IRS – Bregante+Company LLP

IEEPA Tariff Refunds: Frequently Asked Questions

As a result of the Supreme Court’s February 20, 2026 decision in Learning Resources v. United States(invalidating President Trump’s Executive Orders (EOs) imposing tariffs under the International Emergency Powers Act (IEEPA), will I be able to claim a refund of all IEEPA tariffs I’ve paid to date?

Yes. The IEEPA tariffs were ruled to have been illegally imposed, and President Trump has revoked the EOs at issue, as follows:

EO 14193 (Northern Border / Illicit Drugs)
EO 14194 (Southern Border Measures)
EO 14195 (PRC Synthetic Opioid Supply Chain)
EO 14245 (Venezuelan Oil Imports)
EO 14257 (Reciprocal Trade Deficit Tariffs)
EO 14323 (Brazil)
EO 14329 (Russian Federation)

All IEEPA tariffs paid since February 4, 2025 (for the so-called “fentanyl” tariffs) and April 5, 2025 (the so-called “reciprocal” tariffs) through February 24, 2026 are […]

By Matthew Buck|August 19th, 2026|Categories: BCo Community News, IRS|Comments Off

IRS Issues Initial Guidance on OBBBA’s Trump Accounts for U.S. Children

The IRS on December 3 published Notice 2025-68, providing the first guidance on the establishment and operation of “Trump accounts,” a new type of tax-deferred savings account created under the One Big Beautiful Bill Act (OBBBA) for U.S. citizens under age 18 who have a Social Security number.

What Are Trump Accounts?

Trump accounts are a new type of individual retirement account (IRA) for children who have not attained age 18 before the close of the calendar year in which the account is created. Starting July 4, 2026, Trump accounts may be established under new Internal Revenue Code Section 530A. No contributions are permitted before July 4, 2026. Amounts in a Trump account can be withdrawn for any reason starting January 1 of the calendar year in which the child attains age […]

By BCo Author|July 21st, 2026|Categories: Individual Tax, IRS|Comments Off

Beneficial ownership information reporting mandate back on (02-19-25)

FinCEN announced that the beneficial ownership information (BOI) filing mandate is now back on, with a new filing due date of March 21, 2025. (FinCEN Notice FIN-2025-CTA1 (February 18, 2025)) The reinstatement was triggered by the U.S. District Court for the Eastern District of Texas’s February 18, 2025, decision to lift the preliminary injunction that it had issued in the Smith case. (Smith, et al. v. U.S. Department of the Treasury, et al. (February 18, 2025) U.S. Dist. Ct., E.D. Tex., Case No. 6:24-cv-00336)

The new March 21, 2025, due date applies to the vast majority of reporting companies to file an initial, updated, or corrected BOI report, including those entities formed prior to January 1, 2024. Entities formed in 2025 must file by the later of March 21, 2025, or […]

By BCo Author|February 20th, 2025|Categories: Announcements, BCo Community News, IRS|Comments Off

When Can Business Travel Expenses Be Deducted?

Business owners, executives and employees are hitting the road, rails and skies at levels that haven’t been seen since before the pandemic. The extent to which business travel expenses can be deducted depends on a variety of factors.

Taxpayers who can claim the deduction

Self-employed people may deduct business travel expenses on Schedule C. But through 2025, employees aren’t permitted to deduct unreimbursed business expenses, including travel expenses. This is due to the Tax Cuts and Jobs Act (TCJA) suspension of miscellaneous itemized deductions subject to the 2% of adjusted gross income floor.

Businesses may deduct employees’ travel expenses to the extent that they provide advances or reimbursements to employees or pay the expenses directly. Advances or reimbursements are excluded from the employees’ wages (and, therefore, aren’t subject to income or payroll taxes) […]

By BCo Author|November 22nd, 2024|Categories: Business Operations, Business Tax, IRS|Comments Off

Qualified Charitable Distributions Allow Eligible IRA Owners Up To $100,000 In Tax-Free Gifts To Charity

On November 17, 2023, the Internal Revenue Service reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year.

These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. And, for those who are at least 73 years old, QCDs count toward the IRA owner’s required minimum distribution (RMD) for the year.

How to set up a QCD

Any IRA owner who wishes to make a QCD for 2023 should contact their IRA trustee soon so the trustee will have time to complete the transaction before the end of the year.

Normally, distributions from a traditional IRA are taxable when received. With a QCD, however, these […]

By BCo Author|November 20th, 2023|Categories: IRS, Retirement Planning|Comments Off