What’s OBBBA all about?

Last year, Congress passed the One Big Beautiful Bill Act (OBBBA), which made numerous changes in federal tax law and other federal laws. Now, the Joint Committee for Taxation posted an explanation of the tax provisions in this law. The explanation runs 341 pages. If you are interested in a particular provision, you can zero in on it and find some interesting clarifications. For example, any amount of tip income that’s subtracted from adjusted gross income (the “no tax on tips” deduction) is excluded from being considered qualified business income (QBI) for purposes of the QBI deduction. #IdeaoftheDay