As you’ve probably heard, the One Big Beautiful Bill Act (the “Bill”) was signed into law on Friday, July 4th. This bill changes many aspects of the current tax law. It will likely be several months for the IRS to issue final regulations and for tax professionals to fully unpack and analyze the changes and new opportunities.
The Bill will affect both businesses and individuals. Much hyped changes such as raising the state and local tax (SALT) deduction cap, no tax on tips, and no tax on overtime are significant changes to current rules. Along with all the other provisions in the Bill, tax reporting will change along with tax planning and strategies.
Every client’s tax situation is different, and we’re excited to help you navigate the new rules and optimize benefits in the Bill. There’s a lot of guidance still needed until we’re able to properly advise you on the changes. We will provide updates as more details are forthcoming and please reach out to us if you have any questions or want to discuss specifics in more detail.
(The link below email provides a high-level summary of the main tax provisions of the Bill).
