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U.S. importers should prepare for substantial new tariff exposure following the Trump administration’s imposition of Section 301 forced labor tariffs on imports from 60 countries. The measures affect approximately 99.4 percent of U.S. imports and may result in additional duties, subject to certain exemptions and special tariff treatment.

The tariffs were announced on July 23, 2026, in a presidential memorandum in which the Trump administration stated it would impose tariffs through the Section 301 investigation examining whether foreign

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Continue Reading Trump Administration Imposes New Section 301 Forced Labor Tariffs onImports From 60 Countries

The significant appreciation in equity markets has left many investors holding assets with substantial built-in gains. In many cases, tax basis is very low relative to current value. This creates a central tension in estate and tax planning, specifically, whether to recognize capital gains during life or preserve assets for a potential step-up in basis at death.

For many estate plans, the default instinct is to hold appreciated assets until death to secure a basis step-up. That instinct is…
Continue Reading Gifting Appreciated Securities vs. Waiting for a Step-up in Basis

Importers seeking refunds of IEEPA tariffs on finally liquidated entries may need to file suit to secure recovery.

On July 17, 2026, the U.S. Court of International Trade (“CIT”) issued an order directing U.S. Customs and Border Protection (“CBP”) to begin processing refunds for importers that filed civil lawsuits seeking IEEPA tariff refunds. However, the order does not extend to importers that did not file suit, leaving their eligibility for refunds dependent on either future litigation or the outcome

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Continue Reading IEEPA Tariff Refunds Authorized: What Importers Need to Know

If your typical Wednesday involves writing a college tuition check in the morning and interviewing in-home nurses for your parents by lunch, then you are officially part of the “Sandwich Generation.” It is a role rooted in deep family loyalty, but let’s be honest: Being in the middle can feel more like a pressure cooker than a privilege. Between the emotional weight and the financial complexity, it is easy to feel like you are constantly reacting to the next

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Continue Reading The Sandwich Generation Survival Guide: Protecting Your Family and Your Sanity

Amundsen Davis International Trade Alert

July 21, 2026

On July 20, 2026, President Trump signed three supplementing presidential proclamations under Section 338 of the Tariff Act of 1930 (Section 338 Tariffs), which imposes a 50 percent import tariff on certain products from Canada. The new tariffs will go into effect on August 19, 2026.

Importers should promptly review affected products, evaluate available exemptions, and assess potential cost and supply-chain impacts.
Which Products Are Subject to the New Canada Tariffs?

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Continue Reading Trump Administration to Impose 50% Tariffs on Canadian Imports

On July 15, 2026, the Trump Administration announced a new 25 percent tariff on all imports from Brazil, with certain exemptions under sections 301(b) and 304(a) of the Trade Act of 1974, as amended (“Trade Act”). The new tariffs will go into effect on July 22, 2026.

Importers should promptly review affected products, evaluate available exemptions, and assess potential cost and supply-chain impacts. 
Which Products Are Subject to the New Brazil Tariffs?
The new tariffs apply broadly to imports

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Continue Reading Trump Administration to Impose 25% Tariffs on Brazil Imports

July 17, 2026

Due to the sustained increase in the price of fuel, the Internal Revenue Service (the “IRS”) has increased the optional standard mileage rates mid-year for computing the deductible cost of operating an automobile for business, medical, and moving expenses.

Effective July 1, 2026, the optional standard mileage rates are 76 cents per mile for business transportation, and 23.5 cents per mile for travel relating to medical and moving transportation expenses.

These increased mileage rates apply only…
Continue Reading On the Move: IRS Increases Standard Mileage Rates Mid-Year

It’s not just a crying baby keeping many new parents up at night—rising education costs have made planning for a child’s future a top concern. Section 529 accounts have long served as a powerful tax‑advantaged tool to help families save for education, allowing investment earnings to grow tax‑free when used for qualifying expenses.
What Is a Section 529 Account?
A 529 account, named for the section of the Tax Code under which such accounts have been granted tax

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Continue Reading Section 529 Accounts: Expanded Education Uses and New Tax‑Free Planning Opportunities

When equity interests in a passthrough entity are sold, such transaction documents are often described as “partnership interest purchase agreements,” “membership interest purchase agreements” or “equity purchase agreements.” However, under U.S. federal income tax rules, a transaction that is legally structured as an equity purchase can sometimes be treated (in whole or in part) as an asset purchase—whether by default, election or sometimes as the result of post-closing actions.

