Supreme Court Overturns Trump Tariffs: What Businesses Need to Know
Feb 25, 2026
On Friday, February 20, 2026, the Supreme Court ruled President Trump’s emergency tariffs unconstitutional, marking a pivotal moment in trade policy. In a 6-3 decision, the Court determined that President Trump’s use of the International Emergency Economic Powers Act (IEEPA) exceeded the scope of authority granted by Congress. Chief Justice John Roberts, writing for the majority, stated: “The president asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope. In light of the breadth, history, and constitutional context of that asserted authority, he must identify clear congressional authorization to exercise it.”
While the decision invalidates the IEEPA tariffs, the Court did not address whether or how the government will return the estimated $129–$175 billion in IEEPA tariff revenue already collected from importers. Justice Kavanaugh, in his dissent, cautioned that “refunds of billions of dollars would have significant consequences for the U.S. Treasury.”
Notably, the ruling does not entirely preclude the use of tariffs as a strategic tool. Following the Court’s action, President Trump proposed a 10% global tariff under Section 121 of the Trade Act of 1974, subsequently increasing his proposal to 15% the next day.
This evolving landscape leaves businesses and trading partners navigating considerable uncertainty. With other statutory authorities still available, organizations should closely monitor developments and reassess their exposure and strategies in light of ongoing regulatory and economic changes.
We are closely monitoring ongoing developments and will promptly share any notable updates or guidance as changes unfold. If you have questions regarding tariff refunds, financial impacts, or supply chain adjustments, please reach out to your engagement team—we are committed to supporting you through these transitions. To sign up for our news and insights, click here.
Categories: Manufacturing & Distribution
Trump Accounts: Eligibility, Benefits, and Federal Contributions for Children
Feb 24, 2026
The introduction of new “Trump Accounts,” beginning in 2025, has generated considerable attention, particularly regarding the proposed $1,000 federal government contribution for eligible newborns. Additionally, numerous companies and philanthropists have publicly committed to making supplementary contributions, further amplifying the impact of these accounts.
What does this mean for your child, and what should you, as a parent, be aware of? Below, our team of tax CPA’s has outlined the key information, critical considerations, and actionable insights to help you navigate these developments and make informed decisions.
What are Trump Accounts?
Trump Accounts are a new custodial-style IRA retirement account for minors, introduced under the Working Families Tax Cuts Act. These accounts allow parents, guardians, and authorized individuals to establish a dedicated savings account for their child’s future, offering unique federal and philanthropic contributions.
Who is eligible for a Trump Account?
Any U.S. citizen with a valid Social Security number and who is under 18 years of age on December 31 of the year the account is opened, may be eligible for a Trump Account. Only one account per child is permitted. In order to receive the pilot program contribution of $1,000, the child must be born between Jan. 1, 2025, and Dec. 31, 2028.
What is the “Dell Gift” or Michael & Susan Dell Contribution?
The Michael & Susan Dell Foundation will provide a $250 charitable deposit, known as the Dell Gift, into Trump Accounts for eligible children aged 10 or younger living in ZIP codes with a median family income below $150,000. This benefit is reserved for children not eligible for the $1,000 government seed money, targeting up to 25 million children born before January 1, 2025. Parents must enroll through the Trump Accounts program to claim this contribution.
How much can you contribute?
Families, friends and employers can make non-deductible contributions of up to $5,000 per year per child.
When can the funds be used?
At age 18, the account is controlled by the child for whom it was established. At that time, funds can be accessed without penalty for qualified expenses like education, a first home purchase, or starting a business. Withdrawals will be subject to restrictions and account earnings will be taxed at ordinary income rates.
How do I open a Trump Account for my child?
Opening a Trump Account starts with an election process through the IRS—either by filing IRS Form 4547 or using the upcoming online tool at trumpaccounts.gov. Elections are scheduled for mid-2026, with accounts becoming available July 5, 2026. Once the election is complete, the Treasury will provide instructions to activate the account.
