The White House has at times used the phrase, “No Tax on Social Security”, in generally describing the new “senior” deduction. Such description is not correct. Social Security benefits remain taxable under current law. In addition, the eligibility
Because of its asset protection and tax advantages, the limited liability company has become a popular choice for form of entity. While it is relatively easy to form a limited liability company, it is important to note that various “post-formation”
The “qualified tips” deduction is often incorrectly described as a “no tax on tips” provision. On September 19, 2025, the Internal Revenue Service issued proposed regulations under Code Section 224 (the “Code Section 224 Proposed Regulations”). Perhaps
One of the basic principles of tax law is the economic substance doctrine. As recognized for many years in case law, under the economic substance doctrine, courts would generally examine both whether a transaction had economic substance beyond tax
Among the many tools available for persons seeking asset protection is the “domestic asset protection trust” (the “DAPT”). Broadly speaking, DAPTs are U.S. domestic trusts established by a grantor, who generally retains certain rights over
Given that asset values tend to increase over time, and Federal estate tax liability tends to arise more on the death of a “second-to die” spouse than on the death of a “first-to-die” spouse, portability can be a critical concept to minimize
One key change for business taxpayers under the 2025 Tax Act concerns the tax treatment of “domestic research or experimental expenditures” (often also referred to as “U.S. R&D” costs). Also, the 2025 Tax Act permanently enacts into law
Whether it is called by its popular name, the “One Big Beautiful Bill Act”, or by its official legal name, “An Act . . . To provide for reconciliation pursuant to title II of H. Con. Res. 14”, the legislation enacted by Congress on July 3,
This article focuses on “related party” transactions under Internal Revenue Code Section 267(a)(1) and Internal Revenue Code Section 1239(a). While there is some overlap, it should be noted that the specific scope of “related parties” for purposes
A less well-known rule that can affect the tax deduction of losses from the sale of stock is the wash sale rule, enacted under Internal Revenue Code Section 1091. This article discusses the application of the wash sale rule.
It has been stated that the limited liability company has become more popular than the corporation as the basic form of entity to do business in the United States. A critical document with any limited liability company is the operating agreement. When
President Trump announced a new immigration proposal – what he referred to as a “gold card”. The “gold card” green card program would potentially replace the existing EB-5 immigration program. Although it has been reported that the Trump