Technical Resources of The One, Big, Beautiful Bill Act
Posted by Cory Van Deusen V on June 27, 2025
In-Person Panel Discussion: From Policy to Planning: What the Latest One Big Beautiful Bill Changes Mean
September 25, 2025, 8:00-10:00 AM
The Buffalo Club
This panel discussion with experts from Lumsden McCormick and law firm Bond, Schoeneck & King is designed to help you understand and apply the sweeping changes introduced by the OBBB, and how these developments may influence your financial planning, tax strategy, and business operations.
Webinar Recap: One Big Beautiful Bill
August 26, 2025
Big changes are coming to the tax landscape with the One Big, Beautiful Bill (OBBB) and Lumsden McCormick is here to help you navigate them. This session covered business incentives and their impact, provisions and planning for both individuals and employers, and international updates and tax credits.
OBBB Effective Dates for Businesses
August 14, 2025
The OBBB outlines key tax changes for businesses, including enhanced deductions and reporting thresholds starting in 2025. Highlights include 100% bonus depreciation, full expensing of domestic R&E, and increased 1099 thresholds, with some provisions expiring at year-end and others continuing into 2026 and beyond. Additional updates affect small business R&E elections, ERC claims, and the Qualified Opportunity Zone program.
OBBB Effective Dates for Individuals
August 14, 2025
The OBBB introduces a range of tax changes for individuals, including expanded deductions, increased credits, and new savings options. Key provisions begin in 2025 and roll out through 2032, with some changes permanent and others set to expire by the end of 2028.
A Game-Changer for Business Payment Reporting: What the OBBB Act Means for You
August 4, 2025
The One, Big Beautiful Bill (OBBB) Act significantly updates IRS reporting rules by raising the threshold for issuing Forms 1099-NEC and 1099-MISC from $600 to $2,000 starting in 2026, with future adjustments for inflation. This change will reduce paperwork and compliance burdens for businesses, especially small ones, while still requiring accurate income reporting and recordkeeping.
The QBI Deduction Gets a Boost Under OBBB
July 28, 2025
The changes to the Qualified Business Income (QBI) deduction introduced by the OBBB aim to provide greater tax benefits for small business owners and self-employed individuals, making it easier for them to reduce their taxable income and save on taxes.
The One Big Beautiful Bill (OBBB) Federal Tax Reform – Top 10 Key Takeaways for Manufacturers
July 23, 2025
Signed into law on July 4, 2025, the One Big Beautiful Bill (OBBB) delivers substantial and permanent tax relief for manufacturers, including restored R&D expensing, expanded bonus depreciation, and powerful incentives for production property and succession planning.
How the OBBB Impacts Nonprofit Organizations
July 22, 2025
Starting in 2026, nonprofits will face an expanded excise tax on compensation exceeding $1 million, which will apply to any employee, not just the top five earners. Donors will also see changes: nonitemizers can deduct up to $1,000 in charitable contributions, while itemizers must exceed a 0.5% AGI threshold to claim deductions, and corporations will face a 1% income floor for charitable deductions.
What the OBBB Act Means for Individual Taxpayers
July 15, 2025
The One Big Beautiful Bill (OBBB) Act, signed into law on July 4, 2025, makes permanent several provisions from the Tax Cuts and Jobs Act while introducing new deductions, such as for tips and auto loan interest, and expanding the child tax credit. It also raises the standard deduction and estate tax exemption, but eliminates green energy credits and personal exemptions, reshaping tax planning for individuals.
Key Business Tax Changes in the One, Big, Beautiful Bill Act
July 14, 2025
The One, Big, Beautiful Bill Act introduces a range of impactful tax changes for businesses, including the permanent return of 100% bonus depreciation, expanded Section 179 expensing, and immediate deductions for domestic R&E expenditures. It also enhances credits for employer-provided child care and paid family leave, while phasing out several clean-energy tax incentives. Some less favorable provisions, such as the permanent disallowance of excess business losses, also take effect.
Estate Planning and The One, Big, Beautiful Bill Act
July 10, 2025
The One, Big, Beautiful Bill Act permanently raises the federal gift and estate tax exemption to $15 million per individual, providing long-term clarity for estate planning. High-net-worth individuals can now implement strategies like SLATs and SPATs to reduce estate tax exposure while maintaining access to their wealth. These tools offer flexibility and protection, making them valuable components of a modern estate plan.
OBBBA Bill Summary provided by Congress
July 4, 2025
Republicans Complete Sweeping Reconciliation Bill
July 3, 2025
Republicans have successfully passed a comprehensive reconciliation bill, marking a significant legislative achievement. This bill encompasses a wide range of policy changes and reforms, reflecting the party's priorities and goals.
Please note that the articles dated June 2025 reflect proposed tax legislation as it stood at the time of publication.
Tax Provisions in the Proposed One, Big, Beautiful Bill Act for Manufacturers
June 17, 2025
The OBBBA includes significant tax provisions that impact the U.S. manufacturing industry, such as resetting bonus depreciation to 100%, increasing Section 179 expensing limits, and making the QBI deduction permanent. Manufacturers should stay informed about these changes as the bill progresses through the legislative process.
Overview of R&E Expense Deductibility under Proposed Federal Legislation
June 16, 2025
The One, Big, Beautiful Bill proposes to restore the immediate deductibility of research and experimental (R&E) expenses, reversing the changes introduced by the Tax Cuts and Jobs Act (TCJA) that required these expenses to be capitalized and amortized over several years. If enacted, this bill would provide significant financial relief to innovation-focused businesses by allowing them to deduct R&E expenditures immediately.
The One, Big, Beautiful Bill Act: Proposed Federal Business Tax Breaks
June 9, 2025
The One, Big, Beautiful Bill, a new bill in Congress proposes significant changes to business tax breaks, including restoring 100% bonus depreciation, increasing Section 179 expense limits, and making the Qualified Business Income deduction permanent. These changes aim to provide substantial tax relief and flexibility for business owners, encouraging investment and innovation.
Proposed Federal Tax Legislation: The One, Big, Beautiful Bill Act
June 5, 2025
The proposed federal tax legislation aims to simplify the tax code, reduce rates for individuals and businesses, and eliminate certain deductions and credits. The bill also seeks to increase the standard deduction and expand tax credits for families, while ensuring that the changes are revenue-neutral over the long term.
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Cory has over 20 years of experience providing tax and consulting services to commercial businesses and individuals. His expertise lies in the myriad of business development incentives offered by various federal, state, and local agencies to targeted industries such as Manufacturing, Software Development, Technology Companies and many other in order to encourage regional investment, spur job creation, and foster economic growth. The available incentives include refundable tax credits, tax abatements, grants, and forgivable loans. He has extensive knowledge of Start-Up NY, Opportunity Zones, the Excelsior Jobs Program, Qualified Emerging Technology Companies, and various local incentives such as Industrial Development Agency (IDA) benefits. Additionally, he spends his time providing services to Start-Up Companies ranging from a founder with an idea to multi-national tech companies that have raised hundreds of millions of dollars. Cory has experience in all areas of U.S. federal and NY State taxation. He has been with Lumsden McCormick since 2001, was named partner on January 1, 2015. He is a member of the Firm’s Executive Committee and is head of the commercial services group.