While business owners wait to see whether Congress raises the U.S. long-term capital gains rate from 20 percent to 25 percent and enacts relief from the limitations on the deductibility of state and local taxes (SALT),...more
10/14/2021
/ Capital Gains ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Liability
The House Ways and Means Committee advanced key tax reform proposals on September 15 that would increase taxes for corporations and high-income individuals.
Several tax reform proposals are under consideration as part of...more
9/23/2021
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Capital Gains ,
CARES Act ,
Carried Interest ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
Net Investment Income ,
Qualified Small Business Stock ,
REIT ,
SALT ,
Surcharges ,
Tax Cuts and Jobs Act ,
Tax Increases ,
Tax Reform ,
Ways and Means Committee
On March 31, 2021, President Biden presented an infrastructure spending plan coupled with a tax reform plan that seeks to raise corporate income taxes (the “American Jobs Plan” and the “Made in America Tax Plan”).
The...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Anti-Corruption ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Controlled Foreign Corporations ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Environmental Protection Agency (EPA) ,
Foreign Derived Intangible Income (FDII) ,
Fossil Fuel ,
GILTI tax ,
Infrastructure ,
OECD ,
Tax Cuts and Jobs Act ,
Tax Haven ,
Tax Increases
At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic. With the Rescue Act, Congress hopes...more
3/12/2021
/ American Rescue Plan Act of 2021 ,
CARES Act ,
Child Tax Credit ,
COBRA ,
Coronavirus/COVID-19 ,
Dependent Care ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Grants ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Public Health ,
Restaurant Industry ,
Small Business ,
Small Business Loans ,
Student Loans ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Unemployment Benefits
The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing...more