Introduction to the One Big Beautiful Bill (OB3) Act

By now we have all heard about the bill that was passed on July 4.  The bill is 870 pages long, and addresses everything tax from deductions to credits, and exemptions to SSN requirements.

Here is an explanation on how tax legislation works.  Congress passes the legislation, then throws it over the wall to the IRS.  The IRS then interprets the law and puts it into practice in the form of codes, manuals, and procedures.  They put this out for a period of public comment before implementation.  This gives industry experts time to review and critique technical aspects of it.  They make obviously needed changes, then make the rules permanent.  The laws are further clarified through US Tax Court (USTC) cases over the following several years. 

All of these things take time to get down to us at “street level.”  Over the next few months, we will lay out the provisions of this legislation as we understand it.  We continue to watch webinars and videos, and read materials from multiple sources in order to try and get all of the technical details right.  Some of these provisions are quite general, and will get dialed in over the coming several months.  Feel free to respond with comments, critiques, or questions, as this only helps us to improve.