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How to Factor Tax Law Changes Into Your Year-End Financial Statements

The OBBB: How to Factor Tax Law Changes Into Your Year-End Financial Statements

In July 2025, significant changes to the federal income tax rules were signed into law. While the OBBB primarily grabs attention from a tax compliance angle, they may also have significant financial reporting implications — even though some changes don’t go into effect until 2026 or later.

Businesses must address the effects of the changes under the One Big Beautiful Bill Act (OBBBA) in their 2025 financial statements. For many companies, that will be a complex task. Here are the details.

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Hood & Strong | Articles | How to Factor Tax Law Changes Into Your Year-End Financial Statements While OBBB rules primarily grab attention from a tax compliance angle, they may also have financial reporting implications.