In a prior newsletter, we covered a popular strategy to allow founders to directly benefit from QSBS rules (“The Strategy”). The new QSBS rules might make The Strategy too good. The Strategy Typically, Qualified Business Stock (QSBS) is a benefit for investors in small businesses. Investors that purchase QSBS can exclude taxes on gains upon sale of the stock. Prior to 2025, investors could exclude the greater of (a) $10 million in gain and (b) 10x their basis. Thanks to the Big Beautiful Bill...

As Niyant mentioned just before we filmed this video, “It’s not really new, at this point.” Passed in 2017, the TCJA significantly altered the treatment of net operating loss carryforwards and carrybacks (NOLs). These changes have since been made permanent with the 2025 passage of the Big Beautiful Bill (OBBBA). Prior to TCJA, NOLs could be carried forward for 20 years and carried back for 2. That meant if you had a loss in 2015, you could use it to offset your past gains in 2014 or your...

English now has so many acronyms that the same acronyms are used for very different things. Context typically prevents any...