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Adapting to new technologies always brings growing pains — especially when it comes to compliance. Artificial intelligence (AI) is transforming how companies operate, but it also introduces complex governance and risk management challenges. As organizations adopt AI tools, clients, regulators, and stakeholders increasingly want assurance that the technology is being used responsibly and transparently. Traditional

On August 28, 2025, the IRS issued an advance copy of Revenue Procedure 2025-28, providing important procedural guidance for taxpayers implementing the new rules under Section 174A introduced by the One Big Beautiful Bill Act (OBBBA). This article highlights the new guidance regarding the small business taxpayer retroactivity election, which may require prompt attention from

The One Big Beautiful Bill Act (OBBB), enacted July 4, reshapes the tax landscape for funds, managers, portfolio companies, and investors. While many provisions are favorable, the law introduces new modeling choices, timing considerations, and structuring opportunities that call for swift, informed action. Below is a practical briefing to help you prioritize what matters most—so

Initial IRS Guidance Released On July 14, the IRS issued its first round of explanations (FS-2025-03) regarding the new deductions for tips, overtime pay, and auto loan interest. While more detailed rules are expected soon, these deductions are now in effect for the 2025 tax year. Although created for individual taxpayers, these provisions have direct

On July 4, President Donald Trump signed into law a sweeping tax reconciliation bill known as the One Big Beautiful Bill Act (OBBBA). The legislation followed weeks of negotiations and passed narrowly in both the Senate and House before reaching the President’s desk. With its enactment, tax-exempt organizations now face a host of changes that

On July 4, 2025, President Donald Trump signed into law the reconciliation tax bill widely known as the One Big Beautiful Bill Act (OBBBA). Under U.S. Generally Accepted Accounting Principles (GAAP), this is the enactment date. The legislation introduces extensive changes to income tax accounting under Accounting Standards Codification (ASC) 740, Income Taxes. Notable corporate