{"id":14696,"date":"2025-06-09T19:00:37","date_gmt":"2025-06-09T19:00:37","guid":{"rendered":"https:\/\/taxops.com\/?p=14696"},"modified":"2025-06-17T21:56:29","modified_gmt":"2025-06-17T21:56:29","slug":"key-business-tax-provisions-in-one-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/taxops.com\/key-business-tax-provisions-in-one-big-beautiful-bill\/","title":{"rendered":"Key Business Tax Provisions in &#8220;One Big Beautiful Bill&#8221;"},"content":{"rendered":"\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/06\/Tax-Changes-Expected-as-Senate-Debates-the-Beautiful-Bill-1024x576.png\" alt=\"\" class=\"wp-image-14701 lazyload\" data-srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/06\/Tax-Changes-Expected-as-Senate-Debates-the-Beautiful-Bill-980x551.png 980w, https:\/\/taxops.com\/wp-content\/uploads\/2025\/06\/Tax-Changes-Expected-as-Senate-Debates-the-Beautiful-Bill-480x270.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><noscript><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/06\/Tax-Changes-Expected-as-Senate-Debates-the-Beautiful-Bill-1024x576.png\" alt=\"\" class=\"wp-image-14701 lazyload\" srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/06\/Tax-Changes-Expected-as-Senate-Debates-the-Beautiful-Bill-980x551.png 980w, https:\/\/taxops.com\/wp-content\/uploads\/2025\/06\/Tax-Changes-Expected-as-Senate-Debates-the-Beautiful-Bill-480x270.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/noscript><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em><em><em><em><em>As the Senate debates provisions passed by the House of Representatives, the One Big Beautiful Bill Act is expected to see some major changes. Track key business tax provisions here.<\/em><\/em><\/em><\/em><\/em><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">By <a href=\"https:\/\/taxops.com\/lindsay-haskell\/\">Lindsay Haskell<\/a> and <a href=\"https:\/\/taxops.com\/lauren-staub-2\/\">Lauren Staub<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On May 22, 2025, the House of Representatives passed the multi-trillion-dollar tax and spending package known as the \u201cOne Big Beautiful Bill Act\u201d. The Act is meeting resistance in the Senate and is facing long odds, where concerns over the debt ceiling are making even some Republican lawmakers push back on the high costs and lack of fiscal responsibility of extending tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA) and other expensive provisions. In short, the Act that left the House is likely to see significant redlines in the Senate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As passed in the House, the tax provisions of the Act would favorably adjust 163(j) deductions, extend 100% bonus depreciation, reinstate immediate expensing of R&amp;D costs, establish another round of opportunity zones, increase the SALT cap, and make permanent lower rates in GILTI and BEAT. However, it would also introduce Section 899, a measure designed to retaliate against countries with tax policies that the U.S. views as harmful or discriminatory to American businesses and investments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Senate is expected to take up the Act in June 2025, with a target date of July 4, 2025, set for the bill\u2019s enactment. Expect changes as lawmakers debate some key provisions, including Medicaid, the SALT deduction and child tax credit, among others that are likely to increase the debt ceiling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the Act left the House, these key business tax provisions had made the cut:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>163(j) Deductions.&nbsp;<\/strong>The definition of \u201cadjusted taxable income\u201d under section 163(j) is based on EBITDA (which is more favorable for taxpayers than EBIT under current law) for taxable years beginning after December 31, 2024 and before January 1, 2030.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about calculations rules at TaxOps: <a href=\"https:\/\/taxops.com\/irs-proposes-calculation-rules-for-gilti-fdii-nol-and-carryforwards\/\"><em>IRS proposes calculation rules for GILTI, FDII, NOL, and carryforwards<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bonus Depreciation.<\/strong> The proposed bill would provide 100% bonus depreciation through 2029 for property acquired after January 19, 2025 and before January 1, 2030. This would reverse the phased reduction introduced by TCJA beginning from 2024 to 2026, which potentially impacted taxpayer cash flows and increased taxable liabilities in earlier years. Section 179 remained a valuable tool in offsetting the reduction in bonus depreciation.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Read more at TaxOps: <a href=\"https:\/\/taxops.com\/tax-planning-through-expiring-tcja-provisions\/\"><em>Tax Planning Through Expiring TCJA Provisions<\/em><\/a>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Research and Experimental Expenditures.<\/strong> The proposed Act would reinstate an immediate deduction for domestic research and experimental expenditure costs for tax years beginning after December 31, 2024, and before January 1, 2030. Of note, this is not the only route to reversing the damage of the 2017 tax reform law.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Read more at TaxOps: <a href=\"https:\/\/taxops.com\/us-congress-considers-two-viable-options-to-reverse-section-174-amortization\/\"><em>US Congress Considers Two Viable Options to Reverse Section 174 Amortization<\/em><\/a>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Foreign research costs:<\/strong> must continue to be capitalized and recovered over 15 years under the TCJA.