Last year’s U.S. Open Champion, Bryson Dechambeau, had many reasons to smile. In addition to lifting the trophy, he also took home $4.3 million. The U.S. Open continues to represent one of golf’s biggest prizes. While any golfer would give whatever it takes to take home this year’s trophy (first place prize again expected to be $4.3 million), there is an extra layer of incentive this year that makes it even more beneficial relative to future years: taxes. Like Dechambeau’s win last year in North Carolina, this year’s winner can also expect to face relatively low state income taxes levied…

The Senate has confirmed former U.S. Representative Billy Long of Missouri as the next commissioner of the Internal Revenue Service (IRS). The vote was 53-44 along party lines, with all Republicans in the Senate voting yes—all of the no votes came from Democrats. IRS Revolving Doors The vote puts a period on a process that had grown contentious at times. President Donald Trump announced Long’s nomination in December of 2024, even though Danny Werfel was then serving a term as IRS Commissioner that would normally run until late in 2027. Werfel subsequently announced his resignation, effective January 20, 2025. Since…

As expected, the House of Representatives voted in favor of a bill to rescind $9.4 billion in funding for National Public Radio (NPR), the Public Broadcasting Service (PBS), and the United States Agency for International Development (USAID). The bill, proposed by President Trump, does not focus on approving new dollars, but instead targets a clawback of previously approved funds, a move known as rescission. Just before the vote, Trump posted (in part) on Truth Social: The House of Representatives is NOW voting on my Administration’s first “Rescissions” Bill. It will OFFICALLY “claw back” $9.4 BILLION DOLLARS in funding for wasteful…

The massive budget plan implementing President Trump’s priorities, which he affectionately dubbed the “One Big Beautiful Bill,” passed the House by a single vote and now faces an uncertain fate in the Senate. In its current form, the bill would deliver an average tax cut of almost $80,000 next year to those in the top one percent. That’s 40 times the tax relief going to middle-income families who struggle with the costs of housing, food, and raising children. This windfall for the wealthy would be paid for through cuts to health insurance, Pell grants, and food aid for millions of…

The House voted on Wednesday to consider a bill to rescind $9.4 billion in funding for National Public Radio (NPR), the Public Broadcasting Service (PBS), and the United States Agency for International Development (USAID). The bill does not focus on whether to approve new dollars, but is instead a clawback of money that was previously approved, a move known as rescission. The vote was 213-207, along partisan lines with all yes votes cast by Republicans and all but one no votes cast by Democrats (Kentucky’s Thomas Massie was the sole Republican voting no). Twelve representatives did not vote. Authority and…

Dive Into Proposed Tax Changes & Their Business Impacts The One Big Beautiful Bill Act proposes tax and policy changes that could significantly impact how people and businesses plan, invest and grow. But as with any major legislation, the path forward is shaped as much by politics as by policy. Join us June 18th at 12pm EST as we unpack the current status of the bill, the key provisions that matter to business owners and advisors, including no taxes on tip and overtime, state and local tax (SALT) caps, and the potentially fragile 199A (passthrough) deduction—as well as the dynamics…

For some time, foreigners have been drawn to the U.S. real estate market due to its stability, potential for appreciation, and the reliable legal framework in America. A frequently used investment vehicle is a single-member limited liability company created under the laws of a U.S. state. A SMLLC offers liability protection and flexibility. The U.S. tax implications for nonresident aliens or foreign entities owning U.S. real estate through an SMLLC are complicated, yet too often, investors do not consider the tax issues. These involve different U.S. tax regimes: income tax, estate tax, and compliance with rules under the Foreign Investment…

An important provision in the One Big Beautiful Bill Act passed by the House of Representatives is the creation of the Trump Accounts. According to a Forbes article, these savings accounts will be funded by the federal government and they will provide each baby born between January 1, 2025, and December 31, 2028, with $1,000 for investment. This benefit is a unique solution to some of the problems plaguing taxpayers who struggle to invest in their and their children’s future. The Milken Institute estimates that this $1,000 investment would grow to over $8,000 by the time the child reaches the…

Disaster victims get big tax benefits from federal disaster declarations. In fact, it can make your wildfire settlement tax-free. As such, you might logically assume that it is always 100% whether your particular disaster gets the helpful federal nod from the Federal Emergency Management Agency. But in the case of wildfires, is it always so clear? The tax law defines a federally declared disaster as “any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act,” commonly known as the Stafford Act.…

The biggest obstacle in the Senate standing in the way of the House-passed “One Big Beautiful Bill Act” (OBBBA) may not be Senate Minority Leader Chuck Schumer (D-N.Y.) or stalwart deficit hawk Rand Paul (R-Ky.), but rather Elizabeth MacDonough. The name may not ring a bell, but MacDonough has been a fixture in the Senate for over a decade, serving as the Senate Parliamentarian. The D.C.-born lawyer is the first woman to be named Parliamentarian—the official interpreter of Senate chamber rules—a role she’s held since February 2, 2012. The job of the Parliamentarian is a big one. In addition to…