General information only. Not tax, legal or investment advice. A planning idea named here is not a recommendation for any person. Prem Tax and Accounting Corp is a CPA firm, not a law firm. Tax rules change often and figures are for the tax year shown: confirm with the official source or a qualified adviser before you act. Read the full notice. Book a 10-minute call.

Current Topics

The One Big Beautiful Bill Act: what lasts and what ends

Public Law 119-21 kept some tax rules for good, set a last year on others and ended a few credits already. These six short guides sort it out, with the year attached to every number.

Prepared by Prem Tax and Accounting Corp. Last reviewed November 6, 2026. Figures as of November 6, 2026.

Public Law 119-21 became law on July 4, 2025. Most people say One Big Beautiful Bill Act, but no short title appears in the enacted text, and the IRS website now uses the name Working Families Tax Cuts. Some of its tax rules have no end date, others stop after a stated tax year, and a few credits are already gone. Our six short guides show which is which for your own household or business.

Start here: what stays and what ends, one table that sorts every major piece.
Why the label matters: permanent versus temporary rules and how a last year changes your plans.
The deductions people ask about: seniors, tips, overtime and car-loan interest.
Ideas for this season: planning on the permanent rules.
Where answers are still open: state and IRS gaps, with Illinois first.
Staying current: how to track tax changes from official sources.

The new tax law, sorted: what stays, what ends and what already ended

A one-page sort of the One Big Beautiful Bill Act (Public Law 119-21): permanent rules, rules with a last year and ended credits, with 2025 to 2027 figures.

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Permanent or temporary? Why the label changes your plans

What permanent and temporary mean in the One Big Beautiful Bill Act, why a last year changes your plans, and an invented phase-out that acts like a tax rate.

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Senior, tips, overtime and car-loan interest: what you can actually claim

How the senior, tips, overtime and car loan interest deductions work for tax years 2025 to 2028: caps, phase-outs, who qualifies and records to keep.

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Planning on the rules that are here to stay

Planning ideas for this season built on tax rules with no end date: brackets, charity limits, 199A, equipment and gifts, with 2026 figures and Illinois notes.

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Where the new tax law leaves gaps: Illinois, other states and the IRS

Where Illinois and a few states depart from the new federal tax law, which IRS guidance is pending, and how we explain settled, waiting and proposed rules.

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How we follow tax changes, and how you can too

A short routine and a table of free official feeds, from IRS email lists to Congress.gov alerts, for following the new tax law, and the dates we watch.

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Amounts change each fall, so our 2026 numbers and the tax calendar are worth a look too. Questions about your own return? Our tax questions page answers common ones.

Common questions

Is that the law's official title?

No. The official designation is Public Law 119-21, and the enacted text carries no short title. The nickname came from the House bill.

Can a permanent rule still change?

Yes. Permanent only means the law names no last year. Indexed amounts move each year, and Congress can amend a rule at any time.

Official sources

Keep reading

Please read: general information only

This page gives general information and education about current federal and state tax topics, including recent legislation, planning ideas, retirement and annuity rules, and court decisions. It is not tax, legal, accounting, investment, insurance or other professional advice, and it is not a substitute for advice from a qualified CPA, attorney or other adviser who knows your facts. Reading it does not create a CPA-client or any other professional relationship with Prem Tax and Accounting Corp. Prem Tax and Accounting Corp is a CPA firm, not a law firm. It does not sell insurance or investment products, and it does not recommend, rate or sell any annuity, fund or other product. A planning idea, a strategy name or an example here is not a recommendation to take or avoid any action.

Tax rules, thresholds, rates and deadlines change often, and Congress, the IRS, the courts and the states change how they apply them. Guidance on recent legislation is still being issued. We checked the figures against the official sources named on the page on the date shown (last reviewed November 6, 2026), but we do not promise that this page is complete, current or free of errors, and we do not update it the moment a rule changes. Where the rules are unsettled or guidance is still pending we say so. Amounts for a future year are labelled planning figures until the IRS or another agency publishes them. Examples use invented numbers and are for illustration only.

To the fullest extent the law allows, Prem Tax and Accounting Corp and its owners and staff are not responsible for any loss or decision that results from using this page. Links to government and other websites are for convenience and we do not control them.

This content is copyrighted by Prem Tax and Accounting Corp. Copying it in bulk, scraping it, or using it to train artificial intelligence systems requires our written permission.

Questions about how the new tax law or your year-end moves apply to you? Keshav Agrawal is a U.S. CPA and a Chartered Accountant (CA) from India. We prepare U.S. and Illinois returns, plan with you, and work alongside your financial adviser, insurance agent or attorney. We sell no investment or insurance products. Book a 10-minute call or send us a message.

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