Thompson Coburn partner Steve Gorin chaired a task force for the American College of Trust & Estate Counsel (ACTEC) that provided comments on significant changes introduced by HR 1—originally known as the One Big Beautiful Bill Act—enacted on July 4, 2025.
The task force addressed key issues including Trump Accounts, income taxation of trusts and estates, and ambiguities surrounding the income tax exclusion for Qualified Small Business Stock. Of particular concern were HR 1’s provisions on trust and estate taxation, which could lead to unexpected double taxation on income distributed to beneficiaries and even impose taxes on trusts and estates that distribute all assets to charity.
ACTEC’s comments were shared with Congressional Committees and another to the U.S. Treasury. View these letters here and here, and ACTEC’s comments are also available on ACTEC’s legislative and regulatory comments page here. Read an article on ACTEC’s comments here.
Steve currently chairs ACTEC’s Business Planning Committee and frequently contributes to committees covering all topics addressed in these comments.
Separately, Steve led a Missouri Society of CPAs task force examining the interaction between Missouri’s new capital gains exclusion and fiduciary income tax rules. At the November meeting of the Missouri Bar’s Tax Committee, Steve and the Missouri Department of Revenue’s general counsel presented opposing views on these provisions.
Steve’s prior work for the Missouri Society of CPAs on the Pass-Through Entity Tax (PTET) was notably successful, resulting in statutory changes that allow partners in partnerships to individually opt in or out of the PTET regime, rather than requiring uniform treatment for all partners.
