On Dec. 27, 2020, President Trump signed into law the Consolidated Appropriations Act (the Act) that had been passed with overwhelming majorities in both Houses of Congress on December 21. Trump delayed the signing as he pursued, with the approval of Democratic members of Congress, an increase in the amount of Recovery Rebate checks from $600 to $2,000. Without explanation or fanfare, the President signed the bill to the surprise of members of both parties. On Dec. 28, the House passed a stand-alone bill to increase the stimulus payments to $2,000, but with voting along party lines it is expected to die in the Senate.
Charitable contribution planning,
Paid Family Leave,
Paycheck Protection Program,
Employee Payroll Tax Deferral,
Consolidated Appropriations Act
The IRS and the Social Security Administration have released 2021 inflation-adjusted figures for more than 50 tax provisions. In addition to a 1.3% 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 2021 adjustments generally are used on tax returns filed in 2022.
Tax Cuts and Jobs Act,
Comprehensive tax reform changes are commonly heard as presidential campaign promises, but the ideas put forth by the nominees provide some approaches to tax reform with which you should be familiar. What we know of Donald Trump’s and Hillary Clinton’s plans for the federal tax code may indicate future areas of IRS focus or updates.
In our continuing series of tax updates for our clients and friends of the firm, CBIZ Tofias is pleased to present this information on what’s new in 2013 income tax reporting and compliance requirements.
2013 Tax Update