Over the past decade, economies across Latin America and the Caribbean have been caught in a trap, according to the U.N. Economic Commission for Latin America and the Caribbean (ECLAC). That “trap” is punishingly stagnant economic growth, which averaged just 1 percent between 2015 and 2024, according to the organization. The good news is that economic growth is projected to accelerate this year — ECLAC projects it will hit 2.4 percent. But the organization says it’s not fast enough for a region that has chronically underperformed for so long. This begs the question: What can countries in this region do…

On March 11, 2025, the Council of the European Union formally adopted the VAT in the Digital Age (ViDA) proposal, setting the stage for significant transformations in the European Union’s VAT system over the coming years. This milestone was reached after nearly three years of negotiations following the initial proposal on December 8, 2022. ViDA represents a major step toward modernizing VAT compliance, particularly for businesses engaged in cross-border transactions within the EU. The reform package revolves around three main pillars: the implementation of digital real-time reporting and e-invoicing, the revision of VAT rules for the platform economy, and the…

In tax controversy and litigation matters, sometimes procedure trumps the merits. The statute of limitations is a great example. Even if the taxpayer made a mistake on a prior year return, the IRS generally can’t open an audit if the applicable statute of limitations period has expired. The Bipartisan Budget Act of 2015 (BBA) has its own statute of limitations rules associated with partnerships. Because the BBA partnership rules are relatively new—they did not go into effect until the 2018 tax year—the rules contain traps for the unwary. Indeed, a recent IRS Chief Counsel memorandum shows that these traps can…

The lights are on in D.C.. With a deadline looming to avert a government shutdown at midnight, Congress reached an agreement on spending for the rest of the year–that’s after Senator Chuck Schumer (D-N.Y.) voted on a procedure to advance a spending vote. The Senate vote follows an earlier vote in the House (☆) to fund the government through September 30, 2025. The final House vote was 217 to 213, with only one Republican, Thomas Massie of Kentucky, voting no and one Democrat, Jared Golden of Maine, voting yes. You can see how your Representative voted here. The Congressional Budget…

The Trump administration is seeking more information about your financial transactions—but only if you live or do business in one of 30 ZIP codes. Beginning in April, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) will require those who in those ZIP codes—estimated to be more than one million Americans—to be reported if they try to spend more than $200 in cash or cash equivalent on items like money orders and traveler’s checks. That’s a dramatic expansion of the standard $10,000 cash reporting requirement. The new Geographic Targeting Order (GTO), which has, as its stated purpose, “to further…

The Trump administration’s latest tax policy quasi-proposal, announced by Commerce Secretary Howard Lutnick in an interview with CBS News, is for the elimination of taxes for folks making less than $150,000 per year. Trump’s previous major tax initiative, the Tax Cuts and Jobs Act (TCJA) of 2017, slashed the corporate tax rate from 35% to 21% and provided rate reductions across the board, but a closer examination reveals who really won with the new policy: corporations and the wealthy. High-income earners benefited massively, with the top 1% seeing a 2.2% increase in after-tax income, while all other taxpayers got some…

There’s another shake-up at the nation’s tax agency. Weeks after the acting IRS Commissioner departed, another high-profile staffer is leaving. According to the Associated Press, acting chief counsel William Paul has been removed. He is expected to be replaced by Andrew De Mello. Paul was reportedly demoted because he refused to cooperate with Elon Musk’s Department of Government Efficiency, as DOGE representatives allegedly sought to share taxpayer information with other federal agencies. About Chief Counsel The Chief Counsel, a position that dates back to 1866, is the chief legal advisor to the IRS Commissioner on all matters related to the…

As a result of political news, including Trump’s looming tariffs, the price of gold continues to soar. Current geopolitical uncertainty is currently driving investors towards gold. Inflation fears have significantly impacted gold prices, pushing them higher as investors seek to protect their purchasing power. Over the past five years, the price of gold increased by more than 78%, with each bar of gold bullion costing more than $1 million. The fears of inflation, the possible global trade wars, interest rates, and central bank purchases are causing the price of gold to skyrocket in 2025. Finding the best way to invest…

The House has passed a bill to fund the government through September 30, 2025, hoping to avoid a government shutdown—but will it be enough to keep the lights on? The final vote was 217 to 213, with only one Republican, Thomas Massie of Kentucky, voting no and one Democrat, Jared Golden of Maine, voting yes. Two Representatives, Raúl M. Grijalva (D-Ariz.) and Tim Moore (R-N.C.), did not vote. You can see how your Representative voted here. The bill is styled as a Continuing Resolution or CR. Typically, discretionary spending for most federal agencies is funded annually. If Congress can’t agree…

The House of Representatives has voted to repeal a Biden-era rule focused on decentralized finance—or DeFi. The bill reverses the “DeFi Broker Rule” published by Treasury in December 2024. The rule created reporting requirements for trading front-end service providers that work directly with users on digital asset transactions. DeFi refers to peer-to-peer financial services on the blockchain. In simple terms, it’s crypto and digital currency without banks, financial service companies, or other middlemen. DeFi brokers are a little more challenging to define, as stakeholders pointed out after the final regulations were made public. This was a new rule, but not…