🧾 Prepared for: General Public & Business Community📅 Effective Period: Various provisions starting post-2025📚 Source: Internal Revenue Code (IRC), Amended by 2025 Tax Act 🚀 Expansion of Qualified Small Business Stock (QSBS) Gain Exclusion 📌 What’s New: 📈 New Limits:
🏛️ The One Big Beautiful Bill (P.L. 119-21) permanently enacts many of the 2017 TCJA tax cuts, introduces new family- and business-friendly tax benefits, and refines several existing provisions. Below is a breakdown of the major changes: 💵 Permanent Reduction
🏛️ AbbVie Inc. v. Commissioner, 164 TC No. 10 (2025) 📖 Case in Brief In a major win for businesses navigating M&A deals, the Tax Court ruled in favor of AbbVie, holding that its $1.6 billion breakup fee paid to
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
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
🔄 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
⚖️ 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