EVENT DESCRIPTION
On 05/22/25, the House voted to pass the whole enchilada, the entire 339-page H.R. 119-106 (“One Big, Beautiful Bill”). Now, the Senate gets to take a swipe at it. The goal is to present it to the President for signature by 07/04/25. This major new tax legislation, as currently drafted, compels our attention in a way unlike any other in the past eight years. If it passes in its current form, the tax planner, tax preparer and taxpayer will be challenged to take action in 2025 to keep taxes at their lowest possible level both now and through time. Both transitional and permanent posturing may be greatly rewarded. Without it, a taxpayer may be punished.
EVENT OBJECTIVE
The following provisions of the currently proposed legislation will be thoughtfully considered: 1. §199A Qualified Business Income Deduction (QBID) – Its loosening and tweaking 2. State and Local Tax (SALT) Deductions – More lucrative for some at the expense of others 3. Green Energy Tax Provision Cuts – How changes send 2025 into a transition year tailspin 4. Campaign Promise Potpourri – Do “no tax on tips”, “no tax on overtime” and “lower taxes on seniors” ring a bell? 5. Income tax rates for 2025, 2026 and beyond – How timing, timing, timing and timing are affected 6. Cost recovery heaven – How bonus depreciation, §179, R&D expenses and manufacturing capital spending meet their new reality 7. How individual taxation, business taxation, tax exempt organizations taxation, fringe benefits taxation, charitable contribution deductibility and IRS practice and procedure change more than one might expect Usually, most tax practitioners wait until tax legislation passes to gear up to take action. Not this time. With the 2025 House Bill, both 2025 and 2026 transitional year planning are very much in play.