Trump Accounts represent a groundbreaking opportunity for families to secure their children’s financial futures, leveraging both federal and philanthropic contributions. By understanding eligibility criteria, contribution limits, and withdrawal guidelines, parents can make informed decisions that maximize the benefits of these custodial IRAs for minors. Stay proactive by preparing for the enrollment process and monitoring updates from the IRS and participating organizations. For more information and timely updates, visit the official Trump Accounts website or consult with a financial advisor.
Categories: Tax Planning
2026 Federal Tax Filing Season: Key Dates and Considerations
Feb 04, 2026
As the 2026 federal tax filing season begins, it is essential for individuals and businesses to be aware of key IRS deadlines and best practices to ensure compliance and optimize tax outcomes.
Key Federal Deadlines for Individuals
- IRS Processing Begins: As of January 26, 2026, the IRS has begun accepting and processing individual tax returns.
- Tax Day: The deadline for individuals to file federal individual income tax returns or request an extension falls on Wednesday, April 15, 2026.
- Quarterly Estimated Payments: Taxpayers who pay estimated taxes—including self-employed individuals and those with significant investment income—should note that quarterly payments are due April 15th, June 15th, Sept 15th, and Jan 15th.
- Extended Filing Deadline: If an extension is filed, the extended deadline for individual returns is Thursday, October 15, 2026. Please note that filing an extension does not extend the time to pay your tax due. The extension is for filing only; any estimated taxes owed must still be paid by the original due date to avoid penalties.
Actionable Insight: Timely estimated payments are critical to avoid underpayment penalties. Review your income sources and consult your WVC accountant to determine if you will be required to make quarterly estimated payments.
Business Tax Return Deadlines
Federal filing deadlines vary by entity type:
- S-Corporations & Partnerships: Returns are due Monday, March 16, 2026, for calendar-year entities.
- Calendar year C-Corporations: Returns are due Wednesday, April 15, 2026.
- Extended Deadlines: For entities that file extensions, S-corporation, and partnership returns are due Tuesday, September 15, 2026.
Essential Filing Tips
- Begin Early: Although the tax filing deadlines are still months away, taxpayers can organize and prepare their returns in advance. Early preparation facilitates timely filing and allows for proactive resolution of any discrepancies.
- Gather All Relevant Forms: Ensure collection of all income statements (W-2s, 1099s, etc.) and supporting documentation for deductions and credits before filing. Implement a checklist to guarantee all required forms are gathered and distributed in a timely manner. Missing or late forms may result in penalties.
- Use Direct Deposit: Filing electronically with direct deposit typically results in faster refunds—most are processed within 21 days.
- Share Files Securely: When sharing supporting tax documentation digitally, be sure to use secure and encrypted file sharing methods, such as WVC’s Secure File Sharing Platforms, to keep your information safe.
- Avoid Common Errors and IRS Scams: Carefully review Social Security numbers, bank account details, income entries, and deductions, as filing errors can delay refunds and may trigger IRS notices. In addition, be alert for fraudulent IRS communications—especially with the increasingly sophisticated scams enabled by advances in AI technology. The William Vaughan Company team is extensively trained in fraud and scam detection. If you receive any IRS notice or communication and are uncertain of its legitimacy, contact your WVC tax advisor before responding. We are committed to safeguarding your financial information and guiding you through any concerns regarding potential scams. Alternatively, taxpayers can always review the IRS Tax Scam page here.
Final Reminders
The tax filing landscape evolves annually, with new legislative changes and procedural updates that may impact your return. Proactive planning and expert guidance are essential for both compliance and optimizing your tax position.
If you have questions regarding filing requirements, extensions, estimated payments, or recent tax law changes, please connect with us. Our team is dedicated to supporting you through every step of the filing process.
