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With the Presidential race in full swing, both candidates are proposing tax policy changes to appeal to voters. We break down the different proposals that the Trump/Vance campaign have announced, while also looking to the previous Trump presidency to explain what tax policy under a second Trump administration could look like.

The failure of the Tax Relief for American Workers and Families Act to become law demonstrates exactly why careful tax planning is critical to minimizing exposure.

Learn about the new emergency personal expense and domestic abuse victim exceptions to the 10% early withdrawal penalty under SECURE 2.0. Get insights on how these changes impact retirement plan participants and sponsors.

The IRS has been making concerted efforts to collect unpaid taxes (and related interest and penalties) from taxpayers. As a result of these increased collection efforts, impacted taxpayers may find themselves asking: What do I do now?

In 2023, Treasury and the IRS issued final regulations for the electronic filing requirement for returns filed on or after January 1, 2024. The new ten-return threshold requires filers to aggregate almost all types of information returns, including Forms 1099-MISC, 1099-NEC, and W-2. Taxpayers need to be aware of these requirements as well as the consequences for failure to comply or risk dealing with significant penalties.

Comparing the tax plans of the 2024 presidential candidates: Harris v. Trump. Uncover the key differences in their proposed changes with our one-stop resource to better understand the proposed policies.

Treasury and the IRS released final regulations on June 28, 2024, addressing the rules for brokers to report gross proceeds for sales of digital assets and to report tax basis information. for some digital assets sales made on or after January 1, 2026. This article outlines some of the changes, effective dates, and what is still to come.

IRC Sec. 174, which first became effective for tax years beginning on or after December 31, 202The Importance of Outside Funding for Start Ups.emsedits TH (1) FINAL.docx1, requires taxpayers who incur research or experimental expenditures to capitalize and amortize these costs rather than deduct them as incurred. This article discusses how start-ups that have secured funding from grants have been hit with additional tax burdens due to the changes in the Tax Cuts and Jobs Act’s IRC Sec. 174 related research and development capitalization.

The IRS has sent out thousands of letters disallowing claims for the Employee Retention Credit. These letters explain the disallowance is based on a review of IRS records that indicate the employer is not an eligible employer under the CARES Act. While not all the letters properly describe available next steps, taxpayers that receive IRS LTR 105C have only 30 days to appeal the disallowance to the Independent Office of Appeals.

In a decision released on June 6, 2024, the Supreme Court held that a contractual obligation to redeem shares is not necessarily a liability that reduces the corporation’s value for purposes of the federal estate tax. The decision in Connelly highlights the intricacies of estate and tax planning, especially with a closely held corporation. One small detail being overlooked or misunderstood can result in the unwinding of an entire estate plan.

This article offers a look at the Supreme Court’s highly anticipated decision in Moore v. United States, ruling in favor of the government 7-2 and holding the IRC Sec. 965 Mandatory Repatriation Tax created by the 2017 Tax Cuts and Jobs Act is constitutional.

This article offers a look at how IRC Sec. 41 allows companies who have qualified research and development activities to take a non-refundable tax credit. The R&D credit allows a company to reduce their tax liability dollar-for-dollar by the amount of their calculated credit.

The Fourth Circuit affirmed a 2023 Tax Court decision holding that a company improperly excluded certain expenses under IRC Sec. 45C in claiming the orphan drug credit. The case – and this article – highlight the interplay between the research tax credit and orphan drug credit for certain research activities.

The IRS has released a draft version of the new Form 1099-DA, Digital Asset Proceeds From Broker Transactions, based on the proposed broker reporting regulations and to be used for reporting proceeds from digital asset broker transactions.

The increase in IRS funding has led to more audits of high-wealth individuals, including more scrutiny of qualified small business stock gain exclusion. This increase makes record maintenance and documentation all the more important.

US transfer pricing rules offer several methods to determine appropriate transfer pricing, but the rules also require that taxpayers use the method that yields the most reliable results. Known as the “best method rule," it’s an issue that has sparked significant debate and controversy in audits and recent cases.

The IRS has launched a compliance campaign focused on Sports Industry Partnership Losses, focusing on identifying partnerships in the sports industry that report significant losses. Learn how to make sure you can stay compliant.

A recent private letter ruling allowing a taxpayer to make a late filed IRC Sec. 1045 election shows just how critical it can be to have tax advisors who are familiar with the intricate requirements for qualified small business stock.

North Carolina recently issued revisions to Directive TA-23-1, making important changes to its pass-through entity tax (PTET), also known as electing to be a “taxed partnership.”

The state passthrough entity tax credit (PTET) allows taxpayers to reduce their federal tax burden. California has a unique rule regarding PTET that may soon be changed to make it easier for taxpayers to qualify for the credit.