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Officially signed into law by President Trump on July 4, the "One Big Beautiful Bill" (now One Big Beautiful Act) ushers in significant national tax policy updates. With many industries affected by this legislation, what does this mean for you and your business, and how should you prepare for what's next?
On Monday, July 14, our team of tax leaders provided a timely, in-depth analysis of the legislation's key updates and their implications for businesses, individuals, nonprofits, international trade, and investments. Watch the replay below, or view the full pdf here.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
The FFIEC has updated its IT examination guidelines, expanding the Development, Acquisition, and Maintenance (DA&M) booklet and retiring the Cybersecurity Assessment Tool (CAT) by August 31, 2025. Financial institutions must now enhance IT risk management and adopt alternative cybersecurity frameworks like NIST 2.0 and CISA Cybersecurity Performance Goals to stay compliant.
The IRS has extended tax deadlines to May 1, 2025, for individuals and businesses in areas affected by Hurricane Helene, including Alabama, Georgia, North Carolina, South Carolina, and parts of Florida, Tennessee, and Virginia. This relief provides significant benefits for real estate investors completing Section 1031 exchanges, offering extended deadlines for identifying and purchasing replacement properties.
A tentative agreement between the International Longshoremen's Association (ILA) and the US Maritime Alliance (USMX) ended a two-day strike, averting a potential $5 billion economic impact. While supply chain disruptions were minimal, this event underscores the importance of proactive risk management, inventory buffers, and diversified logistics strategies to mitigate future disruptions.