Categories: Tax Compliance
Before the Deal: An Introduction to Due Diligence
Mar 24, 2025
Understanding Buy-Side and Sell-Side Due Diligence
Buying or selling a business is a highly intricate process that requires strategic foresight and rigorous analysis. Whether operating on the buy-side or sell-side, conducting comprehensive due diligence is the cornerstone of deal success, mitigating exposure to financial, operational, and legal risks.
What is due diligence?
Due diligence is an investigative process designed to validate and assess all material aspects of a potential transaction. It involves a deep dive into financial, legal, operational, technological, and commercial factors to ensure a well-informed decision-making process. Due diligence highlights considerations by providing an investigative lens that ultimately protects the buyer and the seller from potential pitfalls, safeguarding against unforeseen liabilities and value erosion.
Basics of Buy-Side Due Diligence
On the buy-side of a transaction, ensuring that a potential target is a solid investment and aligns with your business’s overarching goals is paramount. Therefore, the primary focus of buy-side due diligence is to verify the accuracy and integrity of the seller’s financial disclosures while identifying potential red flags. Key areas of review include:
- Quality of Earnings (QoE): Assessing revenue sustainability, EBITDA adjustments, and non-recurring expenses to gauge true earnings power.
- Cash Flow Analysis: Examining historical and projected free cash flow to ensure liquidity adequacy and debt serviceability.
- Balance Sheet Strength: Evaluating working capital efficiency, asset quality, contingent liabilities, and off-balance sheet exposures.
- Legal & Compliance Risks: Identifying potential litigation, contractual obligations, and regulatory concerns that could impact post-transaction integration.
While audited financial statements provide a fundamental baseline, they often fail to capture operational synergies, market positioning, and cultural fit – making an integrated due diligence approach essential.
Basics of Sell-Side Due Diligence
For sellers, a proactive due diligence strategy enhances deal certainty and strengthens negotiating leverage. The goal is to preemptively identify and address areas of concern that could derail valuation or delay closing. Sell-side due diligence entails:
- Financial Statement Readiness: Ensuring GAAP/IFRS compliance, reconciling discrepancies, and preparing robust financial models to withstand buyer scrutiny.
- Legal and Regulatory Preparedness: Resolving outstanding liabilities, clarifying ownership structures, and securing necessary approvals to expedite deal execution.
- Commercial Positioning: Validating customer contracts, market share stability, and competitive differentiation to justify premium valuations.
By conducting due diligence preemptively, sellers can bolster buyer confidence, minimize post-LOI renegotiations, and drive a more efficient closing timeline.
Making Informed Decisions
Regardless of deal positioning, due diligence is a critical component of transactional success. Whether assessing an acquisition target or preparing for a liquidity event, the process is inherently resource-intensive and demands meticulous planning. Engaging a third-party advisory firm can provide an independent, data-driven perspective, enhance deal certainty, and optimize transaction outcomes.
Connect With Us.
Patrick Mannion, Managing Director
Transaction Advisory Service
spatrick.mannion@wvco.com
Categories: M&A
Social Security Retroactive Payments: What You Need To Know
Mar 07, 2025
In January, President Biden signed into law the Social Security Fairness Act, significantly increasing benefits for nearly 3 million former public employees in the United States through Social Security retroactive payments.
This week the Social Security Administration (SSA) announced that back payments have been sent to over 1.1 million beneficiaries. These payments reflect the retroactive benefits owed to retirees, spouses, and surviving spouses due to the elimination of the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP).
How This May Impact You:
- Retroactive Payments: As of March 4, over $7.5 billion in retroactive payments have been distributed to 1,127,723 individuals.
- Monthly Increases: Starting in April, beneficiaries will notice an increase in their monthly payments, corresponding to higher benefits for March.
Next Steps:
Beneficiaries can visit SSA’s dedicated website to learn more about the Fairness Act and see updates on the agency’s progress. The SSA is expected to release more details soon.
For any assistance or further inquiries regarding the Social Security retroactive payments, please do not hesitate to contact our team. We are here to help you navigate these changes and understand how they impact your benefits.
Categories: Other Resources