In this ninth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss provisions of the Act that may permit individual taxpayers to deduct the interest incurred with respect to their...more
8/8/2025
/ Adjusted Gross Income ,
Automotive Loans ,
Federal Taxes ,
Income Taxes ,
Interest Payments ,
Internal Revenue Code (IRC) ,
IRS ,
One Big Beautiful Bill Act ,
Refinancing ,
Reporting Requirements ,
Tax Code ,
Tax Deductions ,
Tax Policy ,
Tax Reform
In this eighth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss provisions of the Act that impact the taxation of worker moving expenses....more
8/6/2025
/ Deductible Expenses ,
Employee Benefits ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
One Big Beautiful Bill Act ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Policy ,
Tax Reform
In this seventh installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss provisions of the Act that impact the deductibility of individual charitable gifts under Code Section 170....more
8/1/2025
/ Adjusted Gross Income ,
Charitable Deductions ,
Federal Taxes ,
Gifts ,
Income Taxes ,
Internal Revenue Code (IRC) ,
One Big Beautiful Bill Act ,
Tax Code ,
Tax Deductions ,
Tax Planning ,
Tax Policy ,
Tax Reform
In this sixth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss a provision of the Act that impacts the deductibility of corporate charitable gifts under Code Section 170(b)(2)(A)....more
7/30/2025
/ C-Corporation ,
Charitable Deductions ,
Corporate Taxes ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
One Big Beautiful Bill Act ,
Tax Code ,
Tax Deductions ,
Tax Policy ,
Tax Reform
In this fifth installment of my multi-part series on the One Big Beautiful Bill Act, Steve Nofziger and I discuss a provision of the Act that impacts certain business owners who are contemplating a sale of their shares, Code...more
7/23/2025
/ Alternative Minimum Tax ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Federal Taxes ,
Gain Exclusion ,
Income Taxes ,
Inflation Adjustments ,
Internal Revenue Code (IRC) ,
IRS ,
One Big Beautiful Bill Act ,
Qualified Small Business Stock ,
Shareholders ,
Small Business ,
Tax Benefits ,
Tax Code ,
Tax Legislation ,
Tax Planning ,
Tax Policy ,
Tax Reform
In this fourth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), Steve Nofziger and I discuss a provision of the Act that impacts pass-through business entities and their owners, Code Section...more
7/18/2025
/ Business Taxes ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
One Big Beautiful Bill Act ,
Partnerships ,
Pass-Through Entities ,
Qualified Business Income ,
S-Corporation ,
Section 199A ,
Sole Proprietorship ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Policy ,
Tax Rates ,
Tax Reform ,
Trump Administration
In this third installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), I discuss a provision of the Act that may not impact a large segment of the population, but which is interesting and worthy of...more
7/16/2025
/ Federal Taxes ,
Gambling ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
One Big Beautiful Bill Act ,
Tax Code ,
Tax Court ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Policy ,
Tax Reform
In this second installment of our multi-part series on the One Big Beautiful Bill Act (the “Act”), my colleague David Knutson and I discuss the changes made by the Act to the federal estate and gift tax regime....more
7/11/2025
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Internal Revenue Code (IRC) ,
New Legislation ,
One Big Beautiful Bill Act ,
Tax Code ,
Tax Exemptions ,
Tax Planning ,
Tax Policy ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Wealth Management
On July 1, 2025, the One Big Beautiful Bill Act, H.R.1 – 199th Congress (2025-2026) (the “Act”) was passed in the U.S. Senate (“Senate”). On July 3, 2025, it was passed in the U.S. House of Representatives (“House”) and...more
7/9/2025
/ Adjusted Gross Income ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Local Taxes ,
One Big Beautiful Bill Act ,
SALT ,
State Taxes ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Policy ,
Tax Reform ,
Tax Returns ,
Trump Administration
Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or her state and local taxes (“SALT”) on the federal individual income tax return. Of course, for...more
On April 5, 2023, Commissioner Daniel I. Werfel issued the Internal Revenue Service Inflation Reduction Act Strategic Operating Plan (“Plan”). The Plan, which spans over 145 pages, is a roadmap to how the Service will deploy...more
The Taxpayer Advocate Service (“TAS”) is an independent body housed within the Internal Revenue Service (the “Service” or “IRS”). Its mission is to ensure taxpayers are treated fairly by the Service and that taxpayers know...more
More than 25 years ago, effective January 1, 1997, Treasury issued what have been called the “Check-the-Box” regulations (the “Regulations”). The Regulations ended decades of battles between taxpayers and the IRS over entity...more
6/17/2022
/ Banks ,
Business Entities ,
Check the Box Rules ,
Disregarded Entities ,
Employment Tax ,
Entity Classification ,
Excise Tax ,
Federal Taxes ,
Gift Tax ,
Income Taxes ,
IRS ,
Tax Liability ,
Tax Planning
Like last year, 2021 has been a difficult year. The COVID-19 pandemic continues to be at the forefront of everyone’s existence. On top of that, the Delta variant and the most recently discovered Omicron variant have entered...more
...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code.
