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As noted in last week’s update, the Senate has released its proposed version of the House’s One Big, Beautiful Bill…

The IRS recently updated its guidance regarding the Employee Retention Credit’s (ERC) effect on taxable income. The IRS has consistently…

On the afternoon of Friday, March 21st, the following announcement was posted on the FinCEN website. Click here to read…

Bill McDevittMarch 24, 2025

The U.S. Treasury Department said Sunday it won’t enforce penalties or fines against U.S. citizens or domestic reporting companies or…

The 65-Day Rule for Trusts and Estates and Its Interplay with Form 1041-T Are you the fiduciary of a complex…

Hot off the press: FinCEN states that 3/21/25 is not the real deadline! FinCEN is not issuing fines or penalties…

Bill McDevittFebruary 28, 2025

On February 18, 2025, there was a decision by the U.S. District Court in Texas in Smith et al. v. U.S.…

Bill McDevittFebruary 19, 2025

U.S. citizens are taxed on worldwide income, meaning they must report and pay taxes on all income earned, regardless of…

Deepika IyerFebruary 13, 2025

On Monday, February 10, 2025, the House approved legislation by a unanimous 408-0 vote that would grant small businesses formed before…

Bill McDevittFebruary 12, 2025

On January 14, 2025, the Department of Treasury and the IRS issued final regulations that clarify how cloud transactions are…