The OBBB made several modifications to the Opportunity Zone program. Established by the Tax Cuts and Jobs Act (the “TCJA”) in 2017, the Opportunity Zone program was intended to encourage investment in businesses located in...more
The One Big Beautiful Bill Act (“OBBB”), which was signed by President Donald Trump on July 4, 2025, revokes or curtails the majority of energy credits and significantly curtails other credits. ...more
7/17/2025
/ Clean Energy ,
Energy Policy ,
Energy Sector ,
Environmental Policies ,
Executive Orders ,
Investment Tax Credits ,
Production Tax Credit ,
Regulatory Reform ,
Renewable Energy ,
Tax Credits ,
Tax Reform ,
Trump Administration
The sweeping tax package known as the One Big Beautiful Bill (OBBB), which passed on July 3 and was signed by President Donald Trump by July 4, brings notable changes for tax-exempt organizations, including new limits on...more
The One Big Beautiful Bill (OBBB) includes some provisions relevant to private schools and donors who support K-12 education. The bill passed on July 3 and is expected to be signed by President Donald Trump by July 4. ...more
7/14/2025
/ 501(c)(3) ,
Charitable Donations ,
Charitable Organizations ,
Donations ,
Educational Institutions ,
Excise Tax ,
Federal Taxes ,
Investment ,
Private Schools ,
Tax Credits ,
Tax Exempt Entities ,
Tax Legislation ,
Universities
The One Big Beautiful Bill (OBBB) introduces updates for employers offering benefit plans, with changes that affect health savings account (HSA) eligibility, dependent care assistance limits, telehealth services, and more....more
The One Big Beautiful Bill (OBBB), which passed on July 3 was signed by President Donald Trump by July 4, modifies a number of international tax rules introduced in the Tax Cuts and Jobs Act and creates a new rule to punish...more
The One Big Beautiful Bill (OBBB) cements many individual tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) including permanent lower income tax rates and a doubled standard deduction. The bill passed on July 3 and...more
7/9/2025
/ Alternative Minimum Tax ,
Child Tax Credit ,
Income Taxes ,
New Legislation ,
SALT ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Policy ,
Tax Rates ,
Tax Reform ,
Trump Administration
The One Big Beautiful Bill (OBBB), which passed on July 3 and was signed by President Donald Trump on July 4, increases the amount individuals may transfer for federal estate, gift, and generation-skipping transfer tax...more
7/8/2025
/ Budget Reconciliation ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
New Legislation ,
Popular ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Reform ,
Taxation ,
Trump Administration ,
Wealth Management
Smith v. Commissioner, a pending research credit case in the United States Tax Court, presents an issue of first impression: Is a partner’s self-employment income in a partnership allowable as a qualified research expense...more
The United States Tax Court skillfully dodged answering the headline question with a holding on standing. The court decided, however, that IRS appeals officers and IRS appeals team managers are not officers of the United...more
2/20/2025
/ Appointments Clause ,
Article II ,
Constitutional Challenges ,
Government Agencies ,
Internal Revenue Code (IRC) ,
IRS ,
Separation of Powers ,
Standing ,
Tax Appeals ,
Tax Court ,
Tax Liability
As part of its “America First Trade Policy,” the White House is exploring an arcane IRS provision that allows the United States to double the tax rates of foreign companies and individuals....more
1/29/2025
/ Corporate Counsel ,
Double Taxation ,
Foreign Corporations ,
Foreign Nationals ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
IRS ,
OECD ,
Pillar 2 ,
Tax Liability ,
Tax Rates ,
Tax Reform ,
Tax Treaty ,
Trump Administration ,
U.S. Treasury
Taxpayers whose tax returns the IRS examines may experience long administrative delays in working with the IRS to resolve unagreed issues. About twenty years ago, the IRS developed a procedure – fast track settlement – to...more
Taxpayers had mixed success in two recent research credit cases in the United States Tax Court.
In Smith v. Commissioner, the taxpayer was an architectural firm....more
The Gift and Estate Tax Exclusion is currently scheduled to be reduced by approximately 50% in about 13 months. Without action from Congress, on January 1, 2026, the Exclusion will go from almost $14 million to about $7...more
As previously reported by Miller Canfield, unscrupulous promotors caused many taxpayers to file claims for the Employee Retention Credit even when they did not qualify. As a result, the IRS views claims for this credit with...more
Altria Group, Inc. v. United States, a federal income tax case pending in federal district court in Virginia, shows the importance of laying groundwork for litigation long before a complaint is filed. At issue is a difficult...more
In Private Letter Ruling 202352011 (December 30, 2023), the taxpayer asked the IRS to determine the amount that it will realize in a property transaction. The taxpayer will receive the property in an arm’s length exchange...more
As previously reported by Miller Canfield, in October 2023 the IRS launched a withdrawal program for Employee Retention Credit (ERC) claims for employers who now doubt the validity of their claim. Unfortunately, employers who...more
As described in our October 24 article “IRS Offers Forgiveness for Erroneous Employee Retention Credit Claims” the IRS has increased scrutiny on claims for the Employee Retention Credit (“ERC”). The IRS halted processing...more
The IRS recently issued guidance explaining that OSHA communications regarding COVID-19 precautions alone do not allow employers to qualify for the Employee Retention Credit (“ERC”).
Other than some start-up businesses,...more
The stream of cases challenging disallowance of research tax credits continues in the Tax Court with Phoenix Design Group, Inc. v. Commissioner. The taxpayer in Phoenix Design designs mechanical, electrical, and plumbing...more
In Lee v. United States, the Federal Court of Appeals for the Eleventh Circuit held that a taxpayer could not avoid late filing and late payment penalties because of the failure of his CPA to electronically file his returns...more
The Employee Retention Credit (“ERC”) is a popular COVID-19 tax break that was targeted by some unscrupulous and aggressive tax promoters. These promoters flooded the IRS with ERC claims for many taxpayers who did not qualify...more
The recent Tax Court opinion in Hyatt Hotels Corporation v. Commissioner of Internal Revenue informs a federal income taxpayer about its tax responsibility for funds for a guest reward program: when the taxpayer will be...more
If a taxpayer calculates research tax credits using an appropriate statistical sampling method on its tax return, does the taxpayer then make a prima facie case in the Tax Court by introducing evidence of that statistical...more