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:
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About The Essential Tax Podcast:
In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that makes your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas.
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