In January 2025, Practical Guidance introduced a comprehensive array of new resources and updates across various legal practice areas, reflecting the dynamic nature of the legal landscape. This release...
A business entity that is treated as a disregarded entity for tax purposes is generally ignored for U.S. federal income tax purposes even though it is a separate legal entity for state law purposes. While...
Check out this practice note from Practical Guidance – Healthcare to understand the structural elements of a compliance program and plan for a healthcare entity. You will learn about the critical...
Don’t miss out on insights that could transform your financial strategies! Review this new practice note by A&O Shearman providing guidance for lenders and borrowers entering into or considering...
This client alert digest discusses the flood of executive actions issued by President Trump during the first week of his second presidency and their profound effect on the construction industry. Immediate...
As we enter 2025, the renewal of the Tax Cuts and Jobs Act of 2017 (TCJA) is front and center for Republicans, who hold majorities in both chambers of Congress. Despite internal divisions and procedural hurdles, Senate Majority Leader John Thune aims to use budget reconciliation to expand tax relief, while House Ways and Means Committee Chair Jason Smith advocates for a single reconciliation measure. Key provisions set to expire include the higher standard deduction and child tax credit. The debate over the $10,000 SALT deduction cap is crucial, with potential revenue offsets from repealing SALT, mortgage interest deductions, and clean energy tax incentives. The Congressional Budget Office projects that extending the TCJA could increase the federal debt by $3.7 trillion by 2034. Understanding the original TCJA is crucial, as it lays the foundation for the current legislative efforts and highlights the significant changes and impacts that are now under review for renewal.
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