On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert provides a high-level summary of the provisions in the OBBBA impacting individuals.
As described below, the OBBBA made permanent (with some modifications) many provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) otherwise set to expire at the end of this year.… Continue Reading
On April 1, 2025, the American Alliance for Equal Rights (“AAER”) filed complaints with the Internal Revenue Service (“IRS”) alleging three tax-exempt private foundations—the Gates Foundation, the Lagrant Foundation and the Creative Capital Foundation—have engaged in racial discrimination by excluding white citizens from benefits and opportunities based on their race. Each complaint requests that the IRS open an investigation into the activities and tax-exempt status of the foundations.… Continue Reading
The current draft of the Tax Relief for American Families and Workers Act of 2024 includes a proposed provision that would dramatically accelerate the deadline to file claims for the Employee Retention Credit (ERC) to January 31, 2024. The ERC is a much-scrutinized refundable tax credit of up to $26,000 per employee for certain wages paid by employers between March 12, 2020, and before October 1, 2021. … Continue Reading
In a 3-2 decision in Zilka v. Tax Review Board, the Pennsylvania Supreme Court upheld the Commonwealth Court and sided with the City of Philadelphia Department of Revenue in a case addressing whether a City resident was entitled to a credit for state-level taxes paid to Delaware.
During the tax years at issue, the taxpayer was a resident of Philadelphia who worked full-time in Wilmington, Delaware. … Continue Reading