<\/li>\n\n\n\n<li><strong>Opportunity Zones Reestablished.\u00a0<\/strong>TCJA introduced the Opportunity Zone (OZ) program, encouraging investment in nearly 9,000 underfunded rural and urban communities through tax incentives. The House bill establishes a second round of OZs for taxable years 2027 through 2033, with modified benefits in temporary deferral of capital gains taxes, basis step-up (30% proposed in the second round), and exclusion of taxable income on new gains. The golden window of tax relief in the initial OZ investments expires in 2026. Have you prepared?<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>International Extension of Lower Rates<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>GILTI Provisions Made Permanent.&nbsp;<\/strong>The global intangible low-taxed income (GILTI) &nbsp;effective tax rate would increase from 10.5% to 10.67% &nbsp;for taxable years beginning after December 31, 2025 which is still more taxpayer favorable than the 13.125% effective tax rate, as prescribed by TCJA.<\/li>\n\n\n\n<li><strong>FDII Provisions Made Permanent.&nbsp;<\/strong>The foreign-derived intangible income (FDII)&nbsp; effective tax rate would decrease to 13.335% for taxable years beginning after December 31, 2025 which is still more taxpayer favorable than the 16.406% effective tax rate, as prescribed by TCJA.<\/li>\n\n\n\n<li><strong>BEAT Made Permanent at Lower Rate.&nbsp;<\/strong>The current tax rate on the base-erosion and anti-abuse tax (BEAT) is made permanent at the current rate of 10.1% instead of increasing to 12.5% after 2025, as prescribed by TCJA.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Read more at <a href=\"https:\/\/taxops.com\/tax-planning-through-expiring-tcja-provisions\/\"><em>Tax Planning Through Expiring TCJA Provisions<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Section 899&nbsp; and Unfair Foreign Taxes<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Act introduces proposed Section 899, a provision aimed at penalizing foreign investors and entities from counties that the U.S. government deems to have \u201cunfair foreign taxes.\u201d These taxes are considered discriminatory or extraterritorial in nature and are perceived as disproportionately targeting U.S. persons or businesses. If enacted, the proposed modifications under Section 899 are expected to significantly increase the number of U.S. companies subject to <strong>BEAT<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These taxes would automatically be treated as \u201cunfair\u201d under the proposed law. Examples of unfair foreign taxes explicitly identified in the legislation include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Digital services taxes (DSTs)<\/li>\n\n\n\n<li>Diverted profits taxes (DPTs)<\/li>\n\n\n\n<li>Undertaxed profits rules (UTPRs)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If enacted, Section 899 would authorize the U.S. to increase tax rates\u2014up to an additional 20% (in 5% annual increments)&#8211;on certain forms of income earned by \u201capplicable persons.\u201d These include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Passive income (dividends, interest, royalties, and rents)<\/li>\n\n\n\n<li>Effectively connected income (ECI)<\/li>\n\n\n\n<li>FIRPTA gains<\/li>\n\n\n\n<li>Branch profits tax<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The increased rates would apply to foreign individuals and entities who are tax residents of, or controlled by residents of, countries imposing \u201cunfair\u201d taxes. The earliest enactment date for this proposed provision would likely be the 2026 taxable year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Country Examples by Tax Types<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Digital services taxes. <\/em>Countries with enacted or proposed DSTs include Canada, Denmark, France, India, Italy, Mexico, Poland, Portugal, Spain and the UK. These taxes typically target revenues from digital platforms, online advertising, and user data monetization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Diverted profits taxes<\/em>. Currently in effect in Australia and the UK, DPTs. The DPT aim to counteract aggressive tax planning that shifts profits away from the country of economic activity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Undertaxed profits rules<\/em>. As part of the OECD\u2019s Pillar Two framework under the <a href=\"https:\/\/www.oecd.org\/en\/topics\/sub-issues\/global-minimum-tax\/global-anti-base-erosion-model-rules-pillar-two.html\"><strong>Global Anti-Base Erosion (GloBE) Rules<\/strong><\/a>, UTPRs are being implemented or considered by Australia, Canada, EU member states, Japan, New Zealand, South Korea, the UK and Thailand. These rules are intended to make sure large multinationals pay a minimum of 15% tax rate globally. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019re watching the debates closely to see how businesses will be impacted by the reconciliation process unfolding in Congress. We expect legislation to alter these provisions, requiring taxpayers to strategically plan to maximize benefits. Please reach out to your <a href=\"https:\/\/taxops.com\/contact\/\">TaxOps Advisor<\/a>&nbsp; to stay ahead of change and position your business to take advantage of tax benefits.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Disclaimer: This content is for educational purposes only and is not intended, nor should it be relied upon, as legal, tax, accounting or investment advice. You should consult with a competent professional to discuss specifics of your situation and the applicability of the information presented.