The One Big Beautiful Bill Act, enacted on July 4, 2025 as Public Law 119-21, introduced a wide range of changes that will impact tax returns for the 2025 tax year and beyond.
Two documents are attached below (Both English and Spanish versions are available). The One Big Beautiful Bill Guide offers a summary of these changes, including when each will take effect. OBBB Summary for Tax Clients is a quick summary of the changes affecting tax year 2025.