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House Passes Infrastructure Bill, Will Revisit Build Back Better Act
Posted by Nate Smith, Bill Smith, Eric Strawder on Thu, Nov 11, 2021 @ 11:00 AM

The House of Representatives voted 228-206 on Friday to pass a key bipartisan measure underpinning President Biden’s infrastructure initiatives. The Infrastructure Investment and Jobs Act (IIJA), which had been approved by the Senate in August, now awaits President Biden’s signature.

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Topics: tax, Bill Smith, House of Representatives, Tax Cuts and Jobs Act, tax legislation, Build Back Better, Treasury Department’s Green Book, Build Back Better Act, High-Income Individuals, Green Energy Credits and Incentives, Funding the Internal Revenue Service, BBB Act, Domestic, corporate tax reform, Social Safety Net Spending Provisions, Improving Taxpayer Compliance, INTERNATIONAL, infrastructure bill

House Unveils Tax Legislative Proposals in Build Back Better Act
Posted by Bill Smith, Nate Smith, Don Reiser, and Eric Strawder on Mon, Nov 1, 2021 @ 10:00 AM

On Oct. 28, 2021, the White House released its “Build Back Better Framework.” Later that day, the House Ways and Means Committee issued the “TEXT OF H.R. 5376, BUILD BACK BETTER ACT,” which fleshes out the spending and tax proposals summarized in the White House release with meaningful legislative changes. This article analyses the most relevant tax provisions of the Build Back Better Act (BBBA). At the time of publication, the House has yet to set a date for a  vote on the BBBA or its complementary legislation. The $1.9 Trillion bipartisan infrastructure bill passed by the Senate on Aug. 3 by a vote of 69-30.

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Topics: tax, Bill Smith, House of Representatives, Tax Cuts and Jobs Act, tax legislation, Build Back Better, Treasury Department’s Green Book, Build Back Better Act, High-Income Individuals, Green Energy Credits and Incentives, Funding the Internal Revenue Service, BBB Act, Domestic, corporate tax reform, Social Safety Net Spending Provisions, Improving Taxpayer Compliance, INTERNATIONAL

Tax & PPP Loan Provisions in the Consolidated Appropriations Act
Posted by Jenna Peabody on Tue, Dec 29, 2020 @ 04:32 PM

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.

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Topics: individual tax, tax, tax deductions, Charitable contribution planning, Paid Family Leave, Paycheck Protection Program, PPP Loan, Stimulus, Employee Payroll Tax Deferral, Consolidated Appropriations Act

Income Tax Accounting Repercussions for Public Companies
Posted by Brad Jolie and Kevin Eagan on Fri, Apr 17, 2020 @ 02:48 PM

The $2.2 trillion economic stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes many tax and non-tax provisions to assist individuals, businesses, and the unemployed. Tax changes in the CARES Act and other tax law changes that have come about to offset the economic impact of the COVID-19 pandemic create many potential issues to consider with accounting, from going concern evaluations to financial statement disclosures. For public companies with quarterly financial filings to prepare, there will be a number of income tax accounting implications that will need to be addressed now.

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Topics: tax, public company, Taxes, Brad Jolie, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, SEC, Kevin Eagan, Public Companies

Tax Reform, Two Years Later
Posted by Parul Bansal on Mon, Mar 9, 2020 @ 01:00 PM

Taxpayers are still feeling repercussions far and wide from the extensive changes to the tax code made by the 2017 law known as the Tax Cuts and Jobs Act (TCJA). Because the TCJA was passed so quickly, many of its nuances required clarification, and this year’s tax reform-related updates are certain to affect your company’s planning. While a fix for qualified improvement property is still in the works, the following provisions have received final and proposed regulations in 2019.

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Topics: tax, Taxes, Tax Reform, Tax Cuts and Jobs Act, TCJA, Parul Bansal

Year-End Tax Planning Strategies for Your Business
Posted by Brad Jolie on Mon, Dec 16, 2019 @ 02:28 PM

Although 2020 is quickly approaching, it’s not too late to implement planning strategies that can help your business save on 2019 taxes. Before the year ends, make sure to assess strategic tax moves for your business that fully take advantage of the changes implemented by the tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA). These tax planning strategies generally fall into three categories: recovering the cost of business property, dispositions of business property, and tax attributes and corporate issues.

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Topics: tax, tax strategies, Taxes, Brad Jolie, Year End Taxes, Tax Cuts and Jobs Act, TCJA

Parking Expense and Food Cost Relief Could Be on the Way
Posted by Brad Jolie on Mon, Sep 23, 2019 @ 03:01 PM

The 2017 tax reform law ushered in new tax cuts, but it also did away with some common write-offs for business expenses. As companies and their tax advisors unpacked what is commonly known as the Tax Cuts and Jobs Act (TCJA), the elimination of two benefits in particular stuck out: deductibility of parking expenses and certain employer-provided food costs. Because these expenses are no longer deductible, they do not help to lower your year-end tax bill. The IRS is cognizant of taxpayer pleas for change and may be remodeling its approach so that taxpayers can find at least partial relief.

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Topics: tax, Taxes, Brad Jolie, Tax Cuts and Jobs Act, TCJA, parking tax

Preparing for Filing Season: 199A and What Pass-Through Owners Need To Know
Posted by Elizabeth Whitney on Tue, Mar 19, 2019 @ 06:27 PM

The dawn of the first filing season with the new Qualified Business Income (QBI) deduction has arrived. Business owners and their tax advisors now seek the payoff from extensive planning during the prior year to maximize this deduction. Amidst planning for the QBI deduction under Section 199A, some important questions lingered. Luckily for everyone, final regulations on the QBI deduction resolve some of these lingering issues. These answers are generally positive and may afford certain taxpayers a deduction where none was anticipated. All pass-through owners can benefit from a familiarity with QBI deduction information coming their way, but first we will explore some important changes made under the final regulations.

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Topics: tax planning, tax, tax forms, QBI, Qualified Business Income, Business owners

Preparing for Tax Season: Know Your Information Documents
Posted by Deb Malone on Mon, Mar 4, 2019 @ 10:51 AM

The tax filing season opened on Jan. 28, and the partial government shutdown is over, for now. As the IRS accepts tax returns it will be business as usual for individuals and entities who are required to provide tax information documents. Hence, you will still be receiving all of those “Important Tax Documents” letters in the mail or in electronic format. This includes W-2 forms, any number of types in the 1099 series, and K-1 schedules.

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Topics: tax planning, tax, tax forms, 1099, W-2

Implementing Revenue Recognition Triggers Accounting & Tax Considerations
Posted by Patrick Quinn on Tue, Jun 27, 2017 @ 11:04 AM

By: Carl Giardino and Patrick Quinn

New revenue recognition standards for U.S. and international financial reporting will require careful planning and education to develop an implementation strategy. In addition, the standard affecting U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) may bring about substantial income tax consequences. Historically, many entities found that the financial reporting standards and tax rules regarding revenue recognition ran parallel and produced identical results; under the new standard this may no longer hold true.

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Topics: accounting, tax, Revenue Recognition Standard, Carl Giardino, Patrick Quinn, Revenue recognition

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