Nick joined YHB in 2020 with over 15 years of experience in the industry. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility.

Nick’s expertise includes helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues. He has used his tax expertise not only to serve his clients, but also his peers. He has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure and co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomas Reuters. He has also lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.

YHB – 2025 Tax Updates: One Big Beautiful Bill Act

Connect with Nick on LinkedIn

Interview Summary

• Historic Legislation:
  The Big Beautiful Bill is the most sweeping tax overhaul since the 2017 Tax Cuts and Jobs Act, making many prior provisions permanent and introducing new ones for individuals and businesses.
• Tax-Free Overtime & Tips:
  Overtime pay (above base wages) is tax-free up to ~$12,500. Tips are also federally tax-exempt—though this could have mixed effects on restaurant workers due to changing consumer behavior.
• Senior Tax Relief:
  Seniors receive an increased exemption amount (a compromise for the undelivered promise of tax-free Social Security), helping reduce taxable income in retirement.
• Business Incentives:
  • 100% Bonus Depreciation (effective Jan 1, 2025) allows businesses to fully deduct asset purchases immediately.
  • Full R&D Expensing enables immediate deductions for innovation-related costs like software development.
  • Permanent 20% QBI Deduction (IRC §199A) secures long-term tax savings for pass-through businesses.
• Industry-Specific Benefits:
  • Beauty salons and spas gain a new tip credit (previously only available to restaurants).
  • Manufacturers receive new accelerated deductions for plant construction.
• Tax Planning Opportunities:
  • Structural changes, such as converting sole proprietorships to S-corporations, can unlock substantial §199A deductions—up to $30,000/year in some cases.
  • Encourages proactive tax planning and withholding adjustments to avoid overpayments.
• Legal & State-Level Uncertainty:
  • The definition of “overtime” may spark legal disputes due to conflicting federal and administrative interpretations.
  • States must decide whether to conform or deconform with federal changes—impacting their own revenue bases and creating potential tax planning complexities.
• SALT Deduction Expansion:
  • The bill raises the State and Local Tax (SALT) deduction cap from $10,000 to $40,000 per return, creating short-term planning opportunities—especially for high-income earners and business owners.
• Advice to Taxpayers:
  • Work with qualified advisors—not social media or AI—for accurate interpretation of the law.
  • Tax law is complex and evolving; planning ahead with professional help is key to maximizing benefits.

At YHB, we are all about you. That is why we take a holistic approach to assisting clients with growing, managing, and protecting their hard work. We partner with many of the region’s most trailblazing and passionate leaders and organizations. Our team offers comprehensive advisory, assurance, tax, wealth management & risk advisory solutions to clients of all sizes.

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