President Trump’s “Liberation Day” announcement of global tariffs caught businesses, as well as foreign countries and worldwide financial markets, off guard. While the president has long endorsed the imposition of tariffs, many businesses expected him to take a targeted approach. Instead, Trump rolled out a baseline tariff on all imports to the United States and [...]

A federal district court judge has struck down the Biden administration’s new rule regarding the salary threshold for determining whether certain employees are exempt from federal overtime pay requirements. The first phase of the rule took effect for most employers in July 2024 and affects executive, administrative and professional (EAP) employees. With a Republican [...]

If you have an established company that registered with a Secretary of State office, including LLCs or are planning on starting a new company in 2024 or beyond, read this carefully. The Corporate Transparency Act (CTA) may require you to file Beneficial Ownership Information (BOI) as required by THE Financial Crimes Enforcement Network (FinCEN) [...]

Hurricane Helene has affected millions of people in multiple states across the southeastern portion of the country. It’s just one of many weather-related disasters this year. Indeed, natural disasters have led to significant losses for many taxpayers, from hurricanes, tornadoes and other severe storms to the wildfires again raging in the West. If your family [...]

Not all types of interest payments are deductible, and the interest tracing rules for deducting interest depend on the purpose of the loan—whether it’s for personal, investment, or business use. You must follow the loan proceeds to what they were used for in order to determine the purpose. Interest expenses can fall into the [...]