Tax Alert: Permanent Restoration of Immediate Research Expensing Enacted
A key provision in the recently enacted tax reconciliation bill, the “One Big Beautiful Bill” (OBBB) Act, restores the immediate expensing of domestic research and experimental (R&E) expenses. This allows domestic R&E expenses to either be expensed in the year incurred or capitalized and amortized over a five-year period. Additionally, non-domestic R&E expenditures must be…
Breaking Down the One Big Beautiful Bill Act: Key Provisions and Implications
Republicans in Congress have passed H.R. 1, the “One Big Beautiful Bill” (OBBB) Act, which was signed into law by the President on July 4th. The sweeping bill includes a host of tax provisions that impact substantially all categories of taxpayers. Although many provisions are extensions or modifications of the laws enacted in the Tax…
DC Hotel Tax and Sales Tax Refund Opportunity Deadline Approaching Tomorrow!
A recent D.C. court ruling may allow 501(c)(3) nonprofits to claim refunds on past taxes paid for events held in D.C. If eligible, file your claim by June 6, 2025. Learn more about qualification and the filing process.
GOP Tax Bill Includes Several Provisions Impacting Tax-Exempt Organizations
The House Ways and Means Committee advanced the GOP Tax Bill, called “The One Big Beautiful Bill,” early on May 14, 2025, on a party line vote. The 389-page bill could be considered by the House as early as next week. If passed by the House, it will be taken up by the Senate. Treasury…
Tax Alert: New “tech tax” and other increases take effect in Maryland
The Maryland legislature passed its annual budget and reconciliation bill (HB 352) on April 7, 2025. This budget bill introduces new and increased taxes across a range of individual and business taxpayers. A key provision in the budget is a “tech tax” – the expansion of the definition of “taxable services” to include various software…
Tax Alert: Treasury to Phase Out Paper Checks for Federal Disbursements and Payments
A recent Executive Order directs the U.S. Treasury to stop using paper checks and move entirely to electronic payment methods. Effective September 30, 2025, Treasury will no longer issue paper checks for federal payments, including tax refunds and benefit payments. In addition, any payments made to the federal government, including tax payments, must be made…
Retirement of FSRS.gov: What you Need to Know if you are Reporting Subawards
In December 2024, the General Services Administration (GSA) announced that the Federal Service and Financial Reporting System (FSRS.gov) will be officially retired effective March 6, 2025. FSRS is the reporting tool Federal prime awardees (i.e. prime contractors and prime grant recipients) use to capture and report subaward and executive compensation data regarding their first-tier subawards to…
SBA Issues Rule Changes with Impacts for 8a Government Contractors
On December 17, 2024, the U.S. Federal Register published an important amendment to the Code of Federal Regulations (CFR), referenced as 89 FR 102490. Effective January 16, 2025, and amended on January 21, 2025, this update impacts several areas of regulatory compliance and operations, with significant implications for affected industries, specifically those that participate in…
Reevaluating and Realigning United States Foreign Aid
On January 20, 2025, the President signed the Executive Order, Reevaluating and Realigning United States Foreign Aid. An Executive Order (EO) states mandatory requirements for the Executive Branch and have the effect of law. What is the Effect of the EO? In a nutshell, all department and agency heads with responsibility for United States foreign…
IRS Guidance for Nonprofits Claiming Clean Energy Credits – Form 990-T
If your tax-exempt organization is submitting Form 990-T solely to claim applicable clean energy credits under the Inflation Reduction Act, the IRS has released a new video to help. The video is posted on the IRS StayExempt site and is called “Filing Form 990-T for Elective Payment Election Only.” This 29-minute video and accompanying PDF…