Tax reform unpacked: What does the One Big Beautiful Bill Act means for you?

What does the One Big Beautiful Bill Act mean for taxprofessionals and their clients? In this episode of Clarity, Nadya Brittonspeaks with Shaun Hunley, Executive Editor of Thomson Reuters Checkpoint, aboutthe most significant tax provisions contained in the newly enacted legislation.The discussion highlights three major themes: making many key Tax Cuts and JobsAct (TCJA) provisions permanent, modifying certain existing provisions such asthe state and local tax (SALT) deduction cap, and introducing several new taxmeasures tied to campaign proposals, including deductions related to tips,overtime, Social Security benefits, and auto loan interest. Throughout theconversation, Hunley emphasizes that while the legislation is extensive, muchof it builds on tax concepts practitioners already know, making implementationmore manageable than previous sweeping reforms.

A key focus of the episode is how tax professionals can helpclients navigate the changes effectively. The speakers discuss the importanceof understanding effective dates, identifying immediate planning opportunities,correcting misconceptions about widely publicized provisions, and proactivelycommunicating with clients before filing season arrives. Topics include changesto bonus depreciation, Section 179 deductions, energy credits, charitabledeductions, qualified small business stock, opportunity zones, estate planningconsiderations, and new savings provisions for children. The conversation alsohighlights how technology, AI-powered research tools, data analytics, andtargeted client communications can help practitioners stay informed, identifyaffected clients, and deliver more strategic advice.

3 reasons to listen

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1. Understand the key tax provisions in the One BigBeautiful Bill Act, including which TCJA provisions were extended, whatchanged, and which new deductions and incentives taxpayers should know about.

2. Learn how to prepare clients for the changes,including correcting common misconceptions and identifying planningopportunities involving deductions, credits, investments, and estate planning.

3. Gain practical guidance on using technology andAI to respond to tax reform, from researching new provisions and analyzingclient data to communicating changes efficiently and effectively.

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Get practical guidance on preparing clients for the biggest tax changes ahead.