&nbsp;<\/em><\/p>\n\n\n\n<div style=\"height:57px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/taxops.com\/contact\/\">Talk to a Business Tax Advocate<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:53px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n\n\n<ul class=\"wp-block-latest-posts__list wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/auditor-independence-in-the-age-of-private-equity\/\">Auditor Independence in the Age of Private Equity: What CFOs Need to Know<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/r-d-credits-for-software-companies\/\">R&amp;D Credits for Software Companies: Scrum Teams, Qualifiers, and Section 174 After OBBBA<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/section-174-decoupling-what-tax-pros-need-to-know-state-by-state\/\">Section 174 Decoupling: What Tax Pros Need To Know State By State<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/sean-espy-new-partner\/\">TaxOps Welcomes Sean Espy as Partner, Tax Minimization<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/state-nexus-demystified-navigating-tax-compliance-after-wayfair-episode-1-2\/\">Your Tax Footprint Is Probably Bigger Than You Think: What Finance Leaders Need to Know About State Nexus<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>As the Senate debates provisions passed by the House of Representatives, the One Big Beautiful Bill Act is expected to see some major changes. Track key business tax provisions here. By Lindsay Haskell and Lauren Staub On May 22, 2025, the House of Representatives passed the multi-trillion-dollar tax and spending package known as the \u201cOne [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":14701,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"<!-- wp:spacer {\"height\":\"41px\"} -->\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:image {\"id\":14221,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/01\/2025-Colorado-State-and-Local-Tax-Legislation-1024x576.png\" alt=\"\" class=\"wp-image-14221\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><em>Judy Vorndran, lead partner of state and local tax at TaxOps, testified before the Colorado Senate Finance Committee on January 28, 2025. She addressed SB25-018 and SB25-046, proposed legislation that would create a searchable database and enhance audit confidentiality. Below is a summary of her remarks<\/em>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><em>Following testimony and discussion, the Finance Committee unanimously passed both bills. SB25-018 now moves to the Committee on Appropriations while SB25-046, as amended, has been referred to the full Senate and placed on the Senate consent calendar.<\/em> <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><em>\"It was an amazing experience to look in all of their faces and explain why these laws make Colorado more competitive and are good for both government and taxpayers<\/em>,\"<em>  ~ Judy Vorndran <\/em><\/p>\n<!-- \/wp:paragraph --><\/blockquote>\n<!-- \/wp:quote -->\n\n<!-- wp:group {\"layout\":{\"type\":\"constrained\"}} -->\n<div class=\"wp-block-group\"><!-- wp:spacer {\"height\":\"34px\"} -->\n<div style=\"height:34px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"textAlign\":\"center\"} -->\n<h2 class=\"wp-block-heading has-text-align-center\">Testimony on SB25-018, Online Search of Sales and Use Tax, and SB25-046, Local Government Tax Audit Confidentiality Standards<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:spacer {\"height\":\"42px\"} -->\n<div style=\"height:42px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer --><\/div>\n<!-- \/wp:group -->\n\n<!-- wp:paragraph -->\n<p>Good afternoon, members of the <a href=\"https:\/\/leg.colorado.gov\/committees\/finance\/2024-regular-session\" target=\"_blank\" rel=\"noopener\" title=\"Senate Finance Committee\">Senate Finance Committee<\/a>. My name is <a href=\"https:\/\/taxops.com\/judith-vorndran\/\" target=\"_blank\" rel=\"noopener\" title=\"Judy Vorndran\">Judy Vorndran<\/a>. I am a partner in the tax specialty firm TaxOps and a member of the &nbsp;Sales and Use Tax Simplification Task Force.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>I am here to testify in support of two bills, SB25-018 and SB25-046. A summary of my statement follows.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"43px\"} -->\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">SB25-018, Online Search of Sales and Use Tax<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>SB25-018 aims to create a searchable database for sales and use tax licenses and exemption certificates. This bill is crucial for improving transparency and compliance in our tax system.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">Key Points<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li><strong>Importance of a Searchable Database:<\/strong><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>SB25-018 proposes the creation of a database at the state and department of revenue level, allowing taxpayers to look up licenses and entities.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Benefits for Taxpayers:<\/strong><ol><li>Having access to a searchable database would be a significant advantage for taxpayers. It would help them ensure that vendors are properly licensed and collecting the correct tax amounts.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>This measure would also align Colorado with other states, such as Texas, which already have similar databases in place. These databases have proven to be extremely helpful for taxpayers in those states.