A recently leaked memorandum has revealed potential tax reform under discussion in the U.S. House of Representatives. These share some key elements with President Donald Trump’s tax reform proposals, reflecting a coordinated effort to implement significant change. The “leaked” information contains changes that could reshape the tax obligations of U.S. persons living abroad and those of multinational business owners. Aside from elimination of the U.S. estate tax or “death tax,” two key points stand out: (1) reducing U.S. taxes for those working overseas on their foreign-earned income and (2) lowering the corporate income tax rate. These proposals could have far-reaching…

The review of tax regulations by the Office of Management and Budget’s Office of Information and Regulatory Affairs is back. The regulatory budget is back. Consternation over midnight rules is back. These developments should have been expected from the second Trump administration and the current Congress, but they’ve come with notable new permutations. Importantly, the nondelegation doctrine is also back, along with increased talk of restoring the separation of powers. And Loper Bright Enterprises Inc. v. Raimondo, 603 U.S. 369 (2024), is set to be turbocharged by the new administration, which the Supreme Court might not have seen coming when…

Navigating VAT regulations in the European Union can be particularly complex, especially for businesses engaged in cross-border sales of goods and services. Many companies, particularly non-EU businesses involved in digital or e-commerce sales to EU customers, often struggle with common VAT misconceptions that can lead to costly errors and compliance challenges. Understanding these nuances is crucial to avoiding unnecessary tax liabilities and administrative burdens. One of the most widespread misconceptions is that a VAT identification number (VAT-ID) is always required to treat a cross-border sale as tax-free. Similarly, many businesses mistakenly believe that if a VAT-ID is not provided, a…

In 2024, the IRS ramped up its focus on partnerships, including several actions before President Trump took office. However, with a new Treasury Secretary confirmed (i.e. Scott Bessent), a new IRS Commissioner nominated but not yet confirmed (i.e. Billy Long), federal funding cuts, a federal hiring freeze, and employee reductions at both IRS and the Department of Justice Tax Division those initiatives may have just run out of gas. The Double-Edged Sword Of Partnership Taxation The government has an interest in increasing economic activity and that can be accomplished by removing potential roadblocks like burdensome regulation and undesirable tax consequences.…

Estate distribution among beneficiaries can be handled in various ways, with each state providing a default method and estate planning attorneys utilizing multiple strategies to tailor distribution plans. These methods can be tricky to digest, however—especially since some of their names come from Latin and legalese can be difficult to understand. The common methods for estate distribution are per stirpes, per capita, and per capita at each generation (also called “by representation”). To make these concepts easier to slice up, we’ll use a pizza party as our guide—where our host (the decedent) decides how to divide the pies among the…

On Dec. 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act. The new law made sweeping reforms to the existing tax code. Beginning in 2018, the TCJA is scheduled to expire at the end of 2025, unless Congress extends it or makes it permanent. With Republicans controlling the House and the Senate, most believe the TCJA will be made permanent. Who benefited most from the 2017 act? Some say the rich were the biggest beneficiaries while others say it helped middle- and lower-income people the most. Moreover, news outlets have published opposing views on the…

Planning for the future is always a crucial aspect of responsible living. Among the most important documents that every adult should consider having are a health care power of attorney (HCPOA) and a living will. These legal documents ensure that your medical wishes are respected in the event that you become incapacitated and are unable to make decisions for yourself. While many people think of powers of attorney and living wills only as documents for the elderly or those facing a terminal illness, they are essential for adults of all ages (even college-bound kids), as health emergencies can occur at…

President Trump and his administration are moving quickly to fulfill their campaign promise to increase immigration enforcement and carry out mass deportations. The latest twist: Department of Homeland Security (DHS) Secretary Kristi Noem asked Treasury Secretary Scott Bessent to deputize special agents in the Internal Revenue Service Criminal Investigation (IRS-CI) division to help DHS. But being deputized to help carry out deportations would be a new responsibility, requiring additional training and diverting from other activities with proven benefits. IRS-CI is the criminal investigative arm of the IRS, responsible for investigating complex financial crimes. Its 2,100 special agents are good at…

The House took the first step for federal tax reform by approving a budget resolution on Tuesday night that would require a $2 trillion in overall spending cuts over the next decade to help pay for $4.5 trillion in tax cuts as an extension of Trump’s 2017 tax cuts set to expire this year. As of now, it appears that the Senate’s desire for two separate and distinct budget reconciliation bills, with the first focusing on the border and energy, and the second focusing on federal tax reform, is no longer being considered. Instead, President Trump and the House of…

As we enter tax season 2025, there is a lot of uncertainty around the economy and its direction. With that in mind, business owners could benefit from optimizing their tax-planning strategies and improving their financial security. Tax planning is a great way to optimize your take-home pay if you run your own business. Essentially, the fewer taxes you pay, the higher your net income. The entertainment and meals tax deduction has been a great way for successful business owners or self-employed people to maximize their tax deductions yearly. Unfortunately, the original Trump tax plan cut the value of the meals…