TAX2614. Business Tax Update

Analysis of key business provisions of H.R. 1 (One Big Beautiful Bill Act/OBBBA) as well as significant court decisions, federal tax regulations, and IRS rulings of the past year relevant to all types of businesses and entities. Developments covered include new and revised deductions, §174A R&D expensing, the reinstated bonus depreciation landscape, updates to §163(j), interactions with PTET regimes, changes affecting Qualified Opportunity Zones (QOZ), and refinements to §1202 QSBS. Additional focus is given to new employee benefit considerations, self-employment tax guidance, entity-level planning, and compliance obligations. Throughout the session, due diligence, documentation, and practical planning opportunities are emphasized to help practitioners translate these changes into meaningful guidance for their business clients.

Learning Objectives:

• Identify tax planning and compliance points from significant federal developments of the past year relevant to businesses, with a particular focus on H.R. 1 (One Big Beautiful Bill Act) updates involving new deductions, §174A R&D expensing, PTET interactions, §163(j) interest limitations, Qualified Opportunity Zones (QOZ), and §1202 qualified small business stock (QSBS).
• Identify due diligence actions highlighted by these developments, particularly under H.R. 1 (One Big Beautiful Bill Act/OBBBA), including documentation, modeling, basis considerations, financial-statement impacts, and entity-level structuring issues for corporations, partnerships, and S corporations.
• Apply planning strategies that integrate legislative, regulatory, and judicial changes into ongoing and multiyear business planning, transaction structuring, compensation design, and risk management.