Recognize the new standard deduction amounts;

Describe the new maximum state and local tax (SALT) deduction;

Describe the new senior deduction;

Explain how OBBBA changed the Child Tax Credit;

Calculate the adoption credit for individuals without tax liability;

• Provide for tax deductions for –
  • tip income;
  • overtime pay;
  • new car loan interest; and
• Eliminate certain clean energy incentives.

Recognize the changes made to third-party network transaction reporting;

Describe the changes to bonus depreciation;

Describe the increased dollar limitations applicable to expensing certain depreciable assets;

Explain the special depreciation allowance for qualified production property;

Discuss how businesses treat research and experimentation expenditures for tax purposes; and

Explain the change in the business interest deduction limitation.

Describe how the nuclear power production credit claimed by prohibited foreign entities is affected by OBBBA;

Recognize how OBBBA affects clean energy credits;

Explain the changes made to the advance manufacturing credit;

Describe how the intangible drilling and development cost treatment is modified for calculation of adjusted financial statement income; and

Explain how the definition of qualifying income for PTP is expanded.

Describe changes to the AMT thresholds and exemptions;

Recognize deductibility of mortgage insurance premiums;

Explain changes made to the –

• casualty loss deduction,
• miscellaneous deductions subject to 2%,
• transportation fringe benefits,
• moving expense treatment,
• deductibility of wagering losses,
• ABLE accounts,
• Savers credit,
• child and dependent care tax credit,
• dependent care assistance program;

Describe the reduction on itemized deductions;

Identify the Trump account pilot program;

Explain the tax credit for contributions to scholarship granting organizations;

Describe changes to the §529 distribution limit and education expense definition;

Recognize the partial charitable deduction for non-itemizers;

Describe the 1% remittance transfer tax;

Identify the change in termination dates of –

• energy efficient home improvement credit, and
• residential clean energy credit.

Identify the tax changes made by OBBBA with respect to –

• foreign taxes paid credit,
• QBI deduction,
• PFML credit,
• advanced manufacturing investment credit,
• child care credit,
• new markets tax credit,
• CFC look-thru rule, and
• dependent care assistance;

Describe the meal deduction for restaurants, caterers, fishing boats and processers;

Recognize the percent of U.S.-produced inventory considered foreign-sourced;

Explain the changes in the –

• foreign tax credit limitations;
• foreign-derived deduction eligible income and net CFC tested income;
• tax-free deemed return on foreign investments;

Describe the result of applying the business interest limitation before interest capitalization;

Discuss how the ATI definition increases the business interest expense deduction; and

Recognize how the taxes on high-endowment private colleges and universities are applied.