In this seventh installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss provisions of the Act that impact the deductibility of individual charitable gifts under Code Section 170.[1]
The Act impacts the
Larry's Tax Law
Larry's Tax Law, published by Foster Garvey PC, focuses on detailed analysis and commentary on federal tax law, with particular emphasis on Subchapter S corporations and their complex tax provisions. The blog covers legislative developments such as the One Big Beautiful Bill Act and its impact on business tax deductions, including bonus depreciation and automobile loan interest deductibility. It also provides insights into tax planning strategies, regulatory changes, and notable tax cases and rulings. The content is aimed at tax practitioners and professionals seeking to navigate nuanced tax regulations and optimize tax outcomes for clients.
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One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part VI – Corporate Charitable Deductions / A Floor Has Been Added to Code Section 170(b)(2)(A)
By Larry Brant
In this sixth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss a provision of the Act that impacts the deductibility of corporate charitable gifts under Code Section 170(b)(2)(A).[1]
Background
The rules…
One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part V – Qualified Small Business Stock Exclusion / Code Section 1202
In this fifth installment of my multi-part series on the One Big Beautiful Bill Act, Steve Nofziger and I discuss a provision of the Act that impacts certain business owners who are contemplating a sale of their shares, Code Section…
One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part IV – The Qualified Business Income Deduction / Code Section 199A
In this fourth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), Steve Nofziger and I discuss a provision of the Act that impacts pass-through business entities and their owners, Code Section 199A.[1]
Background…
One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part III – Gambling / Code Section 165(d)
By Larry Brant
In this third installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss a provision of the Act that may not impact a large segment of the population, but which is interesting and worthy…
One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part II – Estate and Gift Tax
By Larry Brant & David Knutson
In this second installment of our multi-part series on the One Big Beautiful Bill Act (the “Act”), my colleague David Knutson and I discuss the changes made by the Act to the federal estate and gift tax regime.
Background
The…
One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part I – The SALT Deduction
By Larry Brant
On July 1, 2025, the One Big Beautiful Bill Act, H.R.1 – 199th Congress (2025-2026) (the “Act”) was passed in the U.S. Senate (“Senate”). On July 3, 2025, it was passed in the U.S. House of Representatives (“House”) and presented…
The House Passes a Tax Bill Containing a SALT Cap Compromise That Is Slightly Better Than Its Prior Proposal
By Larry Brant
As reported on May 16, 2025, the SALT cap proposal contained in the legislation that was pending in the U.S. House of Representatives (“House”) aimed at, among other things, dealing with the expiring provisions of the Tax Cuts and…
It Is Raining Tax Increases in Washington State – When It Rains It Pours
By Larry Brant
As reported on May 13, 2025, several changes to the Washington state tax laws were passed by lawmakers and delivered to the desk of Governor Ferguson in late April, awaiting his signature to make them law. In the aggregate, these…
An Interesting New Law Passed by the Oregon Legislature Impacts the State Taxation of Lottery Winnings
By Larry Brant
Oregon House Bill 3115 (“HB 3115”) was sponsored by Representatives John Lively (D) and Kimberly Wallan (R). It was co-sponsored by Representatives Tom Anderson (D), David Gomberg (D) and Nathan Sosa (D).
HB 3115 was introduced in the Oregon House…