One Big Beautiful Bill Act Explained: Major Tax Updates for 2025 and 2026

The One Big Beautiful Bill Act (HR 1), signed into law on July 4, 2025, includes a wide range of tax provisions that affect both individuals and families. Below is a summary of the most impactful provisions that take effect beginning in 2025 and 2026, along with details on provisions that have been extended or made permanent.

Update on Beneficial Ownership Information (BOI) Reporting Requirement

On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled that the reporting requirements under the Corporate Transparency Act are back in effect. However, the Department of Treasury recognizes that reporting companies may need additional time to comply.

Reminder: Protect Taxpayers with an Identity Protection PIN (IP PIN)

Tax preparers should encourage their clients to sign up for an Identity Protection PIN (IP PIN) to safeguard their federal tax returns. The IP PIN is available to all taxpayers who can verify their identity and provides an extra layer of protection against identity theft.

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