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Updates in Proposed Senate Tax Bill Would Impact Not-for-Profit and Other Tax-Exempt Organizations

Withum

In May, the House passed “The One, Big, Beautiful Bill,” which contains broad provisions impacting many areas of taxation, including tax-exempt organizations. On June 17, 2025, the Senate Finance Committee released its version of the sweeping tax package.

Tax
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Major Changes Affecting Nonprofits and Other Tax-Exempt Organizations Proposed in the One, Big, Beautiful Tax Bill

Withum

Recently, the House Ways and Means Committee released a sweeping budget reconciliation package, The One, Big, Beautiful Bill, which contains broad provisions impacting many areas of taxation, including tax-exempt organizations. Below is a summary of major provisions that exempt organizations need to remain aware of.

Tax
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AICPA News – July 2025

CPA Practice

In parallel with his public service, he is in the early stages of co-founding an estate planning and estate tax firm alongside his wife, who is also a licensed CPA. Property and Fiscal Office on accounting programs, financial systems, and operational business processes.

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One Big Beautiful Bill: Tax-Free Overtime… Be Sure to Read the Fine Print

Withum

This headline has been getting a lot of buzz lately, but as is the case with tax law, the devil is in the details, and you will be in for a surprise if you only take this news at face value. Tax-Free Overtime Highlights The key highlights garnering the most attention: What Are the Amounts? their regular rate) is tax-free/deductible.

Tax
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Answering your MTD for Income Tax FAQs

Accounting Insight

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. What is MTD for Income Tax? Be able to provide their Income Tax return information to HMRC through compatible software. Who does MTD for Income Tax apply to and what are the income thresholds?

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

CPA Practice

OBannon For several weeks, the American Institute of CPAs (AICPA), along with various other stakeholders, have raised concerns over proposals to eliminate the pass-through entity tax (PTET) state and local tax (SALT) deduction for specified service trades or businesses (SSTBs).

Tax
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Key Provisions of the One Big Beautiful Bill Act

Dent Moses

The One Big Beautiful Bill Act (formally termed “The Act”), signed into law on Friday, July 4, by President Donald Trump, extends key provisions of the Tax Cuts and Jobs Act (TCJA) and addresses several tax priorities of the Trump administration. The Act permanently extends the $500 non-child dependent tax credit.