On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law (the new law). The new law includes permanent extensions of three key business-favorable tax provisions from the 2017 Tax Cuts and Jobs Act...more
7/8/2025
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Business Taxes ,
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Federal Budget ,
Investment ,
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Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Trump Administration
On June 16, 2025, the Senate Finance Committee released proposed text for tax provisions to be included in the Senate’s version of the One Big Beautiful Bill Act (OBBB). Our prior Alert addresses the House version of the...more
6/18/2025
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Business Taxes ,
Federal Budget ,
Proposed Legislation ,
Research and Development ,
SALT ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform
On May 12, 2025, the Republicans on the House Committee on Ways and Means released a draft bill showing their tax plan for the budget reconciliation legislation. The legislation will likely undergo significant changes as it...more
5/15/2025
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Bonus Depreciation ,
Budget Reconciliation ,
Business Taxes ,
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EBITDA ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Legislation ,
Research and Development ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Ways and Means Committee
Businesses have entered 2024 facing the challenge of forecasting future tax obligations and preparing tax filings in a time of uncertainty, not the least of which is created by Congressional indecision on the future of a...more
In FAA 20234801F (FAA), the IRS determined that construction service costs relating to a third party turn-key contract were considered to be incurred upon transfer of the tangible property to the taxpayer, without taking into...more
On April 17, 2020, the IRS released Rev. Proc. 2020-25, which provides procedural guidance to secure bonus depreciation with respect to qualified improvement property (QIP) made by the CARES Act. Due to a scrivener’s error in...more
Last year, the federal government enacted the most substantial tax reform legislation since 1986 in Public Law 115-97, commonly referred to as the Tax Cuts and Jobs Act of 2017 (TCJA). Of the many business-friendly changes,...more
In the last few weeks, the Internal Revenue Service (the Service) issued several private letter rulings addressing a variety of tax accounting issues. From bonus depreciation elections to the correct unit of property for...more