2025 The One Big Beautiful Bill Act (OB3) – Client Webinar

The Essential Tax Podcast with Mishkin Santa, Season 2, Episode 5 

In this episode of The Essential Tax Podcast, Mishkin presents and analyzes a brief history and some significant tax provisions of the One Big Beautiful Bill Act (OB3) that was recently signed into law by President Trump. 

 

Tune in for these key takeaways: 

• A discussion of widely publicized provisions that may have been expected, but were ultimately not included in the bill, such as the Trump Gold Card (tax treatment of certain international entrepreneurs) 

• Important changes to the standard deduction and the state and local tax (SALT) deduction 

• Changes to Charitable deduction rules and requirements 

• Details of the “no tax on tips” rules, including a definition of qualified tips, phase out amounts, limitations, and time restrictions to utilize this provision 

• An explanation of the new deduction for overtime pay and recommendations for specific filing statuses to maximize its benefit 

• Changes to IRC 529 plans and what to know about the new Trump Accounts (fka MAGA Accounts) 

• Important information about the extension and modification of limitation on gambling and wagering losses, including an explanation of the changes in session netting 

• Details about the extension of the TCJA gift and estate tax exemption 

• Important changes made by OB3 regarding business entity types, and which ones to utilize when setting up a new business 

• A discussion of the continuation and modification of the Bonus Depreciation Rules and qualified business income deduction under OB3 

• A discussion of the continuation and modification of the qualified small business stock (QSBS) rules under OB3 

• An overview of the continuation and modification of the qualified opportunity zone (QOZ) rules under OB3 

• OB3’s termination of many energy credits and how to maximize deductions before the changes take effect 

• Relevant information about Congress’s technical correction of the error in the TCJA downward attribution of stock ownership 

• Changes to certain provisions and limitations relating to remittance transfer tax 

• Recent changes to IRS staffing and how it may affect tax processing and response times 

 

Further Resources: 

• OB3 - https://www.congress.gov/bill/119th-congress/house-bill/1/text 

• Tax Cuts and Jobs Act of 2017 - https://www.congress.gov/crs-product/R48485  

• QOZ IRCs - https://www.law.cornell.edu/uscode/text/26/subtitle-A/chapter-1/subchapter-Z 

• Map of QOZs: https://opportunityzones.com/location/ 

• IRC 179 (bonus depreciation) - .css-j9qmi7{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;font-weight:700;margin-bottom:1rem;margin-top:2.8rem;width:100%;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:start;justify-content:start;padding-left:5rem;}@media only screen and (max-width: 599px){.css-j9qmi7{padding-left:0;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;}}.css-j9qmi7 svg{fill:#27292D;}.css-j9qmi7 .eagfbvw0{-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;color:#27292D;}