The One Big Beautiful Bill Act (OBBBA), signed July 4, 2025, is the most significant tax legislation since 2017. It made the expiring 2017 tax cuts permanent, added a slate of new deductions, changed information reporting, and ended several energy incentives. This guide pulls together everything tax professionals need — each link goes to a detailed explainer.
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What became permanent
- TCJA Sunset Averted: The 2017 Tax Cuts Are Now Permanent
- The 20% QBI Deduction Is Now Permanent (Section 199A)
- 100% Bonus Depreciation Is Back — and Permanent
- R&D Expensing Is Back: Section 174
- Estate & Gift Tax: The $15 Million Exemption Is Permanent
New and expanded deductions
- The New $40,000 SALT Cap
- No Tax on Tips and No Tax on Overtime
- The New Senior Deduction ($6,000 for age 65+)
- The New Car Loan Interest Deduction
- A Charitable Deduction for Non-Itemizers Returns
New accounts, reporting, and expirations
- Trump Accounts: New Tax-Advantaged Savings for Children
- New 1099-K and 1099-NEC Reporting Thresholds
- What Expired in 2025: Clean-Energy and EV Tax Credits
Turn these changes into CPE
CPE Options offers online self-study tax courses that put these rules into practice — from tax-planning strategies to estate and transfer tax. Browse Tax CPE courses →
These summaries are educational and current as of publication. Confirm the current statute, thresholds, and IRS guidance before relying on any point. Not legal or tax advice.
