The race to remake portions of the Internal Revenue Code (Code) and to prevent expiration of certain Tax Cuts and Jobs Act (TCJA) provisions reached completion with Legislation signed by President Trump on July 4, 2025....more
7/8/2025
/ Corporate Taxes ,
Employee Benefits ,
Foreign Derived Intangible Income (FDII) ,
GILTI tax ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
IRS ,
Mortgage REITS ,
Opportunity Zones ,
Popular ,
Qualified Small Business Stock ,
Research and Development ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Legislation ,
Tax Reform ,
Trump Administration
The race to remake portions of the Internal Revenue Code (Code) and to prevent expiration of certain Tax Cuts and Jobs Act (TCJA) provisions has begun, with House Ways & Means Committee proposals (the Markup) to spend...more
5/15/2025
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Corporate Taxes ,
Employee Benefits ,
Executive Compensation ,
Federal Budget ,
Foreign Derived Intangible Income (FDII) ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Proposed Legislation ,
Renewable Energy ,
SALT ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Legislation ,
Tax Reform
On Feb. 28, the U.S. Supreme Court ruled that non-willful penalties related to FBARs apply to each report filed, not on a per-account basis. The 5-4 decision resolved a split between the Fifth and Ninth circuits that focused...more
Key Takeaways:
..The Senate voted 51-50 on August 7 to pass the Inflation Reduction Act.
..The legislation is expected to pass the House this week without changes and to be signed by President Biden.
..The...more
8/8/2022
/ Climate Change ,
Corporate Taxes ,
Drug Pricing ,
Energy Projects ,
Federal Funding ,
Inflation Adjustments ,
Medicare ,
Oil & Gas ,
Pending Legislation ,
Prescription Drugs ,
Renewable Energy ,
Superfund ,
Tax Credits
Key Takeaways:
..The law regarding computation of FBAR penalties is unclear.
..The United States Supreme Court has agreed to hear a case to settle a conflict among the circuit courts.
..Until the Supreme Court...more
Businesses that conduct operations both inside and outside of the United States and own U.S. and non-US-related intellectual property (e.g., patents, copyrights, trademarks, etc.) routinely face uncertainty about whether some...more
It can be a little intimidating for a state tax expert to stand around the water cooler with international tax experts that casually throw around terms like BEPS, Pillar 1, Pillar 2, Digital Services Taxes, OECD, GloBE, etc....more
9/17/2020
/ Base Erosion Tax ,
BEPS ,
Corporate Taxes ,
Digital Services Tax ,
Income Taxes ,
International Tax Issues ,
Local Taxes ,
Multinationals ,
OECD ,
SALT ,
State Taxes ,
Tax Planning ,
Tax Rates ,
Tax Reform
While the Paycheck Protection Program (PPP), created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has provided much-needed relief to small businesses in response to the COVID-19 pandemic in recent...more
On Oct. 9, the Internal Revenue Service (IRS) issued additional guidance regarding the taxation of cryptocurrency. The guidance comes more than five years after the IRS issued Notice 2014-21, the first and, until now, only...more