After months of debate, the One Big Beautiful Bill Act (OBBBA) has become law, bringing sweeping changes to the U.S. tax code for both individuals and businesses. Below is a breakdown of a few of the most significant provisions, along with actionable planning insights. We will be providing a much deeper dive into this bill in the coming weeks.
The Senate is currently in a marathon “vote‑a‑rama” phase, reviewing hundreds of amendments to the “One Big Beautiful Bill” (OBBBA) passed by the House in May. That means significant changes remain possible before a final Senate vote—expected this week—followed by a return to the House and, ultimately, the President’s signature.
On May 22, 2025, the U.S. House of Representatives narrowly passed a comprehensive tax and spending bill, often referred to as the "One Big Beautiful Bill Act." This legislation encompasses significant tax reforms and spending measures. The bill now advances to the Senate, where it faces potential revisions and debates.
In 2017, the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code for individuals and businesses. Now, many of those provisions are set to expire at the end of 2025.
Effective in March 2024, the US Department of Labor has issued a final rule on how workers are classified under the Fair Labor Standards Act (FLSA). This rule was issued to assist employers in determining the status of employees vs. independent contractors, which is especially critical in managing minimum wage and overtime requirements.
The Employee Retention Tax Credit (ERTC) was introduced during the pandemic, when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Although the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that.
Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners – the individuals who ultimately own or control a company – to the Financial Crimes Enforcement Network (FinCEN). FinCEN has published a guide to help small businesses navigate the new rules for reporting beneficial ownership information (BOI).
On Wednesday October 4, 2023, Massachusetts Governor Maura Healey signed a $1 billion tax package into law. This significant legislation will increase tax credits for caregivers, renters, and seniors, and provide benefits for the business community. Through this legislation, Healey hopes to make the cost of living more affordable to families.
After issuing multiple warnings, the IRS has announced a moratorium on processing new Employee Retention Credit (ERC) refund claims through the end of the year. In combination with stepping up its audit and criminal investigation work regarding ERC claims, the IRS hopes the moratorium will slow down the ERC process to allow the organization to better identify which claims are legitimate.
The Tax Cuts and Jobs Act expanded the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.
