Contact Us Follow Us :      | Find Us |
CBIZ Tofias

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us

Biden Administration Provides Further Details on Tax Plan
Posted by Bill Smith and Nate Smith on Fri, Jun 11, 2021 @ 12:18 PM

On May 28 the Treasury Department released the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals. This document, traditionally known as the Green Book, outlines in greater detail the Administration’s tax proposals which were initially previewed in the American Jobs Plan and the American Families Plan. President Biden’s proposals, if enacted, would have a wide ranging impact on wealthy individuals and on businesses.

Read More

Topics: Taxes, excess business loss limitation, American Jobs Plan, AJP, American Families Plan, Build Back Better, Green Book, Treasury Department’s Green Book, infrastructure

Strategies to Decrease the Impact of Business Tax Increases
Posted by Kevin Eagan on Thu, May 6, 2021 @ 12:52 PM

The Biden administration recently announced plans to raise taxes on corporations and other businesses, including tax increases on some pass-through business owners. With these tax increases a possibility, it may be wise to start thinking about steps and strategies to lessen the impact of hikes of a tax rate. These options generally look to accelerate income and delay deductions, which is the opposite of conventional wisdom.

Read More

Topics: Taxes, Tax Reform, pass-through entities, C Corporation

Biden’s American Families Plan Enhances Child Care and Education, Targets Wealthy Taxpayers
Posted by Bill Smith and Nate Smith on Thu, Apr 29, 2021 @ 10:18 AM

President Biden’s $1.8 trillion American Families Plan (AFP) represents the second installment of his “Build Back Better” campaign plan, and would more prominently position the government’s role in society. While his $2.3 trillion American Jobs Plan (AJP) would finance infrastructure spending primarily through additional taxes on corporations, the AFP has “wealthy” individual taxpayers footing the bill for child care and education spending. Congress must first agree on a strategy to formalize both the AFP and the AJP in legislation before it hones in on negotiations over the provisions from these two plans. But before the prospects are explored for the AFP becoming law, an analysis of its key components is in order.

Read More

Topics: Taxes, excess business loss limitation, American Jobs Plan, AJP, American Families Plan, Build Back Better, Step-Up in Basis, Long-Term Capital Gains, AFP

How Quickly Can President Biden Pass His American Jobs Plan?
Posted by Bill Smith on Thu, Apr 8, 2021 @ 03:58 PM

President Biden recently unveiled his $2.29 trillion dollar plan to invest in transportation infrastructure and other capital projects, The American Jobs Plan (AJP). Although designed to stimulate the economy, the AJP may come with unfavorable tax provisions. Biden’s proposed eight-year AJP would be funded over the next 15 years through increases to corporate taxes and changes to U.S.-international business taxation. These permanent tax increases would offset the cost of the infrastructure and capital projects, and would begin to reduce federal deficits thereafter.

Read More

Topics: Taxes, COVID19, tax extension, Coronavirus, American Jobs Plan, AJP, Reconciliation, Budget Reconciliation

IRS Extends Filing Season for Individual Taxpayers to May 17
Posted by Bill Smith on Thu, Mar 18, 2021 @ 06:35 PM

On March 17, the IRS announced that the tax filing and payment due date for individual taxpayers is postponed until May 17. Lawmakers and lobbying groups previously sought a longer postponement, but the additional one month provides welcome relief to many.

Read More

Topics: IRS, Taxes, COVID19, tax extension, Coronavirus, tax day

Biden Administration’s $1.9 Trillion Stimulus Plan Outlined
Posted by Bill Smith on Thu, Jan 28, 2021 @ 06:17 PM

The new Biden administration has many priorities and some ambitious goals. Perhaps none is more immediate than an additional stimulus package to mitigate the deepening impact of a pandemic that has dragged on for nearly a year. After months of declines, initial jobless claims rose again in December to 782,000, which remains above the previous record of 665,000 set in March 2009 (excluding years prior to 1967 when unemployment was measured differently). State legislatures may also implement additional spending cuts in the coming months that could also lead to deleterious effects on unemployment.

With these challenges in mind, it is time to look at the Biden administration’s “American Rescue Plan” to aid in the economic recovery.

Read More

Topics: IRS, Taxes, Election, Tax Reform, COVID19, Coronavirus, Stimulus, #taxplan, Covid vaccine, loans and grants

4 Tax and Legislative Developments to Monitor in the New Legislative Session
Posted by Bill Smith on Wed, Jan 13, 2021 @ 12:44 PM

Amid a chaotic week in Washington D.C., final election results came in that determined the composition of the Senate. Both Georgia Senate seats went to the Democratic candidates, which tipped the balance of power in the Senate to the Democratic party, with Vice President-Elect Kamala Harris presiding as the presumed tie-breaking vote in a chamber evenly split 50-50. This assumes that the Senate Democrats vote along party lines, which is far from certain.

Read More

Topics: election year, IRS, Taxes, Election, Tax Reform, senate, COVID19, Coronavirus, Republican Party, Biden, Harris, #taxplan, Filibuster, democratic party, Legislative Session

Your Guide to Tax Planning in 2021
Posted by Joanna Powell on Thu, Dec 10, 2020 @ 12:13 PM

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.

Read More

Topics: individual tax, tax planning, tax deductions, business tax, Taxes, cost-of-living, tax credit, Tax Cuts and Jobs Act, TCJA, Joanna Powell, COLA, AMT

Initial Election Results Complicate Chances for Tax Changes in 2021
Posted by Bill Smith on Thu, Nov 12, 2020 @ 02:11 PM

A close 2020 election may dampen prospects for some of the more ambitious tax changes proposed by former Vice President Joe Biden, who was declared the winner of the presidential race over the weekend by several news outlets. The situation is still uncertain, however, with President Trump filing lawsuits challenging the vote count in several states and refusing to concede the election at this time.

Read More

Topics: election year, IRS, Taxes, Election, Trump, COVID19, Coronavirus, Biden, Harris, #taxplan

4 Tax Moves to Consider as the Election Gets Closer
Posted by Bill Smith on Thu, Oct 22, 2020 @ 02:22 PM

As the 2020 presidential election approaches, many are looking ahead to how tax rates will be shaped by the next administration. President Trump and former Vice President Joe Biden hold strikingly different views on tax law, with planned changes to the current law expressed by both candidates.

Read More

Topics: IRS, Taxes, Donald Trump, Trump, COVID19, Coronavirus, Biden, Harris, #taxplan, capital gains

Popular Posts