⚖️ Norwich Commercial Group, Inc., TC Memo 2025-43 (May 12, 2025) 🧾 Case Summary A Connecticut-based mortgage company, Norwich Commercial Group, has secured a significant win at the U.S. Tax Court — claiming a $6.95 million deduction in 2014 for
🔄 Rev. Proc. 2025-23 | Effective June 9, 2025 ✉️ Issued in: Internal Revenue Bulletin 2025-24🧾 Applies to: Forms 3115 (Change in Accounting Method)🗓️ Effective for tax years ending on or after: October 31, 2024 🧩 What’s Changed and Why
📅 Decision Date: June 5, 2025🏛️ Case: Catholic Charities Bureau, Inc. v. Wisconsin Labor & Industry Review Commission, No. 24-154 👩⚖️ Opinion by: Justice Sonia Sotomayor (Unanimous Decision) 🧩 Background: What Sparked the Case? Catholic Charities Bureau (CCB), the social
Background In a bipartisan surprise move, the U.S. Senate unanimously passed the No Tax on Tips Act (S. 129) on May 20. Originally introduced by Senator Ted Cruz (R-TX), the bill reflects a policy championed by former President Donald Trump
THESE PROVISIONS WERE INITIALLY DISCUSSED AS PART OF THE BILL BUT DID NOT MAKE ITS FINAL VERSION THAT PASSED THE HOUSE, PROVIDED HERE FOR REFERENCES OF WHAT COULD HAVE HAPPENED A major tax overhaul is gaining traction in Congress—and it’s
📢 Interim Guidance Aims to Cut Compliance Costs Issued via IRS Notice 2025-27 on June 2, 2025 🏢 What is the CAMT? 💼 Corporate Alternative Minimum Tax (“Book Minimum Tax”) 🔍 Purpose: To ensure large, profitable corporations pay at least
A Strategic Look at the House’s “Big Beautiful Bill” and Its Impact on State Income Tax Rules 🗓️ As advanced to the U.S. Senate on May 22 | 🔍 Public Understanding Edition 📌 The Big Picture A quietly placed provision
📅 Case Date: May 28, 2025📍 Case: Soroban Capital Partners LP, TC Memo 2025-52🏛️ Court: U.S. Tax Court 🔍 Background at a Glance 🧾 Entity Involved:Soroban Capital Partners LP, a Delaware registered limited partnership (LLC structure), based in New York.
A Guide for Businesses, Workers, and Tax Professionals 🗓️ Passed by House Ways and Means Committee – May 14, 2025 The latest House tax reconciliation bill introduces a wide range of reforms impacting payroll, employee benefits, and tax planning. From
A Guide for the Business Community and the General Public 📘 Summary: Tax experts have reviewed the House Ways and Means Committee’s tax reform bill. The legislation brings important changes (and some missed opportunities) for manufacturers and business taxpayers. 🔧