News & Analysis as of

Tax Returns One Big Beautiful Bill Act

McDermott Will & Schulte

IRS roundup: October 7 – October 23, 2025

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 7, 2025 – October 23, 2025. October 7, 2025: The IRS issued Notice 2025-55, providing guidance on relief from...more

Bowditch & Dewey

Big Increase in 2026 Federal Estate Exemption – IRS Issues 2026 Inflation Adjustments

Bowditch & Dewey on

The IRS recently issued the 2026 annual adjustments for numerous tax provisions, including changes to the estate tax exemption, income tax brackets and standard deductions. Notable changes made under the One, Big, Beautiful...more

Latham & Watkins LLP

The 2025 US Government Shutdown: Update on IRS Operations

Latham & Watkins LLP on

As the shutdown continues, taxpayers should expect longer wait times and ramifications for the 2026 filing season. On October 8, 2025, the IRS began furloughing staff as well as closing most operations due to the ongoing...more

Fox Rothschild LLP

IRS Has Funds to Continue Operations for Five Business Days After Potential Midnight Government Shutdown

Fox Rothschild LLP on

Despite the apparent forthcoming government shutdown at midnight tonight, the IRS is prepared to briefly continue its operations according to its “lapsed appropriations” plan. The plan, released yesterday, September 29,...more

Fisher Phillips

How Will Non-Profits Be Impacted by the Big Beautiful Bill? Your Guide to Key Changes Affecting Charitable Giving, Excise Taxes,...

Fisher Phillips on

President Donald Trump signed a massive budget bill last month – the “One Big Beautiful Bill Act” (OBBBA) – and it significantly impacts non-profits and tax-exempt organizations. While some of the new changes may be...more

Cooley LLP

The ‘One Big Beautiful Bill Act’ Permits Immediate Deduction of Domestic R&E Expenditures, in Some Cases Retroactively

Cooley LLP on

On July 4, the “One Big Beautiful Bill Act” (OBBBA) was signed into law, which includes provisions restoring immediate deduction of domestic research and experimentation (R&E) expenditures in tax years beginning after...more

Foster Swift Collins & Smith

One Big Beautiful Bill Summary: Notable Tax Code Changes

With the passage of the One Big Beautiful Bill (OBBB), below is a summary of notable changes to the tax code for businesses, as well as an outline of notable changes for individuals....more

Foster Swift Collins & Smith

TEO Tax Update: New Credit for SGO Contributions

Introduction The One Big Beautiful Bill Act (Act) establishes a new federal tax credit for individual donations to Scholarship Granting Organizations (SGOs) serving U.S. elementary and secondary school students....more

Lowenstein Sandler LLP

OBBBA Provisions Impact Charitable Contribution Deductions

Lowenstein Sandler LLP on

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (OBBBA). While OBBBA contains various provisions that impact high-net-worth individuals, this alert focuses on OBBBA provisions...more

Foley & Lardner LLP

Changes to the College and University Endowment Tax

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Share on Twitter Share by Email Share Back to top The One Big Beautiful Bill Act (OBBBA) modifies the excise tax on net investment income of private colleges and universities under Internal Revenue Code (IRC) Section 4968....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

Foster Garvey PC

One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part I – The SALT Deduction

Foster Garvey PC on

On July 1, 2025, the One Big Beautiful Bill Act, H.R.1 – 199th Congress (2025-2026) (the “Act”) was passed in the U.S. Senate (“Senate”). On July 3, 2025, it was passed in the U.S. House of Representatives (“House”) and...more

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