By Joseph Leocata | The IRS recently launched a new unit committed to enforcing U.S. tax laws among pass-through entities, such as S corporations, partnerships and trusts, whose income passes from the business to its owner’s individual tax returns where taxes are due at the owners’ marginal income tax rates. The move is part of the agency’s broader focus on expanding tax compliance among big businesses, complex partnerships and high-net-worth individuals with more than $400,000 in annual income. With...

By Thomas Brown | In the world of M&A, certain transactions transcend financial calculus, reaching into the realm of legacy. For sellers whose primary concern is not just how much, but who, the M&A process becomes a distinct art of matchmaking. This is “placing the baby”—a phrase that captures both the responsibility and the deep-seated significance of entrusting a business’s future to the right people. In these deals, we’re not merely managing assets; we’re safeguarding something built with purpose...

Key takeaways from the first round of Commissioner-designate hearings  The first round of confirmation hearings for the next College of Commissioners began on Tuesday (5 November). The hearings are part of the checks at the EU level to ensure transparency and accountability. During these hearings, MEPs aim to assess whether commissioners-designate are qualified enough to join the European Commission. After approving commissioners, the European Parliament then holds a plenary vote to approve or reject the Commission as a whole. The Commissioner-designate hearings of...

U.S Customs and Border Protection has published its first Isotopic Testing Guidance document, which can be accessed on the CBP website using the following link – https://www.cbp.gov/document/publications/isotopic-testing-guide . The Guidance  explains CBP’s perception of the role of isotopic testing in supply chain traceability and sets out recommended isotopic testing standards. As explained in the Guidance, isotopic testing is a scientific method that identifies the atomic structure of naturally occurring materials, or a “fingerprint” of the material, affected by local environmental conditions....

Multilateral development banks (MDBs) today issued a joint statement at COP29 in Baku outlining financial support and other measures for countries to achieve ambitious climate outcomes. MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach USD 120 billion, including USD 42 billion for adaptation, and MDBs aim to mobilize USD 65 billion from the private sector. For high-income countries, this annual collective climate financing is projected to reach USD 50 billion, including USD 7 billion...

USA North Dakota Voters Reject Dramatic Plan to Eliminate Property Taxes as Other States Embrace Caps A ballot question that would have eliminated property taxes in North Dakota was soundly defeated on Tuesday, after critics argued the step would have gutted funding for essential services. Measure 4, which would have made North Dakota the first state in the nation without any property taxes, was one of nearly a dozen statewide ballot questions on property taxes that appeared on ballots across the country...