State business tax considerations for H.R. 1, the “One Big Beautiful Bill Act”
This Insight discusses some of the major business tax changes and the initial state income tax considerations with enactment of H.R. 1, the “One Big Beautiful Bill Act."
Accounting Methods Spotlight Q3 2024
October 2024
This quarter’s Accounting Methods Spotlight newsletter features:
- New proposed rules on CAMT
- IRS expands automatic method changes permitted for Section 174 costs
- Proposed regulations published on energy credit provisions
- Court denies Section 179D deductions
- Recaptured ESOP gains subject to installment method
- IRS challenges Section 199 deduction for software
- FAQs clarify registration for clean fuel production credit
- Treasury/IRS updates priority guidance plan
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Enhanced and permanent Opportunity Zones as part of the One Big Beautiful Bill Act
Recently passed and signed OBBA permanently extends the opportunity zone program with certain modifications and enhancements.
Trump administration announces additional country tariff rates, trade agreement ahead of August 1 deadline
President Trump has escalated the administration’s tariff strategy with new and proposed tariffs while simultaneously pursuing trade agreements.
Employer impacts of tips and overtime pay changes in H.R. 1, the “One Big Beautiful Bill Act”
The “One Big Beautiful Bill Act” created a temporary federal income tax deduction for individuals who receive certain qualified tip income and overtime compensation.
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