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Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
Bilzin Sumberg

Key International Tax Changes From the One Big Beautiful Bill Act

Bilzin Sumberg on

On July 4th, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). This alert expands upon our Firm’s prior alert and is intended to summarize the main tax law changes that may impact: (i) U.S....more

Farrell Fritz, P.C.

The Sun Will Not Set: The One Big Beautiful Bill

Farrell Fritz, P.C. on

The long-anticipated “sunset” of the Tax Cuts and Jobs Act of 2017 (TCJA) was slated for the end of 2025. Upon this “sunset,” the federal estate and gift tax exemptions—which reached $13.99 million per individual in...more

Polsinelli

Texas HB 21 Reshapes the Requirements and Effects of Chapter 394 of the Texas Local Government Code

Polsinelli on

Texas House Bill 21 (HB 21), signed into law in May, has dramatically shifted affordable housing tax exemptions across the state. Specifically, HB 21’s primary impact is on a housing finance corporation’s area of operation...more

DLA Piper

One Big Beautiful Bill Act: Top Points for the Investment Funds Industry

DLA Piper on

President Donald J. Trump signed the legislation commonly known as the “One Big Beautiful Bill” (Tax Act) into law on July 4, 2025. We explore five key takeaways for fund sponsors, investors, and the broader asset management...more

Goulston & Storrs PC

Beyond the Bill: Key Tax Implications of the OBBB

Goulston & Storrs PC on

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBB”) was signed into law, introducing a broad package of policy reforms, funding reallocations, and regulatory changes set to reshape the nation’s infrastructure,...more

Williams Mullen

The One Big Beautiful Bill Act Affecting Employee Benefits and Executive Compensation

Williams Mullen on

The One Big Beautiful Bill Act (the “Act”), signed into law on July 4, 2025, contains several provisions affecting employee benefits and executive compensation. Some of the key changes include the following...more

BakerHostetler

[Podcast] An Analysis of the 2025 Federal Tax Changes Under the “One Big Beautiful Bill” Legislation

BakerHostetler on

The Honorable Peter Roskam, Federal Policy Team Leader, and Jeff Paravano, Tax Group Chair, break down the 2025 tax reconciliation legislation. They explore how the new law preserves key provisions of the Tax Cuts and Jobs...more

Williams Mullen

Implications of the One Big Beautiful Bill Act on the Basic Exclusion Amount and GST Exemption

Williams Mullen on

By way of background, in 2012, the basic exclusion amount and GST exemption were permanently increased to $5 million, with that amount indexed for inflation. The 2017 Tax Cuts and Jobs Act (TCJA), temporarily increased the...more

Williams Mullen

Big, Beautiful Changes to the Qualified Opportunity Zone Program

Williams Mullen on

As anticipated, President Trump’s One Big Beautiful Bill Act (the “OBBBA”), which was signed into law on July 4, 2025, significantly amends Sections 1400Z-1 and 1400Z-2 of the Internal Revenue Code of 1986, as amended (the...more

Miller Canfield

One Big Beautiful Bill Effect on Schools

Miller Canfield on

The One Big Beautiful Bill (OBBB) includes some provisions relevant to private schools and donors who support K-12 education. The bill passed on July 3 and is expected to be signed by President Donald Trump by July 4. ...more

BakerHostetler

Analysis of Texas House Bill 21 - Property Tax Exemptions for Housing Finance Corporations Owning Affordable Housing

BakerHostetler on

In its 89th Regular Session, the Texas Legislature enacted House Bill 21 (HB 21), introducing significant reforms to the way housing finance corporations (HFCs) own and operate multifamily affordable housing developments....more

Parker Poe Adams & Bernstein LLP

One Big Beautiful Bill Makes Permanent Certain Tax Benefits, Phases Out Others for Businesses

The One Big Beautiful Bill Act, signed into law on July 4, 2025, by President Donald Trump, delivers sweeping changes to the U.S. tax code, with major implications for businesses — particularly regarding solar and wind tax...more

Pillsbury - Propel

Qualified Small Business Stock: Tax Benefits for Startup Investors are Bigger and More Beautiful

