The IRS and the Social Security Administration have released 2022 inflation-adjusted figures for more than 50 tax provisions. In addition to a 5.9% cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2022 adjustments generally are used on tax returns filed in 2023.
Topics: estate planning, Taxes, Indivdual Taxes, Employee Retention Credits, Stimulus, Biden, Joe Biden, AMT, child tax credit, Kiddie Tax
The House Ways and Means Committee released discussion drafts that detail various tax increases or incentives for their version of President Biden’s “Build Back Better” infrastructure plan. These discussion drafts are organized into two “Committee Print” summaries, with one pertaining to green energy and social safety incentives, and the other pertaining to corporate and individual tax increases.
Topics: Taxes, Indivdual Taxes, Employee Retention Credits, Stimulus, Biden, Joe Biden, green energy, “Build Back Better” infrastructure plan
Despite several obstacles, President Biden’s stimulus plan was successfully shepherded through both chambers of Congress using the tricky budget reconciliation process and was officially signed into law on March 11, 2021. At $1.9 trillion, the American Rescue Plan (ARP) Act is slightly smaller than the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, but is larger than the $920 billion Consolidated Appropriations Act, 2021 (the Act) passed at the end of the last year. The ARP Act follows the general contours of the previous stimulus legislation in that it provides Recovery Rebate payments to individuals, expanded and extended unemployment benefits, and loans and grants for eligible business. However, the tax portions of the ARP Act bear some notable differences from the previous stimulus plans. These differences are discussed in depth below.
Topics: student loan forgiveness, Business Tax Provisions, paid sick time, Paid Family Leave, Employee Retention Credits, Stimulus, Biden, Joe Biden, American Rescue Plan (ARP) Act, ARP Act
The Consolidated Appropriations Act passed on Dec. 27, 2020 provided some much needed COVID-19 relief measures along with its government funding provisions. After much back and forth among Congress about the size and scope of the stimulus package, several opportunities emerged in the final legislation, the first major stimulus package released since the spring’s Coronavirus, Aid, Relief, and Economic Security (CARES) Act. Below are eight actions your organization may want to take as part of its recovery from COVID-19 disruption.
Topics: payroll taxes, FSA, student loans, tax credit, tax legislation, Paid Family and Medical Leave, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Employee Retention Credits, PPP, charitable contributions, SBA, loan forgiveness, Stimulus, Employee Payroll Tax Deferral, PPP2
The rapid pace at which the COVID-19 virus spread upended 2020 strategies and left organizations of all types and sizes reeling. Disruptions to supply chains and within a workforce left many with difficult decisions on how to minimize the financial damage of the pandemic. Federal leadership recognize that organizations top expense is on personnel. The coronavirus stimulus legislation contained provisions that encourage employers to maintain their headcount. The following are five tax and employee benefits provisions worthy of timely consideration.
Topics: COVID19, Coronavirus, Families First Coronavirus Response Act, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Employee Retention Credits, Student Loan Assistance
