Resources

The sweeping tax package known as the One Big Beautiful Bill (OBBB) brings notable changes for tax-exempt organizations, including new limits on charitable deductions and a broader reach for the excise tax on executive compensation. While some feared provisions didn’t survive the final version, others—like the return of the charitable deduction for non-itemizers—are now permanent law.

The One Big Beautiful Bill (OBBB) includes some provisions relevant to private schools and donors who support K-12 education. Most notably, the excise tax on investment income at private universities will now follow a tiered structure, with rates as high as 8% depending on a school's per-student endowment. Schools with significant investment assets may need to reevaluate how those assets are held and managed.

The One Big Beautiful Bill (OBBB) introduces updates for employers offering benefit plans, with changes that affect health savings account (HSA) eligibility, dependent care assistance limits, telehealth services, and more. Notably, the bill expands HSA access to those enrolled in bronze and catastrophic plans and permanently allows pre-deductible telehealth coverage under high-deductible health plans.

The One Big Beautiful Bill (OBBB), which passed on July 3 and is expected to be signed by President Donald Trump by July 4, modifies a number of international tax rules introduced in the Tax Cuts and Jobs Act and creates a new rule to punish counties deemed to be imposing “unfair taxes” on U.S. taxpayers.

The One Big Beautiful Bill (OBBB) cements many individual tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) including permanent lower income tax rates and a doubled standard deduction. It also introduces new and expanded deductions—such as a $6,000 senior deduction and a temporary deduction for U.S.-assembled auto loans—while increasing the SALT cap (for now) and enhancing the child tax credit.

The OBBB increases the amount individuals may transfer for federal estate, gift, and generation-skipping transfer tax purposes. Effective as of January 1, 2026, the federal estate and gift tax exclusion and the generation-skipping transfer (GST) tax exemption will increase to $15,000,000 per person.

The One Big Beautiful Bill creates and/or modifies a number of tax rules that impact taxation of business income, including the permanent extension of the 20% pass-through deduction under Section 199A and the return of full expensing for domestic R&D costs and bonus depreciation. The bill also expands eligibility for manufacturers using U.S.-based production facilities. Other key updates include new limits on interest deductions, stricter rules for corporate charitable contributions, and temporary deductions for tip income and overtime pay. Employers and business owners should review these provisions closely to understand the planning opportunities and compliance obligations ahead.

The Made in the USA label carries significant marketing weight, especially in today’s political landscape, but it also comes with legal risks. Federal regulators and class action attorneys are scrutinizing origin claims, leading major brands to face substantial penalties.

Can a public school require students to engage with materials that conflict with their parents’ religious beliefs without offering an opt-out? In Mahmoud v. Taylor, the U.S. Supreme Court enjoined the Montgomery County public school system from using certain classroom materials without giving parents notice and an opportunity to have their children excused on religious free exercise grounds. While the decision specifically involved LGBTQ+ related material, the rationale of the decision would apply to virtually any curricular material which a parent perceives to be contrary to their fundamental religious beliefs. 

Apple has escaped a $300 million patent infringement verdict after a three-judge panel of the United States Court of Appeals for the Federal Circuit vacated both the infringement and damages judgment because of faulty jury instructions and an improper verdict form underscoring how a seemingly small procedural error can upend a half-billion-dollar outcome.