The legislation commonly referred to as the Tax Cuts and Jobs Act (the "Act") that was signed into law in late 2017, ushered in significant changes to the Internal Revenue Code (the "Code"). Some of these changes are...more
The new tax bill (the "Act") - a culmination of months of back-and-forth between the House and Senate Republicans - was signed into law on December 22, 2017. The Act fulfills many of the promises made by the Trump...more
1/9/2018
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The IRS has recently renewed the use of private companies to assist with the collection of some of its past due accounts. Although according to the National Treasury Employees Union, each of the prior attempts to use private...more
The IRS recently announced that it will not automatically reject individual income tax returns on which a taxpayer has failed to indicate whether they maintained qualifying health insurance coverage during the year for the...more
President Donald J. Trump has just been inaugurated as the 45th President of the United States and his proposals regarding tax reform played a key role throughout his entire presidential campaign. Because Republicans retained...more
In the wake of several severe storms and widespread flooding in Louisiana, many local residents and businesses are dealing with catastrophic property damage and loss. These burdens have resulted in an overwhelming need for...more
The Internal Revenue Service (IRS) has issued long-expected proposed regulations aimed at eliminating the availability of certain valuation discounts for most family-controlled entities. These proposed regulations are...more
The Mississippi Supreme Court recently declined to give deference to the findings of the Department of Revenue in Miss. Dept. of Revenue v. Hotel and Restaurant Supply because the Department's findings were contrary to the...more
Family-controlled businesses comprise between 80-90 percent of all business enterprises in North America. And while it is estimated that nearly 40 percent of family businesses are passed successfully to a second generation,...more
A representative from the Internal Revenue Service (IRS) recently signaled that new rules are expected to be released that could significantly impact taxpayers' ability to claim discounts on gifts of interests in...more
The Hinds County Chancery Court recently issued an opinion in AT&T Corp. v. Miss. Dep't of Revenue finding that Mississippi's dividend exclusion statute unlawfully discriminates against interstate commerce and is therefore...more
Lt. Governor Tate Reeves recently unveiled a plan to cut taxes in Mississippi by approximately $380 million over a ten-year period. Reeves' proposal is called the "Taxpayer Raise Act of 2015," and has been introduced to the...more
The Mississippi Supreme Court has ruled against the Mississippi Department of Revenue (Department) in its appeal of a 2012 decision by the Harrison County Chancery Court in favor of Isle of Capri Casinos, Inc. (Isle of...more
New proposed legislation has been introduced in the Mississippi State Senate to reform several laws that directly affect Mississippi taxpayers. The new bill, S.B. 2487, was introduced on January 21, 2014 by the chairman of...more