On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.
On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.
On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.
After 18 months of economic uncertainty, many business owners who were forced to put their business sale plans on hold are now ready to go forward. It’s critical for CPA’s to understand how they can best support their clients through the process of selling their business. Here are three important considerations for helping your clients through this process.
The IRS has provided practitioners with a surprise gift for the 2021 filing season. They recently released drafts of new Schedule K-2 and Schedule K-3 to be included with Form 1120S for S corporations, Form 1065 for partnerships and Form 8865 for controlled foreign partnerships.
On May 28, 2021, the Biden administration released its fiscal year 2022 budget proposal, and on the same day the Treasury Department released its highly anticipated “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (“Green Book”), which provides additional details around the administration’s tax proposals as well as new provisions.
On March 3, 2021, the Small Business Administration (SBA) released new FAQs related to the Paycheck Protection Program (PPP) which incorporate the changes made to the program by the Consolidated Appropriations Act. Notably, the SBA updated FAQ 46 to assure businesses that all Second Draw PPP loan borrowers, because they must demonstrate a 25% reduction in gross revenues, will be deemed to have made the required good faith certification concerning the necessity of their loans.
The $900 billion COVID Relief Package, passed by Congress on December 21, 2020 and headed to President Trump’s desk for signature, contains a number of tax provisions to assist individuals and businesses, in addition to authorizing funding for second rounds of individual stimulus payments and PPP loans.
The long-awaited $900 billion COVID Relief Package was passed by the House of Representatives and approved by the Senate late on December 21, 2020. The legislation, headed to President Trump’s desk for his signature, includes important updates to the Paycheck Protection Program (PPP).
As 2020 comes to a close, individuals and businesses are looking to carry out their year-end tax planning in a potentially changing political landscape. Although Vice President Joe Biden is expected to be sworn in as president on January 20, 2021 and Democrats have maintained control of the House of Representatives, the Senate remains undecided because of two run-off races in Georgia scheduled for January 5, 2021.
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