Since January 1, remittance transfer providers have been required to collect a new tax on transfers of money from U.S. senders to foreign recipients. The tax equals 1 percent of the outbound transfer. Whether the tax applies to some digital transfers is unclear, as are the mechanics for collecting, calculating, and remitting the tax. But the effective date has arrived, and taxpayers are making the best of an opaque situation. The tax has received a mixed reaction. [more]

Just over 100 business associations have urged Treasury to destroy beneficial ownership information (BOI) records that domestic companies no longer must file, saying the retention of the records no longer serves a legitimate purpose. In the letter, the businesses also asked Treasury Secretary Scott Bessent to post a final rule that exempts U.S. businesses from the BOI reporting requirement that was part of the Corporate Transparency Act (CTA), Title 64 of P.L. 116-283. [more]

State lawmakers around the country have begun their legislative sessions, and many are considering tax reform. This piece highlights some of the areas on which they are likely to focus. What gets the most attention in California and New York may be different than what occupies legislative calendars in Florida, Georgia, and South Carolina. Nevertheless, these are important trends to consider and monitor, particularly as states navigate revenue challenges and competitiveness. [more]

As an Audit Manager, I spend much of my time helping organizations understand retirement plan compliance. It may sound technical, but at its core it affects something deeply human: the future paychecks of people who count on their savings. When I talk about compliance, I’m not just referring to abstract rules. I’m looking at the practical risks that can derail a plan—late remittances, misapplied compensation, missed enrollments, and broken match formulas. These errors don’t just create paperwork; they create real costs for participants and employers. My goal is not to make anyone fear audits, but to show how audits can serve as a lens for stronger controls and better outcomes. [more]