An Alabama federal court recently ruled that the Corporate Transparency Act violates the Constitution’s Commerce clause by requiring nearly all U.S. small businesses to report information about their beneficial owners to FinCEN. Read More
The IRS's new Business Aircraft Campaign will focus on airplane usage by large corporations, large partnerships and high-income taxpayers, emphasizing the amount of business versus personal use, income reporting and fringe benefit inclusion. Read More
Everyone who files must check one box answering either "Yes" or "No" to the new digital asset question. It must be answered by all taxpayers, not just by those who engaged in a transaction involving digital assets in 2023. Read More
These updated rules aim to establish conclusive presumptions for the worthlessness of debt instruments held by regulated financial entities, such as banks, financial institutions and insurance companies under federal or state regulatory supervision. Read More
The House successfully passed the $78 billion tax bill H.R. 7024. Notably, the bill reinstates the current year expensing of domestic research and experimentation costs. For companies investing in research and development, this tax break holds significant importance. Read More
On January 24, two Tennessee House Republicans introduced House Bill (HB) 1893. As introduced, HB 1893 deletes the provision requiring that the measure of the franchise tax must not be less than the actual value of the real or tangible property owned or used by a taxpayer in Tennessee. Read More
This tax lien does not mean you cannot sell your home or other real estate; in its simplest form, it means that the IRS or other taxing authority takes your place in line when the real estate is sold. Read More
The IRS has issued a third notice with additional guidance designed to help corporations determine whether the new corporate alternative minimum tax applies to them and how they calculate the tax. Read More
While your divorce decree may say he is liable, the IRS will hold you both liable if he doesn’t pay. There are several provisions in the tax code that can help. Read More
Effective from August 8, new requirements for filing and claiming Research and Development (R&D) tax relief in the UK will demand meticulous record-keeping to avoid lengthy and onerous information gathering exercises come the company’s year end. Read More
