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Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
Littler

Policy Week in Review – November 7, 2025

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FAA Forces Major U.S. Airlines to Cut Flights as Shutdown Continues - As the federal government shutdown continues, the Federal Aviation Administration said that it is forcing airlines to cut 10 percent of their flights at...more

Littler

IRS Will Not Impose Penalties Based on Reporting of “No Tax on Tips” and “No Tax on Overtime” for 2025

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In a welcome development for employers that were struggling to determine how to comply with the reporting requirements of the “One Big Beautiful Bill Act” relating to “no tax on tips” and “no tax on overtime,” the IRS...more

Nelson Mullins Riley & Scarborough LLP

A Primer on Florida’s Affordable/Workforce Housing Property Tax Exemptions

It has been a little over two years now since Senate Bill 102, otherwise known as the Live Local Act (the “Act”), was signed into law in the State of Florida. The Act introduced three property tax exemptions geared towards...more

Nutter McClennen & Fish LLP

The Real Impact (Fall 2025)

Earlier this year, President Trump signed the One Big Beautiful Bill Act (the “OBBB”) into law. The OBBB has had a widespread impact on tax legislation, either amending or repealing many provisions of the Internal Revenue...more

Verrill

"Donation" v. "Royalty"

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As we students of cause marketing know, the traditional tip-off for a commercial co-venture is when the call-to-action is “you buy this, and we’ll donate that.” But companies may have concerns over providing “donations” to...more

McGlinchey Stafford

IRS Provides Penalty Relief for Information Reporting for No Tax on Tips and Overtime Pay

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In Notice 2025-62, the Internal Revenue Service (IRS) announced on November 5, 2025 that it will provide penalty relief for taxable year 2025 for implementation of new information reporting requirements related to the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Employers Won’t Be Fined for Incorrect Reporting of 2025 Tips and Overtime, Treasury Department and IRS Say

On November 5, 2025, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued guidance confirming employers will not be penalized for failing to report cash tips and overtime compensation in the...more

Williams Mullen

North Carolina Allows Look-Back Property Tax Exemption for Religious Uses

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North Carolina has little sympathy for taxpayers that miss filing deadlines, but a new law eases the potential repercussions for property owners otherwise qualifying for religion-based tax exemptions. Under the new measure,...more

Greenbaum, Rowe, Smith & Davis LLP

Solar ITC Safe Harbors After the “Big Beautiful Bill”: What Developers Need to Know

The One Big Beautiful Bill Act (OBBBA) significantly reshaped the landscape for solar and other renewable energy incentives. In response to a directive from President Donald Trump, the U.S. Department of the Treasury and the...more

Jackson Lewis P.C.

IRS 2025 Penalty Relief: A Break for Employers under OBBBA’s Tax Reporting for Tips and Overtime

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The Internal Revenue Service (IRS) released guidance on November 5, 2025, granting employers relief from tax penalties for failing to provide employees information related to their (1) “qualified tips” and (2) “qualified...more

Whiteford

Employment Law Update: IRS Provides Some Penalty Relief to Employers Navigating Tips and Overtime

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The Internal Revenue Service (IRS) issued a guidance this past Wednesday (Notice 2025-62) that provides penalty relief for employers and certain of the reporting requirements that made their way into the Trump...more

Whiteford

Client Alert: PPP Affiliation Pitfalls: How Employee Headcount Errors Can Lead To False Claims Act Troubles For Business Owners

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The Paycheck Protection Program was a lifeline for small businesses struggling to keep their employees paid during the COVID-19 pandemic. But for business owners who failed to include all applicable employees in their size...more

Amundsen Davis LLC

IRS Provides Critical Transition Relief for New Tips and Overtime Reporting Requirements: What HR Needs to Know Now

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The clock is ticking on 2025 payroll reporting, but the IRS just threw employers a lifeline. If your organization has been struggling to understand how to implement the new tips and overtime reporting requirements from the...more

Mintz - Tax Viewpoints

Canada’s Federal Budget 2025: The Cost of Playing It Safe

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As former Toronto Blue Jay Rickey Henderson noted, “you can’t steal second base and keep one foot on first.” The act of stealing a base requires leaving a secure position for an insecure one: to accept risks to achieve a new...more

Proskauer Rose LLP

Wealth Management Update - November 2025

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The November 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.6%, the same as in October. The November applicable federal rate (“AFR”) for use with a sale to a defective...more

IR Global

How Do I Set Up a Company in the Turks and Caicos Islands?

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Setting up a company in the Turks and Caicos Islands (TCI) offers exciting opportunities, whether you are looking to base international operations offshore or to establish a business serving the local economy....more

Littler

New York Mandatory Employee Retirement Program to be Implemented After Years of Delays

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After considerable delay, employer registration for the New York State Secure Choice Savings Program (“New York Secure Choice” or “the Program”) is now open. New York Secure Choice—which was established in 2021 by New York...more

Stikeman Elliott LLP

2025 Federal Budget: Sales and Excise Tax Measures

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On November 4, 2025, the Government of Canada (“Government”) released its long-awaited budget (“Budget 2025”), which includes important sales and excise tax measures and confirms the Government’s intention to proceed with...more

Adler Pollock & Sheehan P.C.

The Life of a Taxpayer: Rhode Island Non-Owner Occupied Property “Taylor Swift” Tax

Rhode Island’s 2026 budget bill, No. 5076 SUB A, as amended, introduced Rhode Island General Law § 44-72-1 et seq., the “Non-Owner Occupied Property Tax Act” (the “Act”), also coined as the “Taylor Swift Tax.”  The stated...more

Miller Nash LLP

Founders’ Wishes Granted: IRS Allows Online 83(b) Election Filings

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For years, one of the most nerve-wracking moments for company founders and early employees has received a crucial, modern upgrade. The Internal Revenue Service (IRS) has finally entered the digital age for a key tax filing,...more

Woodruff Sawyer

Agencies Clarify How Certain Fertility Benefits May Be Treated as Excepted Benefits

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The Department of Labor, Department of Health and Human Services, and the Internal Revenue Service (IRS) (collectively, the “Agencies”) recently released FAQs about Implementation of the Affordable Care Act Part 72, which...more

McAfee & Taft

Oklahoma’s rural healthcare faces new era under the One Big Beautiful Bill Act

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The One Big Beautiful Bill Act has fundamentally changed the policy landscape surrounding Oklahoma’s rural healthcare providers, and the challenges they face will persist in the foreseeable future. Despite these headwinds,...more

Rivkin Radler LLP

Qualified Small Business Stock – Be Mindful of the ‘Acquisition Dates’ When Applying OBBBA’s Enhanced Gain Exclusion Rule

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The enactment earlier this year of the One Big Beautiful Bill Act (the “Act”)generated a fair amount of excitement in the business community. If one had to identify a single provision of the Act in which the owners and...more

Bradley Arant Boult Cummings LLP

Alabama Department of Revenue Issues Helpful Analysis of Impact of OBBBA on Alabama Income Tax Code

As readers may recall, on July 4, 2025, President Trump signed into law the massive One Big Beautiful Bill Act (OBBBA) as Public Law 119-21, which made permanent many provisions of the Tax Cuts and Jobs Act of 2017. OBBBA...more

Cole Schotz

Snowbirds’ Wings Clipped by New York Tax Appeals Tribunal

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In a recent decision, the New York Tax Appeals Tribunal issued a sharp reminder to ‘snowbirds’ that changing domicile is about substance, not paperwork. In Matter of John J. Hoff & Kathleen Ocorr-Hoff, DTA No. 850209 (N.Y....more

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