On May 22, 2025, the House of Representatives passed the tax-focused bill named the One Big Beautiful Bill Act (OBBBA). Days leading up to the vote had been contentious in long committee meetings, with dozens of amendments proposed and hold-out concession discussions, but ultimately the bill moved forward along party lines (215-214) with Republicans losing just three votes.
Learn moreCongress has agreed on a budget resolution and drafting of a tax bill will now formally progress under reconciliation rules that allow a simple majority vote in the Senate, rather than 60 votes.
Learn moreEntities created in the U.S., including those formerly known as “domestic reporting companies,” and their beneficial owners are no longer required to file beneficial ownership information (BOI) reports to FinCEN under the Corporate Transparency Act (CTA). However, foreign reporting companies may still have a filing requirement with new deadlines.
Learn moreThe House passed its budget resolution for "one big, beautiful bill" on February 27 that would include President Trump’s non-tax agenda items of funding for border security, defense, and energy, along with extending his first term’s signature tax bill, the Tax Cuts and Jobs Act (TCJA).
Learn moreFinCEN plans to further extend the new March 21, 2025 deadline for BOI reporting and in the meantime the current deadlines can be disregarded until further notice. FinCEN is still accepting reports for those who wish to file now.
Learn moreBOI reporting enforcement has been reinstated after a court decision lifted the temporary nationwide pause imposed by the Smith case. Reporting is once again mandatory.
Learn moreIt's been several years since the Tax Cuts and Jobs Act (TCJA) was enacted, and while it may seem like all of its changes are here to stay, many will sunset after this year, returning to pre-TCJA law. This impending cliff has sparked desire for an extenders bill, dubbed TCJA 2.0, that could be a vehicle for more tax reform. While Republicans now have control in D.C., the slim majority in both the House of Representatives and Senate could pose problems for enacting a large, costly bill. Compromise will still be needed, and delays are possible despite the desire for fast action.
Learn moreYou may have read news that yesterday the Supreme Court granted the Department of Justice’s request to allow BOI reporting enforcement while the Texas Top Cop Shop court case imposing a nationwide reporting pause is ongoing. While that is true, a separate nationwide CTA/BOI reporting injunction is still in place from a different Texas case.
Learn moreNational Taxpayer Advocate Erin Collins recently submitted her annual report to Congress, which outlines the most serious problems taxpayers faced during the past year in dealing with the IRS. While the review began with positive news that the overall taxpayer experience has improved for the first time in years, the Employee Retention Credit (ERC) topped the ongoing problems list.
Learn moreOn December 23, 2024, a federal Court of Appeals granted a stay of the Texas district court’s preliminary nationwide injunction, which had temporarily paused Beneficial Ownership Information (BOI) reporting enforcement.
Read moreThe Ohio Commercial Activity Tax (CAT) will undergo changes beginning January 1, 2025. For calendar year 2025, the exclusion amount will increase from $3 million to $6 million. Taxpayers with $6 million or less in taxable gross receipts in 2025 will not be required to file a return with the Department of Taxation.
Learn moreOn December 3, 2024, a Texas district court found the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting rules “likely” unconstitutional. As a result, the court has temporarily paused the implementation and enforcement of the CTA and upcoming BOI deadlines nationwide with a preliminary injunction.
Learn moreEach year offers the opportunity to review your current and future expected tax brackets for moves to make. While each person’s situation varies, this article highlights a few tax planning considerations
Learn moreIllinois has enacted legislation that will transform the way the state imposes Retailer’s Occupation Tax (ROT) and Use Tax to leases of tangible personal property (TPP).
Learn MoreChanges are coming for businesses claiming the Research Tax Credit on Form 6765, Credit for Increasing Research Activities. Support documentation revisions for those claiming the credit on amended returns will soon apply to credits claimed on an original return as well. Form changes will require more information beginning with the 2025 tax year (unless postponed again by the IRS).
Read MoreThe Commonwealth of Massachusetts is administering a tax amnesty program from November 1, 2024, through December 30, 2024, waiving most penalties for all filing periods with a return due on or before December 31, 2024.
Read moreWith the November elections fast-approaching, proposed tax plans of each presidential candidate are emerging more clearly. As with any tax proposal, one person alone generally doesn’t seal the deal. The makeup of Congress plays a large role in a future tax landscape also, and control of the House of Representatives and Senate are up for grabs this fall as well.
Read MoreOver nearly the past two years, enacting tax legislation has stalled despite bipartisan efforts. The fate of changes in the near future likely depends on the outcome of this November’s elections.
Learn more & registerProposed 2024 property valuations are currently being published throughout the State of Illinois.
Learn more & registerIn Loper Bright, the U.S. Supreme Court recently overturned a long-standing case, Chevron, U.S.A., Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837 (1984), which created the “Chevron doctrine.”
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