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Pass-Through Entity Owners Likely To See Tax Increase Under Senate Bill

Withum

This results in pass-through business owners avoiding the $10,000 state and local income tax limitation on their pass-through income. This limitation would apply to all pass-through businesses, and unlike the House bill’s proposal, would not be subject only to SSTBs.

Tax
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AICPA Applauds Senate Efforts to “Improve and Correct” House Version of Tax Bill

CPA Practice

The Senate bill includes the following provisions that the AICPA has endorsed in the past: An increase in the standard deduction for years 2025-2028. Following the release of the reconciliation bill by the Senate, the AICPA has identified several provisions it supports. Log In Need more information?

Tax
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Senate Reconciliation of Beautiful Bill: Key Changes in Latest Draft

Insightful Accountant

Wind and solar projects must now be placed in service by 2028 to qualify for the section 45Y clean energy production credit, tightening the timeline from the previous requirement of merely beginning construction by that date. A residential construction accounting exception was also added to the community development section.

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Key Provisions of the One Big Beautiful Bill Act

Dent Moses

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. PTET SALT deductions are still allowed and unaffected by the new law.

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Senate Passes Federal Tax Reform: How Will It Impact You?

Withum

House Bill vs. Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Permanently allows for the increased standard deduction amount provided under the Tax Cuts & Jobs Act. Effective for taxable years beginning after December 31, 2025.

Tax
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What Auto Dealers Need to Know About the One Big Beautiful Bill Act

Withum

The bill includes a variety of tax items that will impact auto dealer business taxes, personal income taxes and estate and gift taxation. This article will highlight the pertinent areas of the OBBBA that will impact auto dealership businesses and owners.

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President Signs Sweeping Tax and Spending Bill Into Law

CPA Practice

President Donald Trump held an outdoor signing ceremony at the White House on Friday, formally enacting a major tax and spending bill that passed through the Senate and House earlier in the week.

Tax