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On May 22, the U.S. House of Representatives passed a wide-reaching bill titled the “One Big, Beautiful Bill Act” featuring broad tax reform. While the legislation still faces a Senate vote—where passage remains uncertain—the bill provides critical insight into the direction of U.S. tax policy. Tax professionals must begin evaluating how these potential changes could impact specialty tax planning.
This timely session will provide CPAs and tax advisors with a technical analysis of key provisions, including the proposed return to immediate expensing for domestic R&D expenditures under Section 174, the phase-out of bonus depreciation and its coordination with Section 179, and changes to the Qualified Business Income Deduction (Section 199A), interest expense limitations (Section 163(j)), and energy-related incentives.
Dave McGuire, co-founder of McGuire Sponsel, will offer insight into how these developments may affect tax compliance and planning strategies for the 2025 and 2026 tax years and beyond.
Learning Objectives:
After attending this session, attendees will be able to:
⎻Identify proposed legislative changes affecting R&D expensing, bonus depreciation, and other specialty tax areas
⎻Analyze the implications of Section 174 and Section 179 provisions on tax planning for upcoming and prior tax years
⎻Evaluate strategic considerations for clients considering uncertain legislative outcomes
⎻Interpret broader tax policy trends and how they may influence future compliance and planning opportunities
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