Recent Articles
The U.S. Senate unanimously passed the No Tax on Tips Act (S. 129) on May 20
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 and...
π§Ύ Hidden in Plain Sight: A New Federal Proposal Could Shield Businesses from State Taxes
A Strategic Look at the Houseβs βBig Beautiful Billβ and Its Impact on State Income Tax Rules ποΈ As advanced to the U.S. Senate on May 22 | π Public Understanding Edition π The Big Picture A quietly placed provision...
π IRS Eases Accounting Method Change Rules
π Rev. Proc. 2025-23 | Effective June 9, 2025 βοΈ Issued in: Internal Revenue Bulletin 2025-24π§Ύ Applies to: Forms 3115 (Change in Accounting Method)ποΈ Effective for tax years ending on or after: October 31, 2024 𧩠What’s Changed and Why...
ποΈ Tax Court Victory: Business Wins Deduction for Repaid Phantom Income
βοΈ Norwich Commercial Group, Inc., TC Memo 2025-43 (May 12, 2025) π§Ύ Case Summary A Connecticut-based mortgage company, Norwich Commercial Group, has secured a significant win at the U.S. Tax Court β claiming a $6.95 million deduction in 2014 for...
π IRS Eases Accounting Method Change Rules
π Rev. Proc. 2025-23 | Effective June 9, 2025 βοΈ Issued in: Internal Revenue Bulletin 2025-24π§Ύ Applies to: Forms 3115 (Change in Accounting Method)ποΈ Effective for tax years ending on or after: October 31, 2024 𧩠What’s Changed and Why...
π§Ύ Supreme Court: Wisconsin Violated Religious Freedom in Tax Exemption Denial
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Decision Date: June 5, 2025ποΈ Case: Catholic Charities Bureau, Inc. v. Wisconsin Labor & Industry Review Commission, No. 24-154 π©ββοΈ Opinion by: Justice Sonia Sotomayor (Unanimous Decision) 𧩠Background: What Sparked the Case? Catholic Charities Bureau (CCB), the social...