Trump’s Policies Aim to Boost U.S. Manufacturing, Slash Taxes, and Reshape Trade Tariffs and Tax Cuts: Trump’s Vision for Economic Growth Donald Trump’s economic agenda places heavy emphasis on tariffs and tax cuts as key strategies to revitalize the U.S.
How the End of Chevron Deference Reshapes Federal and State Tax Laws The United States Supreme Court made history on June 28, 2024, by overturning the landmark Chevron USA Inc. v. Natural Resources Defense Council, Inc. decision. In its ruling
Federal Court Ruling Temporarily Halts Mandatory Beneficial Ownership Reporting A recent court ruling has brought temporary relief to reporting companies regarding the filing of beneficial ownership information under the Corporate Transparency Act (CTA). While the mandatory filing requirement is currently
Charities Seek Congress’ Support for Tax Deduction Incentives to Revive Giving A coalition of nonprofits and businesses is urging Congress to address the alarming decline in charitable giving. The Charitable Giving Coalition (CGC) has called for the permanent restoration of
The Treasury Department’s decision provides businesses more time to comply with the Corporate Transparency Act’s beneficial ownership information reporting requirements. In a significant development, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline for businesses to file
Understanding Section 199 Deductions and the Importance of Accurate Allocations The Tax Court recently ruled against Bloomberg in two consolidated cases concerning how the company allocated gross receipts and expenses for subscription-based software products. The court also overturned certain IRS-denied
Partnerships Get Extra Time to Furnish Payee Statements for 2024 Exchanges The IRS has issued further penalty relief for partnerships that fail to furnish Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, on time. This extension
Florida Preparer Ordered to Pay $429,888 in Restitution for Fraudulent Tax Filings A tax preparer from Naples, Florida, referred to as the “Irresponsible Preparer,” has been sentenced to one year and one day in federal prison for aiding in the
A Summary of New Legislation, Advancements, and Proposals Shaping U.S. Tax Policy November and early December have seen significant tax-related activity in Congress. Despite the lame-duck session, lawmakers advanced multiple bills, including disaster relief measures and efforts to enhance benefits
Cape Coral Business Paid $21 Million in Cash Wages to Avoid Employment Taxes Two leaders of a Cape Coral roofing company have admitted to a decade-long conspiracy to evade federal employment taxes. Known as “Irresponsible Taxpayers” due to their actions,