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 considerations arising from significant federal developments over the past year, including H.R. 1, P.L. 119-21, commonly referred to as OBBBA, updates related to deductions, §174A R&D expensing, PTET interactions, §163(j) interest limitations, Qualified Opportunity Zones (QOZs), and §1202 qualified small business stock (QSBS).
• Identify due diligence and documentation considerations highlighted by recent developments, including issues related to modeling, basis, financial statement impacts, and entity‑level structuring for corporations, partnerships, and S corporations.
• Apply planning strategies that integrate recent legislative, regulatory, and judicial developments into ongoing and multiyear business tax planning, transaction structuring, compensation design, and risk management.