As of July 2025, 38 U.S. states and the District of Columbia have legalized sports betting in some form—either online, in-person, or both. This expansion follows the Supreme Court's 2018 decision to overturn the previous federal ban on sports wagering...
Both the House and Senate versions of the One Big Beautiful Bill Act (OBBBA), passed by the House on May 22, 2025, and the Senate on July 1, 2025, phase out tax credits for wind, solar, and electric vehicle (EV) projects, rolling back incentives established under...
Section 112020 of the “One Big Beautiful Bill Act” (OBBBA), House version, would expand the reach of the IRC § 4960 excise tax on compensation in excess of $1 million (equal to 21%, the corporate tax rate) paid to employees of an applicable tax...
In a stock purchase transaction, the outstanding stock of the target company is transferred directly by its stockholders to the purchaser, with a stock purchase agreement serving as the primary governing document. Tax professionals must thoroughly identify and...
The One, Big, Beautiful Bill Act (H.R. 1), recently passed by the U.S. House, introduces major changes to the Global Intangible Low-Taxed Income (GILTI) regime that could impact multinational corporations. It makes the current 49.2% GILTI deduction rate permanent...
A small issue bond is one type of conduit bond, referred to as a private activity bond, which provides a loan to a nongovernmental third-party borrower for use in developing projects that benefit the public. Qualified small issue bonds are tax-exempt bonds issued...
The budget reconciliation bill passed the House of Representatives by a one-vote margin, 215 to 214, and soon will be considered by Senate committees. The day before the House vote, the Rules Committee had voted 8-4 along party lines to approve a rule on the One...
Working with the Energy and Commerce and the Agriculture Committees, the U.S. House of Representatives’ Ways and Means Committee advanced its portion of the “One, Big, Beautiful Bill Act” on May 15. The Energy and Commerce and Agriculture Committees...
Succession planning is a critical aspect of managing small, closely held businesses, as the unexpected departure of a key leader can significantly disrupt operations and challenge the business's legal continuity. Unlike large, publicly traded companies, these...
The United States has tax treaties with nearly 70 countries to prevent double taxation and curb tax evasion. These treaties, based on Article II, Section 2 of the U.S. Constitution, are reciprocal and generally apply to both countries involved. For U.S. citizens...
With multiple European and South American countries promising an affordable retirement, Americans are increasingly renouncing U.S. citizenship and expatriating, some gaining citizenship, outside the United States. Relinquishing U.S. citizenship (or green card status...
Harvard University’s tax-exempt status has been questioned by the Trump Administration—with Harvard responding that there is no legal basis for a revocation. The Administration’s action impacting Harvard flows from its letter on policy changes...
The most prominent tax characteristic of a partnership or LLC is that these entities are flow-through entities for tax purposes. Consequently, the entities do not pay taxes themselves. Rather, they report to the IRS their income and the partners' or members'...
Tariffs are generally considered a regressive form of taxation—that is, a tax burden that falls more heavily on lower-income individuals than on higher-income individuals, relative to their incomes. When tariffs are applied, the cost of goods subject to the...