2025/2026 Tax Planning Guide – Financial Services Practice

The passing of the One Big Beautiful Bill Act (OBBBA) was the biggest tax news of 2025. It marked the most substantial tax bill enacted since the Tax Cuts and Jobs Act (TCJA). It received tremendous publicity and was highly discussed and debated in the news cycle. As we discuss below, the OBBBA continues and makes permanent many beneficial provisions of earlier tax reforms, while also introducing and expanding other provisions.

While there were some concerns and trepidation in the financial services industry prior to the passage of the OBBBA due to some potentially harmful provisions, by and large this bill was favorable to the industry in most every aspect. This guide will cover specifics, nuances, and details of the legislation, as well as tax planning opportunities provided by the OBBBA.

With minimizing taxes remaining critical for high-income taxpayers subject to higher tax rates, including certain additional taxes and tax-break phaseouts, the guide also offers a variety of strategies for reducing one’s taxes in the current tax environment. Use it to identify the best strategies for your situation with your tax advisor, who can also keep you apprised of any new tax law developments that might affect your tax position.