The One Big Beautiful Bill Act included significant tax reform meant to revitalize the US economy, enhance tax policies, and reinforce social programs. Fortunately for practitioners trying to stay current, much of the legislation merely extends current law, avoiding the Tax Cuts and Jobs Act's scheduled sunset. Nevertheless, there are significant changes to understand. Specifically, the course will cover the following:

• The permanent extension of higher estate tax exemptions, setting it at $15 million per person in 2026 and indexing it to inflation
• No changes to the I.R.C. § 1014 step up in basis
• Extension of the 2017 tax cuts and its impact on individuals and businesses
• Discussion of measures designed to stimulate job creation and support small businesses
• New section 1202 qualified small business stock exemptions of $15,000,000 per person
• Permanent extension of the 199A deduction with phaseout
• SALT cap increased from $10,000 to $40,000 with a phaseout for income over $500,000
• No tax on tips and overtime
• Opportunity zone incentives made permanent