The Tax Cuts and Jobs Act (TCJA) of 2017 brought significant tax reductions for individuals and businesses. However, many of its provisions are set to expire on December 31, 2025, leading to potentially higher tax burdens. Congress is currently debating potential extensions or modifications to certain provisions. We outline key changes and strategies to help you prepare.

A group that calls themselves USDoD hacked into the database of National Public Data, which is a background check company, and claimed to steal 2.7-2.9 billion people’s personal information.

A recent ruling in 2023 by the U.S. Court of Federal Claims allowed U.S. citizens living in France to offset the net investment income tax using the foreign tax credit for taxes that are paid in France. This outcome is different from a previous court case on this same issue. The IRS has appealed the ruling leaving taxpayers in limbo waiting on the final decision regarding the relationship between the net investment income tax and foreign tax credit.

On December 19, 2023, the U.S. Treasury Department announced that the U.S.-Chile Income Tax Treaty is now in force. The treaty provides for reduced withholding tax rates on interest, dividends, and royalties, as well as seeking to eliminate double taxation.

In anticipation of the broad, encompassing Corporate Transparency Act coming into effect in fiscal year 2024, virtually all new and existing entities conducting business in the United States must provide essential business and personnel information or face steep civil and criminal penalties.

The 2017 Tax Cuts and Jobs Act (TCJA) brought significant changes to the U.S. tax code, including the introduction of a new deduction called the Foreign-Derived Intangible Income (FDII) deduction. The aim of this deduction is to incentivize U.S. C corporations to promote exports and service foreign markets.