On Wednesday, April 28th, the White House announced the American Families Plan, the “human capital” infrastructure proposal. The American Families Plan would spend $1.8 trillion, including $800 billion in tax cuts over ten...more
This blog summarizes some of the tax proposals of President-elect Joe Biden and other prominent Democrats.
Biden’s Proposals -
Increased Individual Tax Rate -
Biden would increase the top marginal income tax rate...more
1/14/2021
/ Biden Administration ,
Business Taxes ,
Capital Gains ,
Corporate Taxes ,
Estate Tax ,
GILTI tax ,
Income Taxes ,
Publicly-Traded Companies ,
Tax Credits ,
Tax Planning ,
Tax Rates ,
Tax Reform
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the “Act”). The Act enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security Act (the...more
12/30/2020
/ CARES Act ,
Consolidated Appropriations Act (CAA) ,
Controlled Foreign Corporations ,
Coronavirus/COVID-19 ,
Employee Retention ,
Gross Receipts Tax ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Tax Credits ,
Tax Deductions
On November 17, 2020, the U.S. Internal Revenue Service (“IRS”) posted new FAQs providing that an acquisition of the stock or assets of a company that has received a loan under the Paycheck Protection Program (the “PPP”)...more
On July 27, 2020, Senate Republicans introduced a series of bills and proposals that have been collectively referred to as the “Health, Economic Assistance, Liability Protection and Schools Act” (the “HEALS Act”). The HEALS...more
8/3/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Gross Receipts ,
Health and Safety ,
Investment Tax Credits ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Popular ,
SBA ,
Small Business ,
Tax Credits ,
Tax Exempt Entities
On May 6, 2020, Senators Chuck Grassley (R. Iowa) and Ron Wyden (D. Ore.), the Chair and Ranking Member of the Senate Finance Committee, introduced the Small Business Expense Protection Act of 2020 (S. ___), which would...more
Originally published on April 2, 2020. Last updated as of April 29, 2020.
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (H.R. 6201), and on March 27, 2020, he signed into law...more
On April 1, 2020, the Internal Revenue Service (“IRS”) posted on its website a series of frequently asked questions (“FAQs”) that explain the COVID-19-related tax credits available to small and midsize employers who are...more
Today, March 23, 2020, for the second time the Senate defeated a procedural motion on a third stimulus bill, the Coronavirus Act, Relief, and Economic Security Act (“CARES Act”) (H.R. 748). The vote was 49 in favor and 46...more