As you may be aware, on July 4, 2025, a landmark piece of tax legislation – commonly referred to as “One Big Beautiful Bill Act” – was signed into law, ushering in some of the most significant changes to the tax code in recent years. This sweeping bill touches nearly every corner of the tax landscape, with key highlights including a substantial increase to the estate and gift tax exemption, the elimination of federal income tax on tips and overtime pay (subject to some important qualifications) and expanded tax benefits for qualified small business stock.
Given the breadth and complexity of the new law, Ruder Ware’s Business, Estate Planning, and Employment teams will be issuing a series of targeted client alerts in the coming weeks. These updates will break down the provisions most relevant to our clients and provide practical planning insights and strategic opportunities based on the new rules.
