How OBBBA is changing tax planning and policy

President Donald Trump’s One Big Beautiful Bill Act, signed into law on July 4th, will shape tax planning and policy for years to come. The sheer scale of the legislation, which ended years of speculation over expiring provisions of the 2017 Tax Cuts and Jobs Act, defies any short summary. 

The new law adds much complexity to the tax code, and the library of links below presents a compendium of resources for financial advisors and tax professionals, addressing the key strategic and policy questions emanating from the megalaw. 

Scroll down for a roundup of Financial Planning’s coverage of OBBBA’s implications for planning and tax strategies and policy. To see FP’s list of “20 tips, tricks and tools to level up your estate planning game,” click here.

Planning and strategy questions for an OBBBA world

After years of wondering what would become of the TCJA’s expiring provisions, advisors and tax professionals got a deluge of answers under OBBBA. But that means they’ll have their work cut out for them in figuring out what may be a fit for their clients. The changes create winners and losers, and they affect everything from charitable giving to health savings accounts to business-meal perks. 

READ MORE:Trump’s megabill passed — here’s what advisors should knowWho won and lost in Trump’s tax lawMore winners and losers from the Trump tax billTrump’s tax bill offers planning opportunitiesOBBBA boosts estate and gift planning opportunitiesNon-grantor trusts could ‘stack’ big tax breaks under OBBBATrump’s new law cuts both ways for Social Security beneficiariesThe big changes to HSAs and what they mean for planningCaps, credits, contributions: Tax planning for parents under OBBBAA ‘new adventure’ for charitable giving, itemizing under OBBBA4 ways business owners could reap big tax savings under OBBBAOBBBA boosts Qualified Small Business Stock tax breakCompanies tout more investments, orders from Trump’s tax billDo SALT workarounds benefit micro-business owners?Big benefits for real estate in OBBBA4 tax-saving real estate strategies — and how to avoid their pitfallsTrump tax law takes aim at office snacksNorthwestern Mutual $23M tax suit reflects changes in meal write-offs

Awaiting word from the agency

As any seasoned tax pros know all too well, regulations and guidance from the Treasury Department and the IRS explain the details of any new piece of legislation. Here’s a look at the guidance that the government has released so far, along with other areas that could affect clients’ bills to Uncle Sam.

READ MORE:Treasury will need to come up with guidance on Big Beautiful BillTreasury, IRS offer guidance for rural opportunity zonesIRS provides FAQs on expiring clean energy tax breaksTrump’s latest attack on wind and solar squeezes tax breaksInside the new deduction for tipsTreasury rolls out guidance on no tax on tipsIRS offers short window in R&D guidanceIRS offers guidance on R&D expensing changes under OBBBA

Politics and policy after OBBBA

The wealth management and tax fields inevitably touch on politics, as the actions of the three branches of government always affect clients’ investments and IRS returns. And that won’t change just because OBBBA is now the law of the land.

READ MORE:Advisor confidence positive for the first time in six monthsTax complexity still costly despite OBBBA changesTax cut impact of OBBBA expected to vary across statesTrump’s corporate tax break worth $67B hits a snagJohnson kicks off next tax bill work, seeking fall passage