The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, introduces substantial changes to the tax code, many of which directly impact non-profit organizations and the broader philanthropic ecosystem. For non-profit leaders, understanding the nuances of these changes is essential, not only for regulatory compliance but also for
One of the significant tax law changes with the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is related to the timing of tax deductions for research and experimental expenditures under Section 174. Amortized R&D expensing under TCJA Under the Tax Cuts and Jobs Act
The One Big Beautiful Bill Act (OBBBA) has brought about a variety of changes to the tax landscape, including a key change pertaining to the excess business loss (EBL) limitation. This provision, initially a part of the Tax Cuts and Jobs Act of 2017, has been made permanent by the
The IRS has released important updates regarding how the One Big Beautiful Bill Act (OBBBA) deductions for tips and overtime will be applied over the next several years. While these deductions were designed to minimize tax burdens and maximize cash flow, employers and employees should note that reporting changes won’t
The One Big Beautiful Bill Act (OBBBA) has announced a new opportunity for manufacturers and producers: the ability to immediately deduct 100% of the cost of qualifying production facilities. This provision, known as Section 168(n), goes beyond the traditional scope of bonus depreciation. For the first time, not only equipment
The One Big Beautiful Bill Act (OBBBA) relieves the filing requirements for certain 1099 forms used to report various types of income. These include: Form 1099-MISC: for reporting miscellaneous income, Form 1099-NEC: for reporting non-employee compensation, and; Form 1099-K: for reporting payment card and third-party network transactions. As of July
The One Big Beautiful Bill Act (OBBBA) brings significant changes to the way gambling losses are treated for tax purposes, effective for tax years beginning after December 31, 2025. If you’re a professional gambler or simply someone who occasionally tries their luck at the casino, it’s important to understand how
The One Big Beautiful Bill Act (OBBBA) has introduced significant updates to casualty loss deductions for individuals. Effective for tax years beginning after December 31, 2025, these changes expand what qualifies as deductible losses and make several temporary provisions permanent. Understanding these changes can help taxpayers prepare for the new
As a follow-up to prior IRS guidance discussed in our earlier blog, the IRS released Revenue Procedure 2025-28 on August 28, 2025, providing detailed guidance on how businesses should handle research and experimental (R&E) expenses under the One Big Beautiful Bill Act (OBBBA). These changes significantly alter the tax treatment
The IRS has released additional guidance on how individual taxpayers can determine their deduction amounts for qualified tips and overtime wages under the OBBBA for 2025. This update is important because Forms W-2 1099 forms will not be modified for 2025 to reflect these new deductions. Refresher As noted in
What individuals, businesses, and global enterprises need to know to stay compliant and ahead Join Barnes Dennig Directors Ellen Juram, Brandon Cook, and Andy Bertke for a deep dive into next year’s tax updates, featuring thought-provoking conversations and essential topics that empower your financial and business strategies. This on-demand webinar
With the passing of the One Big Beautiful Bill Act (OBBBA), a new temporary deduction for car loan interest for individual taxpayers has been introduced. Effective for tax years beginning after December 31, 2024, and before January 1, 2029, interest paid on a qualifying car loan will be deductible. What