President Donald Trump’s One Big Beautiful Bill Act
President Donald Trump’s One Big Beautiful Bill Act, signed into law on July 4th, will shape tax planning and policy for years to come. The sheer scale of the legislation, which ended years of speculation over expiring provisions of the 2017 Tax Cuts and Jobs Act, defies any short summary.
Planning and strategy questions for an OBBBA world
After years of wondering what would become of the TCJA’s expiring provisions, advisors and tax professionals got a deluge of answers under OBBBA. But that means they’ll have their work cut out for them in figuring out what may be a fit for their clients. The changes create winners and losers, and they affect everything from charitable giving to health savings accounts to business-meal perks.
Awaiting word from the agency
As any seasoned tax pros know all too well, regulations and guidance from the Treasury Department and the IRS explain the details of any new piece of legislation. Here’s a look at the guidance that the government has released so far, along with other areas that could affect clients’ bills to Uncle Sam.
Politics and policy after OBBBA
The wealth management and tax fields inevitably touch on politics, as the actions of the three branches of government always affect clients’ investments and IRS returns. And that won’t change just because OBBBA is now the law of the land.
For more information on how OBBBA is changing tax planning and policy, visit Here.
