Recent Articles
๐๏ธ Tax Court Victory: Business Wins Deduction for Repaid Phantom Income
โ๏ธ Norwich Commercial Group, Inc., TC Memo 2025-43 (May 12, 2025) ๐งพ Case Summary A Connecticut-based mortgage company, Norwich Commercial Group, has secured a significant win at the U.S. Tax Court โ claiming a $6.95 million deduction in 2014 for...
The U.S. Senate unanimously passed the No Tax on Tips Act (S. 129) on May 20
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...
Congress Targets Wall Street’s Favorite Tax Break: Carried Interest Could Be History
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 Congressโand itโs...
๐งพ Hidden in Plain Sight: A New Federal Proposal Could Shield Businesses from State Taxes
A Strategic Look at the Houseโs โBig Beautiful Billโ and Its Impact on State Income Tax Rules ๐๏ธ As advanced to the U.S. Senate on May 22 | ๐ Public Understanding Edition ๐ The Big Picture A quietly placed provision...
๐ “Big Beautiful” Tax Bill: What It Means for Payroll, Benefits & Taxpayers
A Guide for Businesses, Workers, and Tax Professionals ๐๏ธ Passed by House Ways and Means Committee โ May 14, 2025 The latest House tax reconciliation bill introduces a wide range of reforms impacting payroll, employee benefits, and tax planning. From...
๐๏ธ House Tax Reform Bill: What Businesses Need to Know
A Guide for the Business Community and the General Public ๐ Summary: Tax experts have reviewed the House Ways and Means Committeeโs tax reform bill. The legislation brings important changes (and some missed opportunities) for manufacturers and business taxpayers. ๐ง...