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Congress Passes One Big Beautiful Bill – President to Sign on July 4

Withum

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. If a 2024 tax return has already been filed, then an amendment would be required. The Senate bill adds an additional $1 trillion more than the original House bill proposed.

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

Withum

The deduction can result in pass-through business owners having a maximum effective federal tax rate of approximately 30%, as opposed to 37%. However, the C Corporation 21% tax rate was a permanent tax provision, while the 199A deduction is set to expire as of December 31, 2026.

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One Big Beautiful Bill Act: Changes, challenges and opportunites

ThomsonReuters

Jump to ↓ Key provisions and changes Challenges and opportunities for tax professionals Planning opportunities Key takeaways from the One Big Beautiful Bill Act The One Big Beautiful Bill Act (OBBBA) has brought significant changes to the tax landscape, presenting both challenges and opportunities for tax professionals and their clients.

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How the ‘One Big Beautiful Bill’ reshapes SALT planning

ThomsonReuters

For tax professionals, this change brings with it both opportunity and complexity, whether it’s deciphering federal changes, navigating a mix of state conformity, or managing client expectations. Let’s take a look at how the OBBBA is reshaping SALT policy and how tax professionals like you can stay one step ahead.

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Federal implications of the ‘One Big Beautiful Bill’: What’s changing and how to respond

ThomsonReuters

Jump to ↓ How OBBBA is impacting federal tax policy Strategic implications in a shifting political landscape What tax professionals should do now to manage the OBBA impact For tax professionals, the newly signed One Big Beautiful Bill Act (OBBBA) of 2025 has significant impacts for client tax planning and compliance.

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

Withum

Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Standard Deduction Permanently allows for the increased standard deduction amount provided under the Tax Cuts & Jobs Act. Inflation adjustments for all brackets except 37%.

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Senate Reconciliation of Beautiful Bill: Key Changes in Latest Draft

Insightful Accountant

While the bill is shorter overall, it now contains more sections due to new community development provisions, particularly targeting Alaska-specific tax issues. The firearms excise tax structure was modified instead, maintaining $200 for machineguns and destructive devices while eliminating taxes on other firearms.