On May 22, 2025, the House passed H.R. 1 (the "House Bill").[1]  While the House Bill generally focuses on domestic taxpayers, it includes section 899, "Enforcement Remedies Against Unfair Foreign Taxes," which, if enacted, could dramatically…

One hundred and twenty-two days after President Trump was sworn into office, the House Republicans advanced the One Big Beautiful Bill Act reconciliation bill  [1] (the House Bill). As articulated in our prior alert, we were anticipating a…

As part of the budget reconciliation plan[1], the House of Representatives are proposing a significant expansion[2] of Public Law 86-272[3], a statute that has provided crucial tax protections for out-of-state businesses since its enactment in 1959…

Effective April 2, 2025, The Texas Comptroller is implementing significant changes to Title 34 TAC §3.330 regarding the application of sales and use tax to data processing services. The proposed changes were published in the Texas Register on…

Breaking up is hard to do, especially when it comes to financial reporting. Whether a company is spinning off a division, preparing for an IPO, or divesting a business unit, carve-out financial statements bring a unique set of challenges. If you…

Current Trade Climate and Duty DrawbackCompanies that import products into the U.S. market must navigate a disrupted trade environment, characterized by shifting regulatory and policy frameworks, escalated trade and tariff tensions, and…

As the political landscape shifts under the Trump administration, renewable energy investors anxiously await decisions about energy tax credits that could affect key tax incentives and common financing structures. With significant uncertainty for…

As the 2024 financial reporting season approaches, it is essential for organizations to evaluate developments that could affect income tax accounting under ASC 740 and IAS 12. This year-end update highlights key developments from the second half of…

On December 11, 2024, Treasury and the IRS published a new set of final section 987 regulations (the “2024 Final Regulations”) for determining the taxable income or loss, and foreign currency gain or loss, of a taxpayer with a section 987 “…