Let’s face it—tax filings have been grueling the past several years. In the 2019 tax season, extensive and swift changes under the tax reform law known as the Tax Cuts and Jobs Act upended conventional planning and understandings. Then came 2020, when tax filers and preparers had to contend with the COVID-19 disruption, which brought about more tax law changes and threw a wrench into the ability of the IRS to process returns.
Topics: tax, S Corporation, Tax Cuts and Jobs Act, tax legislation, pass-through entities, Cryptocurrency, PPP, Payment Protection Program, ERTC, PTE
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.
Topics: tax, 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
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.
Topics: tax, 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
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
