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
As reported on May 16, 2025, the SALT cap proposal contained in the legislation that was pending in the U.S. House of Representatives (“House”) aimed at, among other things, dealing with the expiring provisions of the Tax...more
As reported on May 13, 2025, several changes to the Washington state tax laws were passed by lawmakers and delivered to the desk of Governor Ferguson in late April, awaiting his signature to make them law. In the aggregate,...more
5/27/2025
/ B&O Tax ,
Capital Gains Tax ,
Gas Taxes ,
Income Taxes ,
Sales & Use Tax ,
State Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Increases ,
Tax Legislation ,
Tax Rates ,
Tax Revenues ,
Transportation Industry ,
Washington
Oregon House Bill 3115 (“HB 3115”) was sponsored by Representatives John Lively (D) and Kimberly Wallan (R). It was co-sponsored by Representatives Tom Anderson (D), David Gomberg (D) and Nathan Sosa (D).
HB 3115 was...more
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
Many individuals, wanting to liberate their wallets from taxes, have moved to states like Washington, Nevada, Texas, Florida and other states that have friendly state and local tax regimes. This trend, especially for...more
With the Corporate Transparency Act hopefully in our rearview mirrors, I decided to take a brief break from my ongoing series on Subchapter S and report on a different topic. In the last few weeks, the Magistrate Division of...more
4/23/2025
/ Business Expenses ,
Business Losses ,
Department of Revenue ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Oregon ,
Section 162 ,
Section 183 ,
State Taxes ,
Tax Audits ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Litigation
Now that the scurrying around and worrying relative to developments impacting the Corporate Transparency Act (“CTA”) that were coming at us with laser speed are on a slow simmer, I can turn my attention back to my multi-part...more
4/4/2025
/ Business Losses ,
Business Ownership ,
Change of Ownership ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Ownership Interest ,
S-Corporation ,
Shareholders ,
Tax Code ,
Tax Credits ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Treasury Regulations
It was about 5:30 p.m. PT last Friday, March 21, 2025, and I was about to sign off from my computer after a long week and turn my attention to college basketball, when I received an email from FinCEN. The message was that...more
I was hoping to take a short breather from covering the Corporate Transparency Act (“CTA”). However, I am getting several inquiries from attorneys and business owners, asking if they have missed anything with respect to the...more
If you feel punch-drunk from the rapid-fire updates to the Corporate Transparency Act (“CTA”), you are not alone. It is hard to keep up with the madness surrounding this law.
Hoping not to stupefy readers, I will address...more
On Thursday, February 27, 2025, FinCEN announced that it will not issue any penalties or pursue enforcement action against reporting companies for the mere failure to meet the current filing deadlines. That news for many is...more
I was hoping that I could report to my readers that the turbulent and lengthy ride of the Corporate Transparency Act (“CTA”) was, one way or another, finally over! Unfortunately, I am unable to deliver that news today....more
In this Part XV of my multi-part series on some of the not-so-obvious aspects of Subchapter S, I explore a potential advantage that the S corporation has over the C corporation.
The Patient Protection and Affordable Care...more
As I reported Thursday, the U.S. Supreme Court, in Texas Top Cop Shop, Inc. et al v. Merrick Garland, Attorney General of the United States et al., lifted the Fifth Circuit’s injunction, that had been preventing the...more
I last reported on December 27, 2024, that the Corporate Transparency Act (“CTA”) hit yet another speed bump. The U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) put the CTA on ice as of December 24, 2024,...more
In this Part XIV of my multi-part series on some of the not-so-obvious aspects of Subchapter S, I explore a narrow aspect of Subchapter S that is often ignored or forgotten. An S corporation is not always a mere extension of...more