The 2025 Tax Act – Key Business Tax Provisions

One key change for business taxpayers under the 2025 Tax Act concerns the tax treatment of “domestic research or experimental expenditures” (often also referred to as “U.S. R&D” costs). Also, the 2025 Tax Act permanently enacts into law the provision from the Tax Cuts and Jobs Act of 2017 that created the “qualified business income” deduction – generally allowing a 20% deduction with respect to the “qualified business income” from partnerships, S corporations, and sole proprietorships.

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The 2025 Tax Act – Key Individual Tax Provisions

Whether it is called by its popular name, the “One Big Beautiful Bill Act”, or by its official legal name, “An Act . . . To provide for reconciliation pursuant to title II of H. Con. Res. 14”, the legislation enacted by Congress on July 3, 2025 and signed into law by President Donald Trump on July 4, 2025 (the “2025 Tax Act”), will have a significant impact on taxpayers. This article describes the key individual tax provisions of the 2025 Tax Act.

“Related Party” Transactions

This article focuses on “related party” transactions under Internal Revenue Code Section 267(a)(1) and Internal Revenue Code Section 1239(a). While there is some overlap, it should be noted that the specific scope of “related parties” for purposes of a “related party” transaction under Internal Revenue Code Section 1239(a) is different than the specific scope of “related parties” under Internal Revenue Code Section 267(a)(1).

The Wash Sale Rule

A less well-known rule that can affect the tax deduction of losses from the sale of stock is the wash sale rule, enacted under Internal Revenue Code Section 1091. This article discusses the application of the wash sale rule.

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All Operating Agreements Are Not Created Equal

It has been stated that the limited liability company has become more popular than the corporation as the basic form of entity to do business in the United States. A critical document with any limited liability company is the operating agreement. When an operating agreement for a limited liability company fails to fully cover the six key issues described here in accordance with the understandings of the limited liability company’s members and managers and applicable law, such operating agreement is a poorly-drafted, inadequate operating agreement.

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President Trump’s “Gold Card” Immigration Proposal – Does it Provide a Viable Path to Obtain a Green Card?

President Trump announced a new immigration proposal – what he referred to as a “gold card”. The “gold card” green card program would potentially replace the existing EB-5 immigration program. Although it has been reported that the Trump administration may be considering combining the “gold card” green card proposal with the EB-5 investment program in some manner.

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