In a column for Bloomberg Tax, AICPA President and CEO Mark Koziel weighs in on how CPAs can best help their clients after the One Big Beautiful Bill was signed into law by President Donald Trump.
"The most important thing that accounting professionals can do for their clients," Koziel noted, "is help them prioritize what changes need to happen now versus what needs to happen next month, or even next year."
The new $3.4 trillion OBBA has certified public accountants "navigating a massive amount of information," Koziel emphasized. In this period where CPAs are transitioning from the language of the law to analysis and eventual implementation, Koziel said that understanding the impact of the act's new and continuing provisions will have on their clients is key.
He explained that some aspects of the law might seem simple, However, they are not as straightforward as the public thinks. An example of these provisions is how deductions are calculated. "We’re all in the process of learning together, so there are many questions we don’t know we should be asking yet," he stated.
He cited the many questions regarding the government-seeded investment accounts that were created as part of the new law, although this program will not start until next year. Koziel said that instead of focusing right now on items effective after this year, CPAs must think of provisions whose effective dates are in 2025 and those that are retroactive.
He said that AICPA’s timeline of key tax and financial planning provisions and changes in the new tax law and their respective effective dates can be used as a beneficial tool, adding that knowing when various provisions are effective is key in assisting clients plan for the upcoming months and years.
He enumerated important items that CPAs must consider:
• Mining their client list. Find out what provisions and effective dates affect their clients the most in both the short term and long term.
• Becoming technically aware of the act's provisions and learning how to apply them. Utilize resources and information from trusted sources to navigate the changes.
• Having an awareness for new guidance and regulations from the Treasury Department and the IRS. • Comprehending how deductions are calculated under the OBBBA.
He said that the most important aspect of the law in terms of planning is the relative permanency of its provisions.
He also enumerated and discussed the many issues that are already having a larger impact including no tax on tips and overtime, senior deduction, research and experimentation, and one hundred percent bonus depreciation.