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Recent discussions in Congress about capping or eliminating the corporate state and local tax (SALT) deduction have raised significant concerns among U.S. businesses. This deduction currently allows companies to subtract state and local tax payments from their federal taxable income, effectively reducing their overall tax burden. The proposed changes aim to generate additional federal revenue but have sparked debate over their potential economic impact.​ Background on the SA

The Georgia General Assembly has passed House Bill 112, introducing one-time income tax rebates for residents, and House Bill 111,...

One of the most overlooked areas of the tax code—yet frequently scrutinized during audits—is IRC §267 , which governs related party...

In the wake of the devastating Hurricane Helene, Georgia's legislature has approved a substantial tax relief package aimed at supporting...

North Carolina Governor Josh Stein has unveiled his first two-year state budget proposal , aiming to address fiscal challenges and...

In a move aimed at alleviating financial pressures on residents, the Alabama House of Representatives has unanimously approved a series...

Depreciation is one of the biggest tax benefits for businesses , allowing them to deduct the cost of equipment, machinery, real estate,...

Mississippi is on the brink of a significant fiscal transformation as both the House and Senate propose plans to eliminate the state...

Investing in a startup or small business comes with risks, but the IRS provides a tax benefit for losses on qualifying small business...

The IRS has issued a reminder  that retirees who turned 73 in 2024  must take their first Required Minimum Distribution (RMD)  from IRAs,...

Converting a C corporation to an S corporation  can offer significant tax advantages, including pass-through taxation  and avoiding the...

Starting April 1, 2025, the UK government will implement significant changes to Vehicle Excise Duty (VED), affecting both new and...

The U.S. tax code allows business owners to deduct losses from their businesses, but these deductions are subject to strict limitations....

Congressional Republicans have introduced legislation aiming to substantially increase the tax burden on investment returns from large...

When a business owner transitions from a sole proprietorship or partnership to a C corporation , a key tax concern is whether the...

As the U.S. government approaches a critical funding deadline, concerns are mounting that a potential shutdown could impede progress on President Trump's proposed tax reform bill. The Republican-controlled House has passed a provisional spending bill to maintain government operations; however, its passage in the Senate remains uncertain, as Democratic support is necessary to meet the required vote threshold. ​ Implications of a Government Shutdown on Tax Reform A government

The Accumulated Earnings Tax (AET)  is an additional tax imposed on C corporations that retain earnings beyond the reasonable needs of...

​In a significant legislative development, Senate Republicans are advancing a comprehensive tax reform plan that proposes over $5...

In a significant move to enhance tax compliance and revenue collection, the UK Treasury has announced a new whistleblower reward program aimed at incentivizing individuals to report tax avoidance and fraud. This initiative draws inspiration from successful models in countries like the United States and Canada, where such programs have proven effective in uncovering financial misconduct.​ Key Features of the Program Substantial Rewards : Informants could receive up to 25% of t

In a significant escalation of trade tensions between Canada and the United States, Ontario has imposed a 25% surcharge on electricity...