Welcome to Riding the Wave of Global Tax Change, with your host Steph from the Global Tax Team at Wolters Kluwer.
In this episode of Riding the Wave of Global Tax Change, Steph sits down with Mark Luscombe, Principal Analyst at Wolters Kluwer, attorney, CPA, and Accounting Today columnist, to unpack the sweeping One Big Beautiful Bill signed into law on July 4, 2025.Mark explains how the bill came about as a response to expiring provisions from the 2017 Tax Cuts and Jobs Act, and breaks down key business impacts — from the restoration of 100% bonus depreciation to changes in interest deductions, Section 179 expensing, clean energy credit phase-outs, and the retroactive reinstatement of research and development expensing for small businesses.We dive into how manufacturing, telecom, retail, construction, and other sectors will need to adapt to new deductions, reporting rules, and incentive changes. Plus, Mark shares where IRS guidance is still pending, why timing for 2026 tax filing could shift, and whether more tax legislation might be on the horizon this year.
Whether you’re a business owner, tax professional, or just trying to make sense of 2025’s biggest tax bill, this conversation will help you stay ahead of the curve.
Keeping you informed and ahead, Wolters Kluwer is a global leader in information, software solutions and services for professionals in tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG, and healthcare. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Dislaimer:
This podcast is intended for informational purposes only and should not be considered legal, financial, or professional advice. While we strive to provide accurate and up-to-date insights, the hosts and guests are not engaged in rendering legal, accounting, or other professional services. If you require legal, financial, or tax advice specific to your situation, we strongly recommend consulting a qualified professional.