ONE BIG BEAUTIFUL BILL – With Some Blemishes!

The recent federal tax law named the “One Big Beautiful Bill Act (“OBBB”) is the most important and comprehensive federal tax act in eight years – dating back to the last time President Trump and Congress decided to reinvent the Internal Revenue Code.

The OBBB is indeed “beautiful” in places, since it lowers federal income taxes in the aggregate (at least compared to doing nothing) and makes some strategic choices that are clearly commendable.  But it also contains more than the usual allotment of teenager-in-front-of-a-mirror blemishes, with plenty of curious, questionable and downright unappealing aspects.

This webinar will provide a “second level” of insight into the new law – discussing not just what the new provisions say but also what they mean from a tax practitioner’s standpoint and how they are likely to impact businesses, the economy, and above all your bank account.

This webinar will cover all major provisions affecting both individuals and business entities, including:

• Business and individual tax rates lowered in 2017 are now made permanent – thereby avoiding a scheduled return to higher rates absent OBBB. Thank you!
• The cap on itemized deductions for state and local taxes increases from $10,000 to $40,000 for 2025 to 2029, then reverts to $10,000 in 2030. This is a big deal for high-tax states, including Massachusetts. The higher cap phases out for modified adjusted gross income (MAGI) over $500,000 to $600,000.
• Almost all miscellaneous itemized deductions are permanently disallowed.
• Bonus depreciation is back! A100% deduction is allowed for property acquired after January 19, 2025 (i.e., starting on Trump’s inauguration date). There is also enhanced expensing under IRC § 179 and an AMAZING deduction for Manufacturing Property that allows a 100% deduction for REAL ESTATE used in manufacturing.
• The estate tax lifetime exemption amount is increased in 2026 to $15 million per person and $30 million for married couples and the increase is now permanent. IRC § 1014 remains in place and so estate planning has become income-tax planning!
• The qualified business income (QBI) deduction is enhanced and made permanent.
• Major tax incentives have been adjusted – qualified small business stock (QSBS) under IRC § 1202 is enhanced, opportunity zone incentives under IRC § 1400Z-2 are made permanent, and various tax credits have been altered and significantly curtailed.

Sign up today and get the inside scoop on the Good, the Bad and the Ugly of the OBBB!

Registration Form: Fall 2025 CPE Registration Form