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Sunday, 5 February

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Year-end spending package tackles retirement planning, conservation easements

Keith Orr

Posted By: Keith Orr

Posted December 28, 2022 / No comments

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act,

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The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

Robert Tighe

Posted By: Robert Tighe

Posted March 1, 2022 / No comments

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items

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New tax reporting requirements for payment apps could affect you

Keith Orr

Posted By: Keith Orr

Posted February 3, 2022 / No comments

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you

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Infrastructure law sunsets Employee Retention Credit early

Posted By: Amanda Glasby

Posted November 22, 2021 / No comments

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The Infrastructure Investment and

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The Infrastructure Investment and Jobs Act includes tax-related provisions you’ll want to know about

Robert Tighe

Posted By: Robert Tighe

Posted November 10, 2021 / No comments

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked

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Potential tax law changes hang over year-end tax planning for individuals

Keith Orr

Posted By: Keith Orr

Posted November 10, 2021 / No comments

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which

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IRS issues ERC guidance as Congress mulls early termination

Robert Tighe

Posted By: Robert Tighe

Posted August 10, 2021 / No comments

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The

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The Biden administration proposes far-reaching tax overhaul

Keith Orr

Posted By: Keith Orr

Posted May 5, 2021 / No comments

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for

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President Biden details his tax proposals for individuals

Timothy King

Posted By: Timothy King

Posted April 30, 2021 / No comments

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the

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Make the most of the Employee Retention Credit

Robert Tighe

Posted By: Robert Tighe

Posted March 20, 2021 / No comments

The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as

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