Washington’s latest reconciliation bill, championed by President Donald Trump and dubbed the “One, Big Beautiful Bill,” has drawn fervent praise from business advocates, but behind the celebration, the fine print tells a more complicated story. 

The bill’s tax provisions make good on long-standing asks from trade groups. These asks include the increase in the small business deduction, from 20% to 23%, and the revival of 100% bonus depreciation.

Job Creators Network CEO Alfredo Ortiz said that the reconciliation bill "is exactly what the country needs to jumpstart the economy and guarantee the safety and prosperity of Americans for decades to come, "citing the fact that "It increases the small business tax deduction used by 26 million entrepreneurs annually from 20 percent to 23 percent—a tax cut Job Creators Network has long been the leading voice for."

Ortiz said that the bill also restores 100% immediate expensing, which lets "businesses write off investments, expansion and modernization. It will empower Main Street to expand, hire, raise wages and reinvest in their communities, while also providing significant tax relief for ordinary folks."

No tax on tips is also a very popular policy in the bill. As Uber CEO Dara Khosrowshahi, said, “We’ve said from the start: No Tax on Tips should include @Uber drivers & couriers. Grateful the new House Ways & Means bill does just that. Thanks to @POTUS and @RepJasonSmith for backing all tipped workers—no matter how they work. Let’s get this done!”

There’s also a repeal of the American Rescue Plan’s $600 threshold for 1099-K forms. According to CBS News, previously, payment services like Paypal and Venmo only had to report users' income to the IRS if they had over 200 transactions, exceeding $20,000 in revenue. The IRS had delayed the implementation of the $600 rule after some online platforms and Republican lawmakers pushed back against its implementation.

These are wins with immediate appeal: simple, headline-friendly, and business-boosting. 

However, despite the many positives, there remain a few downsides. And the AICPA is reading more than just the headlines. In a statement issued after the House Ways and Means markup, the accounting association applauded much of the bill. Particularly the preservation of the cash method of accounting, expansion of section 529 uses  and retention of the QBI deduction. But it also flagged troubling changes: most notably, the proposed limitation on state and local tax deductions for passthrough entities, especially for specified service trades like accounting. 

“The changes to this vital deduction are unfair to businesses that are the backbone of the American economy,” AICPA CEO Mark Koziel said. 

The AICPA is calling for a more balanced approach, one that avoids penalizing service-based passthroughs like accounting firms. As the legislation moves forward, they’re urging congress to apply principles of fairness and simplicity across the board.