Recent Articles
📘 IRS Eases Accounting Method Change Rules
🔄 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...
🏛️ Tax Court Victory: Business Wins Deduction for Repaid Phantom Income
⚖️ 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...
📘 IRS Eases Accounting Method Change Rules
🔄 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...
🧾 Supreme Court: Wisconsin Violated Religious Freedom in Tax Exemption Denial
📅 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...
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 Congress—and it’s...