Insights

This article was authored by David N. Michael and Sophie M. Michael (Summer Law Clerk).

While good communication alone may not guarantee the success of a construction project, a lack of communication among the project team will almost always doom a project to failure. With so many moving parts, clear and consistent communication between the owner, contractors, architect, engineers and other consultants is essential to meeting expectations and schedules. Efforts at good construction project communication must be deliberate and robust. As the famous British playwright George Bernard Shaw observed: “The single biggest problem in communication is the illusion that it has taken place.”

The Tax Cuts and Jobs Act (“TCJA”), which was signed into law on December 22, 2017, made some of the most significant changes to the tax law since the Tax Reform Act of 1986. Absent further legislation, many of the provisions under the TCJA were set to expire in the next couple of years. The One Big Beautiful Bill Act (“OBBBA”), which was signed into law on July 4, 2025, makes permanent many of the tax provisions that were set to expire under the TCJA, with certain enhancements. In addition, the OBBBA makes certain changes to other tax provisions not addressed in the TCJA. Below are some of the key extensions or changes enacted under the OBBBA:

On July 4, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law with President Donald Trump’s signature. Although the OBBBA’s tax and spending provisions tend to receive greater media attention, it also contains several provisions impacting employer-sponsored benefit plans. This article summarizes the most significant benefits-related provisions of the new law and provides practical guidance for plan sponsors to consider.

On July 4, President Donald Trump signed the One Big Beautiful Bill Act (“OBBB”) into law. Among many changes, the OBBB included an expansion of the qualified small business stock (“QSBS”) gain exclusion under Section 1202 of the Internal Revenue Code. This is important to practitioners, investors and owners of small businesses because the gain exclusion presents a valuable incentive for founders when raising capital and for investors when structuring their capital deployment.

This article was authored by Mark D. Brookstein, Alex F. Cerqueira and Sophie M. Michael (Summer Law Clerk).