A recent decision from the Court of Federal Claims has drawn significant attention to filing claims for the abatement or refund of penalties and interest assessed during COVID. In Kwong v. United States, No. 23-267 (2025), the court analyzed the application of Section 7508A in the context of the federal COVID disaster declaration.

Recent tax law changes have created new opportunities for high-income business owners to reduce taxes and preserve more of their earnings through proactive planning. Strategies such as SALT cap workarounds, QSBS planning, tax credits, and year-round tax planning can help improve cash flow, support long-term growth, and maximize available tax benefits.

Outdated financial reporting structures can limit the accuracy and usefulness of your financial reports, making it harder to forecast and make informed business decisions. Learn how a well-organized chart of accounts can improve reporting clarity, support business growth, and strengthen financial planning.

IRS and Treasury officials recently offered insight into key guidance projects on a broad range of issues, including qualified small business stock, downward attribution, foreign currency gains, and deductions for meals and executive compensation. The overall guidance efforts will address a broad range of topics and could affect numerous businesses.

Taxpayers holding Qualified Opportunity Fund (QOF) investments should consider planning now to manage the effect of the taxable income inclusion coming at the end of 2026 when the deferred gain from the investments must be recognized. The mandatory recognition event could generate sizable income inclusions that significantly increase tax liability.

For many industries, interest in U.S. expansion is hitting new highs. A confluence of factors, including tariffs, the artificial intelligence (AI) boom, geopolitical uncertainty, and growing energy needs, is driving expansion and onshoring into the U.S. The average effective tariff rate for consumers is 16.9% — the highest since 1935.