⚖️ 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
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
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
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. 🔧
Durable Power of Attorney vs. Form 2848 Issued by IRS | May 2025 | Issue Number: 2025-5 🔍 Why This Matters Most people know about Form 2848, the IRS form used to appoint someone to represent them in tax matters.
Durable Power of Attorney vs. Form 2848 Issued by IRS | May 2025 | Issue Number: 2025-5 🔍 Why This Matters Most people know about Form 2848, the IRS form used to appoint someone to represent them in tax matters.
Disasters don’t wait for tax season. Is your business prepared? 📅 May 2025 Natural disasters are becoming more frequent and unpredictable — from floods to wildfires to severe storms. As of April, FEMA has issued 12 major disaster declarations across
🕊️ A federal proposal could dramatically reshape the way states tax out-of-state businesses. Here’s what you need to know. 🏛️ What’s Happening? Last week, the House Judiciary Committee advanced a provision in the federal reconciliation bill that would dramatically broaden