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Reconciliation roundup: key private tax provisions of the final bill

In this episode of Elements of Private Tax, cohosts Damien Martin and Tony Nitti discuss the implications of the final reconciliation bill known as the One Big Beautiful Bill.

Related topics
Tax
Family enterprise

As the final reconciliation bill, informally known as the One Big Beautiful Bill, takes effect, it’s poised to reshape the world of private tax. In this second episode of the Elements of Private Tax podcast, cohosts Damien Martin and Tony Nitti engage in an eye-opening dialogue with guest Dianne Mehany about the sweeping implications of this significant legislation.

Throughout the discussion, the speakers delve into how the bill impacts family-owned businesses, estate planning and tax compliance, emphasizing the need for stakeholders to adapt to these changes. They highlight the permanence of certain provisions, such as the increase in the lifetime exemption amount to $15 million, which allows for more informed planning. Additionally, the episode addresses the complexities introduced by the new limitations on business losses and the ongoing challenges related to state and local tax (SALT) deductions.

Listeners will gain valuable insights into the shifting dynamics of private tax and the necessity of staying informed as compliance requirements shift. This episode serves as a crucial reminder for individuals and businesses to remain proactive and strategic in navigating the complexities of the evolving private tax landscape.

Key takeaways:

  • The reconciliation bill introduces substantial modifications that may require family-owned businesses to reassess their financial strategies and operational approaches.
  • The adjustments to estate tax provisions signify a shift in how individuals can approach wealth transfer and legacy planning, fostering a more strategic mindset.
  • The legislation’s changes to tax provisions will create new tax considerations, encouraging individuals and businesses to better understand the updated framework and explore appropriate strategies to achieve their specific goals.

This podcast was recorded on July 7, 2025 and is also available on Apple Podcasts, iHeart, Player FM and Spotify.

Presenter

  • Damien Martin, Partner, EY Private Tax and Financial Services Organization, Ernst & Young LLP
  • Tony Nitti, Partner, EY Private Tax, National Tax Department, Ernst & Young LLP

Podcast

Episode 2

Duration

54m 36s

In this series

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.