Pillsbury - Propel on

In a move to bolster investment in small business, the “One Big Beautiful Bill Act” (“OBBBA”), signed into law on July 4, 2025 (the “Applicable Date”), introduced significant changes to the Qualified Small Business Stock...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - Employee Stock Ownership Plans (ESOPs) Explained

Williams Mullen on

Thinking about succession planning, employee engagement, or selling your business? On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Nona Massengill, a partner focusing on Executive...more

Paul Hastings LLP

House Announces ‘Crypto Week’ as SEC Issues ETP Guidance and Weighs in on Tokenization

Paul Hastings LLP on

Congress continues to prioritize digital asset legislation, with the House leadership designating the week of July 14 as “Crypto Week,” when the House plans to vote on three significant pieces of digital asset legislation:...more

Williams Mullen

One Big Beautiful Bill Act Expands Section 1202: Enhanced Capital Gain Exclusion for Qualified Small Business Stock

Williams Mullen on

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the OBBBA) into law, enacting extensions of the Tax Cuts and Jobs Act of 2017, as well as a broad set of tax reforms. ...more

Eversheds Sutherland (US) LLP

One not-so-big summary of the compensation and benefits law changes in the One Big Beautiful Bill Act

The One Big Beautiful Bill Act (Act), signed into law on July 4th, contains a number of provisions that will impact employee compensation and benefits. Employers and service providers should start considering the following...more

White & Case LLP

Tax-Exempt Organizations Should Prepare Now For An IRS Tax Audit

White & Case LLP on

It is an uncertain time to be a tax-exempt public charity or private foundation. The federal government has recently scrutinized certain tax-exempt organizations (see here), and draft congressional legislation proposed a tax...more

A&O Shearman

Impact of the One Big Beautiful Bill Act on Inflation Reduction Act Incentives

A&O Shearman on

On July 4, 2025, President Trump signed into law “An Act to provide for reconciliation pursuant to title II of H. Con. Re. 14” (commonly known as the One Big Beautiful Bill Act (the “Act”)). On July 7, President Trump...more

McDermott Will & Emery

Key One Big Beautiful Bill Act implications for family offices and high-net-worth investors

McDermott Will & Emery on

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA), the most significant US tax overhaul since the 2017 Tax Cuts and Jobs Act (TCJA). The OBBBA includes critical changes impacting family offices,...more

Jackson Lewis P.C.

Remote Work Challenges After New York Tax Appeals Tribunal Upholds Income Tax “Convenience Rule”

Jackson Lewis P.C. on

In an opinion issued on May 15, 2025, the State of New York Tax Appeals Tribunal, the highest administrative forum for state tax appeals, upheld the application of the state’s income tax “convenience rule” imposing New York...more

Verrill

Do We Have to Make It a Top Hat Plan?

Verrill on

Employers and their compensation advisors often assume that an arrangement to pay employees in the future for work done over time will be subject to the rules for ERISA pension plans unless it is limited to a “select group of...more

Rivkin Radler LLP

Closely Held Businesses and Their Owners Ask: What’s Big and Beautiful in the Recent Tax Law?

Rivkin Radler LLP on

The “One Big Beautiful Bill Act” (the “Act”) was signed into law last week, on July 4. As promised by the White House, the Act extends – i.e., purports to make “permanent” – many of the otherwise expiring provisions that were...more

Kelley Drye & Warren LLP

What’s in the Newly Enacted One Big Beautiful Bill Act

On July 4, 2025, President Trump signed into law the ​“One Big Beautiful Bill Act” (the ​“2025 Act”). The Act makes permanent some provisions originally enacted in 2017 as part of the Tax Cuts and Jobs Act (the ​“2017 Act”),...more

Vorys, Sater, Seymour and Pease LLP

Ohio Budget Bill Brings Significant Changes and Economic Development Focus

On June 30, 2025, Governor Mike DeWine signed Amended Substitute House Bill 96 (H.B. 96), establishing Ohio's biennial budget for State fiscal years 2026-2027 (July 1, 2025 through June 30, 2027). This comprehensive budget...more

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