Scott Cashman Provides 10 Key Tax Changes Under the One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OBBBA) introduces permanent changes to a wide range of tax provisions. From individual tax rates to business deductions and estate tax exemptions, the Act reshapes key areas of the tax code. In an article in the Worcester Business Journal, Scott Cashman outlines ten of the most significant changes.
4) Estate tax exemption. OBBBA permanently increases the federal estate and gift tax exemption to $15 million, indexed annually for inflation, for estates of decedent’s dying after 2025.
3) Qualified business income deduction. OBBBA makes permanent the 20% deduction for qualified business income (“QBI”) and increases the phase-in income limitations beginning for tax years after 2025.
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Categorized: Tax Reform, Taxes
Tagged In: estate taxes, tax changes, tax planning, tax reform
