According to a report by Accounting Today, the Treasury Department and IRS are under pressure to issue guidance for the One Big Beautiful Bill Act, which includes a range of tax changes for individuals and businesses. Some early details are already out. A fact sheet published Monday outlines new deductions, including a $6,000 deduction for seniors and exemptions for overtime, tips, and car loan interest. However, more technical rules are expected soon. 

Tax professionals are particularly focused on what the bill means for business clients. The repeal of many Inflation Reduction Act provisions has left developers and clean energy investors uncertain, especially on the construction required start date to qualify for the now-phased-out tax credits. Treasury is expected to clarify those rules within weeks.  

Another area needing clarification is the tipped wage deduction. The IRS is required to release a list of occupations that regularly received tips in 2024 by October 2. New deductions tied to domestic manufacturing and car production will also require definitions around eligible facilities and vehicles.  

Guidance is also expected on new provisions like the Trump savings accounts for children and how to determine disqualifying foreign ownership of businesses.  

Complicating matters further is the Supreme Court’s Loper Bright decision, which limits agency leeway in interpreting laws. That could narrow how Treasury writes the rules.