On July 4, 2025, President Trump signed the “One Big Beautiful Bill Act” into law. H.R. 1, 119th Cong. (2025), Pub. L. No. 119-21 (the “Act”). The Act makes significant changes to the tax code that will impact individuals and businesses. Below are five beautiful bullet points you should know about the Big Beautiful Bill.
DON’T MESS WITH TEXAS: CORPORATE TRANSPARENCY ACT IS UNENFORCEABLE (for now)
It is safe to say that the Federal Bench in Texas is at it again. Just a few months ago, the Northern District of Texas struck down the Federal Trade Commission’s nationwide ban on non-compete agreements just days before it was set to take effect. Ryan LLC v. Federal Trade Commission, No. 3:24–cv–986-E (N.D. Tex.). Now
FinCEN Finalizes Beneficial Ownership Information Reporting Requirements
The Corporate Transparency Act (the “CTA”) has been in place since 2020 when it was passed as part of the National Defense Authorization Act for Fiscal Year 2021; however, after a long administrative rulemaking process, the Beneficial Ownership Information (“BOI”) reporting requirements have only recently been finalized and will first become effective on January 1
Wisconsin Abolishes the Personal Property Tax
On June 20th Governor Evers signed into law 2023 Wisconsin Act 12 (the “Act”), which repeals the personal property tax that has long been an administrative burden for authorities and a source of confusion for taxpayers.
Under the former provisions, both real and personal property was (and is until January 2024) subject to tax unless