On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) became law and with it provisions for “No Tax on Tips” and “No Tax on Overtime” were enacted. Below is a summary of these provisions. It is anticipated that further guidance will be issued by the Internal...
Read TAXVIEWS March 2023 CT-990T, Connecticut Unrelated Business Income Tax Return Required Online Filing
In a rare showing of bipartisan support, the “No Tax on Tips Act” was passed in the Senate on May 20, 2025. It now moves to the House of Representatives and must then be signed into law by President Trump before it goes into effect. A similar provision is included in...
The House Ways and Means Committee released proposed tax legislation on May 12, 2025 which included potential changes having considerable impact on the tax-exempt community. There are many steps left in the legislative process before the proposed bill may become law...
The saga surrounding the Beneficial Ownership Information (“BOI”) reporting requirementscontinues… On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted FinCEN astay order on its previously issued preliminary nationwide injunction on...
The saga surrounding the Beneficial Ownership Information (“BOI”) reporting requirementscontinues… On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted FinCEN astay order on its previously issued preliminary nationwide injunction on...
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against enforcing the Beneficial Ownership Information (“BOI”) reporting requirements mandated by the Corporate Transparency Act (“CTA”). Read...
The Corporate Transparency Act (“CTA”) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Beginning in 2024, in an effort to create a national database for use by national security and...
From time to time, we receive inquiries from tax-exempt organizations asking, “[w]hat’s the big deal if we do not file our federal Form 990, Return of Organization Exempt from Tax (“Form 990”), on time or at all?” As outlined below, a late filing or complete failure...