Save

Bundle this session with the remaining four in the HR. 1 Tax MasterClass Series to access all 5 classes, earn 10 CPE credits, and receive a 20% discount compared to stand-alone pricing.

For a more comprehensive learning experience, combine the H.R. 1 Tax MasterClass Series with the HR. 1 PFP MasterClass Series — featuring 5 classes, 7 CPE credits, and a 25% discount off stand-alone course pricing.

Together, they form the H.R. 1 MasterClass Series Bundle: 8 classes, 15 CPE credits, and an additional 13% discount when purchased as a combined bundle.