News

Treasury to eye ‘clawback’ of estate and gift taxes from trusts used by the wealthy

September 21, 2021

Financial advisors know by now that Democrats’ proposed tax increases would prevent affluent investors from using trusts to pass on major wealth to their heirs.

  • advocacy - federal
  • federal tax

SALT cap rollback for two years debated by House Democrats

September 14, 2021

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.

  • advocacy - federal
  • federal tax

House Democrats issue tax plan with top corporate rate of 26.5%

September 13, 2021

House Democrats on Monday released a package of tax increases that falls short of President Joe Biden’s ambition, an acknowledgment of how politically precarious the White House’s $3.5 trillion economic agenda is for party moderates.

  • advocacy - federal

Biden announces new vaccine mandates that could cover 100 million Americans

September 09, 2021

President Joe Biden on Thursday imposed stringent new vaccine rules on federal workers, large employers and health care staff in a sweeping attempt to contain the latest surge of Covid-19.

  • coronavirus
  • advocacy - federal

Billions paid in fraudulent virus aid, pandemic watchdog finds

September 01, 2021

Fraud or improper payments accounted for more than $90 billion of the government’s emergency pandemic aid for the unemployed and small businesses, according to a report from a federal watchdog.

  • coronavirus
  • advocacy - federal

IRS offers further guidance on employee retention credit, even as Congress may end it soon

August 05, 2021

The IRS and the Treasury guidance in Notice 2021-49 deals with how various issues apply to the employee retention credit in both 2020 and 2021, amplifying earlier guidance offered earlier this year in Notice 2021-20 and Notice 2021-23. The new notice explains changes made by the American Rescue Plan Act of 2021 to the employee retention credit that are applicable to the third and fourth quarters of 2021.

  • business and industry
  • advocacy - federal
  • coronavirus
  • federal tax
  • practice management

Newly Issued Employee Retention Credit Guidance Punishes Owner Employees If They Have Living Family Members

August 05, 2021

The IRS issued Notice 2021-49 on August 4th which states that the Employee Retention Credit (ERC), made available for businesses suffering from the COVID-19 crisis, will not be available with respect to wages paid to a majority owner, or such owner’s spouse, if the majority owner has a brother or sister (whether by whole or half-blood), ancestor, or lineal descendant.

  • business and industry
  • advocacy - federal
  • coronavirus
  • federal tax
  • practice management

SBA Streamlines Forgiveness Process for PPP Loans

July 30, 2021

The Small Business Administration (SBA) issued new guidance yesterday designed to accelerate the end of the Paycheck Protection Program (PPP) by streamlining the process for millions of small businesses and nonprofit employers to have their emergency payroll loans forgiven.

  • accounting and auditing
  • business and industry
  • advocacy - federal
  • coronavirus

SBA streamlines forgiveness process for most PPP loans

July 29, 2021

The U.S. Small Business Administration (SBA) published new guidance Wednesday designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program (PPP) loans of $150,000 or less.

  • coronavirus
  • advocacy - federal

Wyden introduces bill to overhaul pass-through deduction and expand to accountants

July 21, 2021

Senate Finance Committee chairman Ron Wyden, D-Oregon, introduced legislation Tuesday to streamline the section 199A deduction for qualified business income for pass-through entities, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000.

  • business and industry
  • advocacy - federal
  • federal tax
  • practice management

SCOTUS Won’t Hear New Hampshire Remote Worker Tax Fight

June 29, 2021

The U.S. Supreme Court will not take up New Hampshire’s challenge to Massachusetts’s taxation of nonresident remote workers in New Hampshire v. Massachusetts.

  • state tax
  • advocacy - federal
  • federal tax

Supreme Court rejects New Hampshire’s challenge to work-from-home taxes

June 28, 2021

The U.S. Supreme Court rejected a New Hampshire challenge to Massachusetts’ practice of taxing people who once worked in that state but started telecommuting from elsewhere during the pandemic.

  • advocacy - federal
  • advocacy - state
  • federal tax
  • state tax

Professional services tax proposals discussed in multiple states

June 21, 2021

Taxation of CPA services was a hot topic in several state legislatures this year as states sought to fix expected revenue shortfalls.

  • advocacy - state
  • advocacy - federal

Biden officials tell top court to reject work-from-home tax case

May 26, 2021

The Biden administration urged the U.S. Supreme Court to turn away a New Hampshire lawsuit that challenges Massachusetts’ practice of taxing nonresidents who once worked in the state but now do their jobs from home.

  • coronavirus
  • advocacy - state
  • advocacy - federal

American Rescue Plan Act Expands Child Tax Credit for Tax Year 2021

May 11, 2021

There have been important changes to the Child Tax Credit that will help many families receive advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only.

  • personal financial planning
  • advocacy - federal
  • federal tax

Biden unveils massive family aid plan

April 28, 2021

President Joe Biden will unveil on Wednesday a sweeping $1.8 trillion plan to expand educational opportunities and child care for families, funded in part by the largest tax increases on wealthy Americans in decades — the centerpiece of his first address to a joint session of Congress.

  • coronavirus
  • advocacy - federal

Senators draft energy innovation tax credit proposal

April 26, 2021

Two members of the Senate Finance Committee released a discussion draft of a bipartisan energy tax credit bill Monday that could represent a path forward for Republicans and Democrats.

  • advocacy - federal
  • federal tax

SBA to reopen Shuttered Venue Operators Grant portal Saturday

April 23, 2021

In a brief statement issued late Thursday night, the SBA said that it had completed rigorous testing on the portal, which was forced to shut down due to technical issues only hours after it opened on April 8. The SBA also provided updated documents and guidance Friday. The agency said that interested applicants should register for an account in advance through the portal.

  • accounting and auditing
  • business and industry
  • advocacy - federal
  • coronavirus

Democrat floats paying for SALT cap repeal with more tax audits

April 19, 2021

Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break.

  • state tax
  • advocacy - federal
  • federal tax

House passes bill protecting banking services for legal cannabis

April 19, 2021

Federal prosecution of a depository institution providing banking services to a legitimate cannabis business would be prohibited under a bill that passed the U.S. House of Representatives on Monday by a 321–101 vote.

  • advocacy - federal