Tax legislation is...more
10/15/2021
/ Asset Valuations ,
Biden Administration ,
Business Losses ,
Business Taxes ,
Capital Gains ,
Capital Gains Tax ,
Carried Interest ,
Carried Interest Tax Rates ,
Contribution Limits ,
Corporate Taxes ,
Death Tax ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift Tax ,
Gifts ,
High Net-Worth ,
Holding Periods ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Net Investment Income ,
Partnership Interests ,
Pending Legislation ,
Qualified Business Income ,
Qualified Small Business Stock ,
Required Minimum Distributions ,
Retirement Plan ,
Tax Deductions ,
Tax Exemptions ,
Tax Legislation ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trusts
As many readers have noticed, I have been silent for the past few months. That is partly due to exhaustion from reporting on the flurry of tax events that have occurred since the COVID-19 pandemic commenced in 2020 and also...more
For the second year in a row, the due date for the filing of income tax returns and the payment of taxes was extended. For most taxpayers, the extended deadline brought glee. For the tax return preparation community, however,...more
It is not unreasonable to anticipate that there will be a federal tax policy transformation following a change in the political control of the White House, the U.S. Senate and the U.S. House of Representatives. What may be...more
2/25/2021
/ Business Taxes ,
Capital Gains Tax ,
Corporate Taxes ,
Federal Taxes ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Section 1031 ,
Tax Liability ,
Tax Planning ,
Tax Policy ,
Tax Rates
The Consolidated Appropriations Act, 2021 -
In a bipartisan effort, H.R. 133-116th Congress: Consolidated Appropriations Act, 2021 (the "Consolidated Appropriations Act, 2021") overwhelmingly passed both the House and the...more
12/23/2020
/ Business Expenses ,
Business Taxes ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Debt ,
Federal Taxes ,
Income Taxes ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Pending Legislation ,
Tax Deductions ,
Tax Relief ,
Trump Administration
When we thought times were bad enough with the COVID-19 pandemic and widespread social unrest in our country, the West Coast, including the Pacific Northwest, was struck with unprecedented wildfires and massive windstorms,...more
9/18/2020
/ Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Natural Disasters ,
Popular ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Time Extensions ,
Wildfires
As most people are aware, the 2019 income tax filing and payment deadlines for all taxpayers who file and pay their federal income taxes on April 15, 2020, were automatically extended until July 15, 2020. This relief is...more
In News Release 2020-107, issued Thursday, May 28, 2020, the IRS announced that taxpayers will soon be able to electronically file Form 1040-X, Amended U.S. Individual Income Tax Return. This is welcome news for taxpayers and...more
In Notice 2020-32, issued Thursday, April 30th, the IRS emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their cake and eat it too!
As we discussed in a recent...more
5/4/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Small Business ,
Tax Deductions ,
Tax Planning
NOTICE 2020-23 -
On April 9, 2020, the U.S. Secretary of the Treasury issued Notice 2020-23. It greatly expands the tax compliance relief previously granted to taxpayers in response to the COVID-19 pandemic....more
4/14/2020
/ Annual Filings ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Opportunity Zones ,
Revenue Procedures ,
Section 1031 Exchange ,
Tax Liability ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
On March 13, 2020, President Trump issued an emergency declaration that, in part, instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more
3/30/2020
/ Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
IRS ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Trump Administration ,
U.S. Treasury