International Insights from H.R. 1, the “One Big Beautiful Bill Act”
President Trump signed H.R.1, the One Big Beautiful Bill Act, into law on July 4, 2025. The Act permanently extends various international provisions as part of TCJA.
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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."
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.
Florida repeals sales tax on commercial rent, among other items
Florida repeals sales tax on commercial rent, expands exemptions for aviation fuel, extends data center property exemption, and creates sales tax holidays.
Impact of H.R. 1, the “One Big Beautiful Bill Act” on Financial Services
The enactment of H.R. 1 has broad impact on financial services, including changes to TCJA tax rules, limits on deductions, and revisions to clean energy tax credits.
Tax Act modifies Section 162(m) aggregated group and deduction allocation rules
The “One Big Beautiful Bill Act”, signed into law on July 4, includes provisions amending Section 162(m).
Impact of H.R. 1, the “One Big Beautiful Bill Act” on health industries organizations
H.R. 1, the "One Big Beautiful Bill Act" contains significant tax law changes with various effective dates affecting health organizations.
Recent developments and guidance on tax accounting issues
This quarter’s Accounting Methods Spotlight features (1) key provisions of H.R. 1.
Trump administration announces new country-specific tariff rates, extends reciprocal tariff pause
Trump extends effective date for reciprocal tariffs to August 1 and notifies countries of updated tariff rates, including 50% tariff on Brazil.
H.R. 1, the “One Big Beautiful Bill Act” includes provisions affecting universities and other tax-exempt organizations
H.R. 1 contains significant tax law changes with various effective dates affecting universities and other tax-exempt organizations.
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