Per the OBBBA, the new exemption will be a permanent change, which will remove the uncertainty that existed with the potential sunsetting of the TCJA exemptions and create a higher baseline for tax-free wealth transfers going forward. However, planning for the exemptions to be permanent forever may be shortsighted.

As the profession continues to evolve, the case for majoring in accounting remains solid. For students who want a career that combines analytical thinking, business insight, adaptability and upward mobility, accounting offers a compelling and enduring path.