The Treasury Department and the IRS will need to roll out guidance to explain the bill's newer provisions and how they differ from earlier tax legislation.

Many of the provisions of the OBBBA benefit businesses, but colleges and universities will take a hit, as will companies in renewable energy.

The ink is hardly dry on the $3.4 trillion tax and spending package and House Republicans are already at work on a follow-up budget bill coming this autumn.

The president's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.

The sweeping $3.4 trillion fiscal package is already creating opportunities for segments of the energy and climate industries that had fallen out of favor.

The Senate passed a bipartisan bill that would provide tax-filing relief for taxpayers in states that have issued state-level disaster declarations, sending the bill to President Trump for his signature.

Tax clients are already starting to ask their accountants about the many changes in the massive One Big Beautiful Bill Act passed by Congress last week.

The Public Company Accounting Oversight Board sanctioned CPA firm Michael Coglianese for quality review failures for 17 audit and attestation engagements.

A set of provisions tucked into the law has real estate developers and affordable housing proponents cheering — though some view it as a bittersweet victory.

The Internal Revenue Service plans to shutter its Filing Information Returns Electronic, or FIRE, system.

Executives at America's largest corporations watched Donald Trump sign a massive tax-cut bill without any change in their own companies' tax rates.

From bonus depreciation and R&E expensing to the higher standard deduction, the Trump tax bill covers a lot of ground.

Solar and wind projects that already had been pared back by Trump's $3.4 trillion budget bill designed to end green energy incentives.

The bill is expected to push almost 12 million Americans off their health insurance, creating long-term financial issues for states and health-care providers.

A loophole for religious schools was removed from the final tax bill, leaving the Indiana-based school to pay a higher levy on its $20 billion endowment.

The Internal Revenue Service has declared 83 pieces of old guidance in the Internal Revenue Bulletin to be obsolete in accordance with Trump executive orders.

Business investors and wealthy Americans are among the biggest winners. Those hit the hardest include elite universities, who face new levies, and immigrants.

President Trump signed his $3.4 trillion budget bill into law, enshrining an extension of tax cuts, temporary new breaks for tipped workers and funds for an immigration crackdown.

President Donald Trump secured a sweeping shift in U.S. domestic policy as the House passed a $3.4 trillion fiscal package that cuts taxes, curtails spending on safety-net programs and reverses much of Joe Biden's efforts to move the country toward a clean-energy economy.

House Republicans passed the wide-ranging Trump tax legislation dubbed the One Big Beautiful Bill Act, overcoming resistance from a group of GOP holdouts and united opposition from Democrats.