The One Big Beautiful Bill Act (OBBBA) is clearly a big tax cut; in fact, it is the 6th largest since 1940, measured as a share of the economy. It also comes at a time of big, unprecedented, and unsustainable deficits and debt. While lawmakers limited the fiscal cost of the OBBBA by including provisions that reduce spending and boost economic growth, the net effect is higher deficits and debt, putting the federal government in a more dangerous fiscal position sooner. [more]

Some new rules concerning the deductibility of charitable contributions were enacted as part of H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act. The changes introduce incentives and limitations that may influence decisions about the timing and amounts of donations. Financial advisers can help clients plan how they will manage their charitable giving in 2025 and beyond. “Most of the changes for individual taxpayers decrease the tax benefit of charitable contributions, especially for those with higher income who itemize,” said Robert Westley.  [more]

An update on regulations and guidance surrounding Trump Accounts—which are a new type of Individual Retirement Account (IRA) for children under 18, created under the Working Families Tax Cuts initiative—was announced by the Internal Revenue Service (IRS) on Tuesday.  Trump accounts were created under this year’s One Big Beautiful Bill Act with the aim to give American children long-term financial security while helping families build generational wealth. [more]

When I talk to clients about charitable giving, I always emphasize that non-cash contributions can be one of the most strategic ways to support the causes they care about. While cash donations are straightforward and common, donating appreciated assets—like stocks, real estate, or even cryptocurrency—can unlock powerful tax advantages that benefit both the donor and the nonprofit. Understanding how these gifts work is essential to maximizing their impact. For individuals with significant appreciated assets, non-cash giving offers a dual benefit that cash simply can’t match. If you’ve held an asset for more than a year, donating it allows you to avoid paying capital gains tax on the appreciation while still receiving a charitable income tax deduction for the full fair market value. [more]