The Legislation combines spending and policy priorities from 11 congressional committees and will reshape federal policy across nearly every sector of the U.S. economy. There is a possibility for one or more additional...more
7/21/2025
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Budget Reconciliation ,
Congressional Committees ,
Controlled Foreign Corporations ,
Corporate Taxes ,
EU ,
G7 ,
GILTI tax ,
International Tax Issues ,
IRS ,
Multinationals ,
OECD ,
Public Policy ,
Tax Cuts and Jobs Act ,
Tax Legislation ,
Tax Reform ,
US Trade Policies
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
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 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
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