On July 4, President Trump signed into law the One Big Beautiful Bill Act (Bill), which was approved by the Senate and House earlier in the week. The 870 page-bill covers nearly every sector of the American economy, and...more
7/10/2025
/ Business Taxes ,
Energy Tax Incentives ,
Estate Planning ,
Estate Tax ,
Exempt Organizations ,
Federal Budget ,
Income Taxes ,
International Tax Issues ,
New Legislation ,
One Big Beautiful Bill Act ,
Qualified Business Income ,
Tax Credits ,
Tax Reform ,
Trump Administration
On Wednesday, May 28, the U.S. Tax Court ruled in Soroban Capital Partners LP v. Commissioner that a "functional analysis" test applies when determining whether a limited partner who contributes services to a partnership may...more
In the American Rescue Plan Act of 2021, Congress and the Biden administration lowered the minimum reporting threshold for filing information returns relating to “reportable payment transactions” (a payment card is accepted...more
12/4/2024
/ 1099s ,
American Rescue Plan Act of 2021 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Threshold Requirements
The Internal Revenue Service (IRS) recently announced in Notice 2023-63 (notice) that proposed regulations regarding specified research or experimental (SRE) expenditures would be forthcoming. Until then, taxpayers may rely...more
As a general rule, a corporation is considered a separate entity from its owner(s). There are a few cases in which a corporate entity is disregarded as an entity separate from its owners, such as when a corporation is set up...more
For charities, the Tax Cuts and Jobs Act enacted in December 2017 has sparked soul searching and creative solutions as concerns grow about giving challenges. ...more
6/26/2018
/ Charitable Donations ,
Charitable Organizations ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform
The Tax Cuts and Jobs Act of 2017 makes substantial changes to the income taxes of individuals.
The Act's individual changes noted in the attached chart generally expire on January 1, 2026, and the speculation will...more
1/9/2018
/ 529 Plans ,
Alimony ,
Alternative Minimum Tax ,
Business Taxes ,
Charitable Donations ,
Compensation & Benefits ,
Employee Benefits ,
Income Taxes ,
IRA Rollovers ,
New Legislation ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Deferral ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Charitable organizations no doubt have questions following the passage of the Tax Cut and Job Changes Act. Many are rightly concerned about the impact of the increased estate tax exemption amounts, the expanded standard...more
12/29/2017
/ 501(c)(3) ,
Charitable Donations ,
Excise Tax ,
Income Taxes ,
New Legislation ,
Tax Cuts ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT
The saga of Kansas income tax law changes concluded earlier this week when Kansas lawmakers overrode Gov. Sam Brownback's veto of a bill that dismantled the governor's signature tax cuts. With the state facing an estimated...more
6/14/2017
/ Charitable Donations ,
Exemptions ,
Governor Vetoes ,
Income Taxes ,
Limited Liability Company (LLC) ,
Medical Expenses ,
S-Corporation ,
Tax Cuts ,
Tax Deductions ,
Tax Increases ,
Tax Rates
Booster clubs have long been used as fundraising arms for affiliated sports organizations. Establishing a booster club as a 501(c)(3) public charity provides the added benefit of enabling contributors to booster clubs to...more