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 (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
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
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
A tax case pending in the United States Supreme Court, Moore v. United States, may cause a cataclysmic change in the federal income tax. The 16th Amendment to the United States Constitution empowers Congress to impose “taxes...more
8/18/2023
/ Apportionment ,
Certiorari ,
Constitutional Challenges ,
Controlled Foreign Corporations ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
SCOTUS ,
Sixteenth Amendment ,
Tax Cuts and Jobs Act
Key Takeaways:
..A pending U.S. Tax Court case presents an interesting theory to preclude the federal income tax disallowance of all deductions of a marijuana business.
..The theory rests on a provision in the 2017 Tax...more