House proposed changes – What should wealthy individuals consider?
What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?
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House Ways and Means releases reconciliation tax payfors
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
Senator Wyden’s draft proposals target partnership tax rules
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.
Security Summit warns of identity theft and unemployment fraud
The Internal Revenue Service Security Summit discusses the common warning signs of identity theft and unemployment benefits theft.
State tax law changes for the second quarter of 2021
A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending June 30, 2021.
Wayfair nexus turns three by celebrating near universal adoption
Three years after the Wayfair decision, economic sales tax nexus has become the norm, but unanswered questions and numerous issues remain.
Nebraska cuts corporate income tax rates
Nebraska enacts corporate income tax rate reductions over the next two years while promising more reductions in subsequent measures.
White House releases President’s budget, Treasury Greenbook
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
New IRS guidance on health FSAs and dependent care assistance programs
IRS provides guidance on dependent care assistance program enhancements made due to COVID-19-related legislation.
As income tax rates increase, beware of certain deferral strategies
Tax-deferral techniques—possibly spurred by a potential increase to capital gains rates—must be scrutinized, as evidenced by this IRS memo
IRS issues PPP expense deduction safe harbor for fiscal year taxpayers
IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.
Senate passes extension of Paycheck Protection Program to May 31
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
President Biden signs American Rescue Plan Act of 2021
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
Guidance issued for employers claiming the Employee Retention Credit
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
New IRS guidance on health FSAs and dependent care assistance programs
Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.
IRS releases final 199A regulations for co-ops and their patrons
Final regulations on the section 199A deduction and the DPAD for certain specified co-ops closely mirror guidance in proposed regulations.