“Trump Accounts” in the One Big Beautiful Bill
OBBB creates individual retirement accounts for minors called “Trump accounts.” The legislation includes a pilot program where the government will contribute $1,000 to this account for each child with a valid Social Security number born between 12/01/2025 and 12/31/2028.
Estate and Gift Tax Highlights of the One Big Beautiful Bill
OBBB increased the exemption amount for gift, estate, and generation-skipping transfer tax to $15 million for an individual and $30 million for married couples. The law also indexes these exemption amounts annually for inflation.
Nonprofit Tax Highlights of the One Big Beautiful Bill
This article highlights some of the tax provisions contained in the OBBB which will affect nonprofit organizations.
No Changes to Information Returns for 2025 Despite OBBB Changes
Form W-2, Forms 1099, and Form 941 and other payroll return forms won’t change for tax year 2025. Further, federal income tax withholding tables will not be updated for OBBB provisions during tax year 2025. The IRS has instructed employers and payroll providers to continue using current procedures for reporting and withholding.
Business Tax Highlights of the One Big Beautiful Bill
This article will highlights some of the tax provisions contained in the OBBB which will affect many business taxpayers.