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Highlights about the One Big Beautiful Bill Act

Here are Key Highlights related to provisions of the bill focused on adjustments to brackets, credits, deductions and aspects relevant to most taxpayers.
1. Provisions impacting Individuals

2. Provisions Impacting Businesses

3. Other General Provisions

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Corporate Transparency Act - Beneficial Ownership Information Reporting Requirement

The Corporate Transparency Act (effective January 1, 2024) is a U.S. federal law designed to combat money laundering, terrorism financing, and tax evasion by requiring certain business entities to disclose Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).

Who must report?

Most corporations, LLCs, and similar entities created or registered to do business in the U.S.
Small business and single member LLCs

Exempted:

Large operating companies (20+employees and $5M in U.S. revenue)
Public traded companies
Certain nonprofits, banks, and credit unions.