Part 2 In this second part of our two-part series on the One Big Beautiful Bill Act (OBBBA), we examine the legislation’s impact on businesses, trusts, and estates. In addition, we will look at its overall economic impact. Estate Tax Changes The federal estate tax exemption receives a significant boost under OBBBA. Previously set to … Continue reading “One Big Beautiful Bill Act: Part 2 – What the New Tax Law Means for Your Business”
The Trump Administration announced it will no longer apply the beneficial ownership information (BOI) requirements of the Corporate Transparency Act (CTA) to domestic companies. This declaration came first via social media, marking a significant shift in policy. Under this new directive, U.S. businesses are exempt from the BOI reporting requirements of the CTA. The Treasury … Continue reading “Treasury Declares New Beneficial Ownership Reporting Law Will Apply Only to Foreign Companies”