Occasionally, this discrepancy is overlooked until just before closing, which…
Continue Reading Equity Transaction or Asset Transaction? Looks May Be Deceiving

On April 2, President Trump issued a new presidential proclamation adjusting his earlier issued section 232 tariffs on steel, aluminum, copper, and their respective derivative products. The changes went into effect on April 6 and alter how these tariffs are assessed and calculated.
Key Changes to Section 232 Tariffs
The “adjustments,” which are specifically provided in the accompanying Annexes I-A, I-B, II, III & IV, provide as follows:

  • Articles made entirely or almost entirely of aluminum, steel, or

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Continue Reading Trump Overhauls Section 232 Tariffs on Steel, Aluminum, and Copper

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A significant development to Wisconsin’s economic and cultural policy is now underway, as Governor Tony Evers announced on February 17, 2026, the launch of the state’s new film production tax credit program and the establishment of a dedicated state film office. As part of the 2025-27 biennial budget, the state authorized up to $5 million in annual tax credits designed to incentivize film, television, documentary, and related production activity within Wisconsin. The program, administered by Film Wisconsin under the…
Continue Reading Wisconsin Incentivizes ‘Closing Credits’ by Opening New Tax Credits for Filmmakers

A major shift in federal tax law now allows innovative businesses to deduct many domestic research and experimental costs immediately.  The One Big Beautiful Bill Act of 2025 (the “OBBB”) created new Internal Revenue Code (“IRC”) §174A, permitting full first‑year expensing of domestic “research and experimental” costs for tax years beginning after Dec. 31, 2024.

Alternatively, taxpayers may elect to amortize those domestic “research and experimental” costs over a period of not less than 60 months. This reverses the…
Continue Reading New Federal Research Tax Credit Rules: How Increasing Research Activity Can Benefit Innovators From the One Big Beautiful Bill Act

U.S. Customs and Border Protection (CBP), in response to an order issued by the Court of International Trade (CIT), proposed on March 6 an administrative process to refund tariffs imposed by President Trump.
As we previously reported, on February 20, 2026, the Supreme Court ruled that the Trump administration’s use of the International Emergency Economic Powers Act (IEEPA) was unconstitutional. As a result of that decision, the case was kicked back to the CIT to address the refund…
Continue Reading Trump Tariffs: CBP Proposes Refund Process Following Court of International Trade Order

On July 3, 2025, Congress passed the One Big Beautiful Bill Act (“OBBBA”). This legislation was officially signed into law on July 4, 2025, and makes permanent a number of provisions first introduced in the 2017 Tax Cuts and Jobs Act (TCJA). Below are some of the highlights from the OBBBA as they pertain to estate planning and personal tax strategies.
Gift and Estate Tax Exemption
Under the TCJA, the estate and gift tax exemption amounts were increased, with

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Continue Reading Tax Changes Under the OBBBA Relevant to Estate Planning

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The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, by President Trump. OBBBA represents a significant recalibration of the federal tax framework with direct and lasting consequences for estate planning.

At its core, OBBBA extends or makes permanent many of the tax cuts originally enacted under the Tax Cuts and Jobs Act of 2017 (TCJA), but stopping there misses the point. OBBBA not only locks in the TCJA’s framework – it adds additional

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Continue Reading The Impact of the One Big Beautiful Bill Act on Estate Planning

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It is February 2026. Tax season is underway, and like most people, you are gathering W-2s, 1099s, and receipts, trying to make sure nothing important is missing before your return is filed.

Every What many people do not realize is that this same stack of tax documents also provides one of the clearest snapshots of their financial life they will see all year. From an estate planning perspective, that snapshot is invaluable.has its own rhythm, milestones and turning points.
Continue Reading More than a Refund: The Strategic Link Between Tax Season and Estate Planning