The IRS has issued guidance for the tax-deferred investment program under IRC Sec. 530A, enacted as part of the 2025 Act (formerly known as the One Big Beautiful Bill or OBBB). So-called “Trump Accounts” are a type of traditional individual retirement account (IRA) that may be established for the exclusive benefit of an eligible individual…
The Texas Comptroller of Public Accounts has announced that taxable entities will no longer use the federal Internal Revenue Code as it existed as of January 1, 2007 as a starting point to compute Texas franchise tax from amounts taken from federal tax returns. Beginning with the 2026 franchise tax report (due in 2027), Texas…
During the 2025 legislative session, the Texas legislature enacted several new laws aimed at making the state more predictable for businesses targeted by shareholder lawsuits. These changes come in the wake of several high profile shareholder suits alleging board malfeasance aimed at large public companies in other jurisdictions. Codification of Business Judgment Rule: This rule…
In March of 2025, the Congress passed bipartisan legislation blocking enforcement of the exchange reporting requirement. The reporting measure, which the IRS delayed multiple times in response to industry criticism, became ripe for legislative challenge under a procedural rule that grants the Congress sixty days to overturn final government regulations. The remainder of this post…
UPDATE 12/03/2024- A federal court in the Eastern District of Texas has temporarily enjoined enforcement of the BOI reporting requirement nationwide. However, that does not mean the law is repealed or the injunction will remain in place. Contact us with questions about your reporting requirements. ******************** The Corporate Transparency Act now requires all companies formed…
The IRS has announced that businesses do not have to report the receipt of digital assets as cash to FinCEN until the IRS issues final rules relating to the reporting requirements. The delay is imposed by US federal law, which requires a public comment period prior to implementing new regulations. Under Code Sec. 6050I(a), any…
The Financial Accounting Standards Board (FASB) announced that it would issue final rules after gathering public comments received in response to an exposure draft of proposed rules for crypto assets. The exposure draft, issued March 23, 2023, resolves uncertainties and formalizes Generally Accepted Accounting Principles for bitcoin and other crypto assets for issuers of GAAP-basis…
Anyone who sticks with cryptocurrency investing long enough will eventually find themselves holding worthless or nearly worthless coins. Altcoins of limited utility will simply fail to catch on, or developers will disappear, or the market will fail to show favor to an obviously useless meme coin. In almost all cases, worthlessness will coincide with the…
The IRS requires a qualified appraisal for donations of property. Without it, your charitable donation deduction may be disallowed. Generally, IRC Sec. 170(f) requires a taxpayer to satisfy certain substantiation requirements to claim a charitable contribution deduction. Recently, the IRS disallowed a taxpayer’s charitable contribution deduction for a donation of more than $5,000 in cryptocurrency…
With inflation at the highest recorded rate since the early 1980’s (and climbing) and the specter of higher taxes looming on the horizon, many Americans are looking for innovative ways to protect and grow their assets. One popular device is gold bullion. Gold has long been prized as a robust store of value and hedge…
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