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Improved Compliance:<\/strong><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>The searchable database would facilitate better compliance with tax laws. Taxpayers would be able to verify the status of vendors and themselves, reducing the risk of errors and ensuring accurate tax collection.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>SB25-018 is a vital step towards enhancing transparency and compliance in Colorado's tax system. I urge the Committee to support this bill and help create a more efficient and taxpayer-friendly environment.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"46px\"} -->\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">SB25-046, Local Government Tax Audit Confidentiality Standards<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>SB25-046 addresses the confidentiality standards for local government sales or use tax audits. This bill would both protect taxpayer information and ensure fairer audit practices.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">Key Points<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>Confidentiality Concerns:<ol><li>SB25-046 aims to establish uniform confidentiality standards for local government tax audits. This is important because third-party auditors often conduct these audits, and there are concerns about how taxpayer information is handled and shared.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>Currently, third-party auditors are not always licensed professionals, and there is no regulation ensuring their confidentiality practices. This raises significant concerns about the protection of sensitive taxpayer information.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Issues with Third-Party Auditors:<ol><li>Many home-rule cities do not have captive auditors and rely on third-party auditors who may conduct audits on behalf of multiple jurisdictions. This can lead to inefficiencies and increased taxpayer burdens.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>There are instances where third-party auditors may target large taxpayers, leading to multiple audits across different cities. This practice is also burdensome and raises concerns about the confidentiality of taxpayer information.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Need for Regulation:<ol><li>There is a need for stricter regulation and oversight of third-party auditors to ensure they adhere to uniform confidentiality standards. This includes establishing ethical and fiduciary duties similar to those required of licensed professionals.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>The bill also highlights the importance of transparency in the contracts between cities and third-party auditors. These contracts should be subject to public scrutiny to ensure accountability.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>SB25-046 is essential for protecting taxpayer information and ensuring fair audit practices. I urge the Finance Committee to support this bill and help create a more transparent and accountable audit process. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>I would be happy to answer related questions you may have, and I thank you for the opportunity to weigh in on these important pieces of legislation.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"57px\"} -->\n<div style=\"height:57px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:buttons {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"center\"}} -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/taxops.com\/contact\/\">Talk to a Business Tax Advocate<\/a><\/div>\n<!-- \/wp:button --><\/div>\n<!-- \/wp:buttons -->\n\n<!-- wp:spacer {\"height\":\"53px\"} -->\n<div style=\"height:53px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<!-- \/wp:separator -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:latest-posts \/-->","_et_gb_content_width":"","spt_transcript":"","footnotes":""},"categories":[228,226],"tags":[252,1145,284,12,1144,1158,126,26,265,1135,492,1134,18,19,316,1136,30,810,101,799,605,262,79,267,620,80,712,1138,1137,74],"class_list":["post-14696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-federal-tax","category-tax-news","tag-accountant","tag-advocate","tag-cfo","tag-colorado","tag-colorado-society-of-cpa","tag-continuous-education","tag-cpa","tag-cpe","tag-finance-professional","tag-iaas","tag-leadership","tag-saas","tag-sales-and-use-tax","tag-sales-tax","tag-salt","tag-software-providers","tag-state-and-local-tax","tag-state-income-tax","tag-state-tax","tag-tax-advisor","tag-tax-automation","tag-tax-planning","tag-tax-preparer","tag-tax-professional","tag-tax-professionals","tag-tax-provider","tag-tax-school","tag-tax-tools","tag-tax-vendors","tag-taxops"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/taxops.com\/wp-content\/uploads\/2025\/06\/Tax-Changes-Expected-as-Senate-Debates-the-Beautiful-Bill.png","_links":{"self":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/14696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/comments?post=14696"}],"version-history":[{"count":6,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/14696\/revisions"}],"predecessor-version":[{"id":14715,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/14696\/revisions\/14715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media\/14701"}],"wp:attachment":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media?parent=14696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/categories?post=14696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/tags?post=14696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}