On July 4, 2025, President Trump signed P.L. 119-21, often referred to as the “One Big Beautiful Bill” (“OBBB”), into law. While this sweeping legislation contains several key elements of Trump’s and the Republicans’ domestic policy agenda, including increased funding for national defense and immigration enforcement and reductions in Medicaid and SNAP benefits, the package is primarily focused on tax reform.
At the heart of P.L. 119-21 is the extension, and in some cases, expansion of many Tax Cuts and Jobs Act (TCJA) provisions that were set to expire at the end of 2025. The bill also delivers on several of Trump’s campaign proposals, including no tax on tips or overtime and a new deduction for seniors, as well as the rollback of certain Inflation Reduction Act (IRA) incentives. Finally, P.L. 119-21 includes several new tax relief measures as well as a few revenue raisers, which generally take the form of limitations on business and individual tax deductions.
Tax Policy Update Webinars
Watch our Tax Horizons: Planning Ahead After the Reconciliation Bill webinar series recordings to learn more about the contents of the “OBBB” and what it may mean for your tax planning and compliance. Each 60-minute session offers timely insights and practical strategies across key areas of tax reform:
- Beyond the Bill: Tax Insights for the 2025 Reform
- Tax Credits & Incentives Unlocked: R&D and Energy Tax Opportunities
- Your Financial Legacy: Key Individual and Estate Tax Shifts
- Business Tax in Motion: Corporate and PTE Developments
- New Global Playbook: International Game Changers
- From Capitol to County: State & Local Tax in Focus
Tax Reform Thought Leadership
Cherry Bekaert’s thought leadership, authored by our professionals, keeps you informed and prepared by providing valuable insights and perspectives on the latest tax developments:
- Overview of the Bill: Learn more about the tax provisions included in the final bill in Tracking Tax Reform: A Closer Look at the Final Budget Reconciliation Bill
- Industry and Provision Specific Contents of the Bill: Check out Cherry Bekaert’s Tax Policy page and Tax Policy insights for all of our tax policy content, including deeper dives into how certain industries may be impacted by tax reform or to learn more about a specific provision included in the reconciliation bill.
Check Back in August for More Tax Policy Updates
Our tax policy team will share another update in August with a comprehensive Tax Policy Review covering new developments on tax reform implementation, government funding, and Treasury and IRS operations.
Your Guide Forward
Cherry Bekaert’s Tax Policy group is committed to bringing you information on the latest tax developments and opportunities.
