Current Tax News

“One Big Beautiful Bill” Act

Congress recently passed the “One Big Beautiful Bill Act”, a sweeping tax reform package that affects nearly every taxpayer—individuals and businesses alike. While many of the provisions may provide new opportunities for tax savings, they also introduce new reporting requirements and added complexity to the preparation process.

THE HIGHLIGHTS:

INDIVIDUALS

  • SALT Cap increase to $40,000 

  • No federal tax on SOME tips and SOME overtime

  • Additional $6,000 standard deduction available for seniors

  • Electric Vehicle and Residential Energy Credits expiring in 2025

  • Child tax credit increased to $2,200 per child

  • New car loan deductions for US-assembled vehicles

  • Increase in Estate & Gift Tax Exemption

BUSINESSES

  • R&D Expensing Restored

  • 100% Bonus Depreciation Extended

  • Reporting threshold for 1099s increased to $2,000 from $600

  • Section 199A (QBI) pass-through deduction now permanent

PDF - Extremely detailed comparison chart

(The Tax Foundation - good source, more opinion-based)

Very concise, readable article

HELPFUL LINKS

** PLEASE NOTE**

This is a 2,468 page bill.  We want to provide you with as much information as possible, but we still do not know how all of these changes will work or be implemented at this time.