Insights
Tax Benefits of Opportunity Zone Funds
The proposed plan to increase long-term capital gains tax rates has motivated investors to seek opportunities to defer and reduce capital gains taxes. Opportunity Zone Funds have been increasing in popularity because of their ability to defer and reduce capital gains. Watch now to learn more about Opportunity Zone Funds.
IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
Paid leave for employees impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
SBA formally withdraws loan necessity questionnaire
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
Advance Child Tax Credit Payments
The American Rescue Plan expanded the Child Tax Credit and provided a mechanism for families to receive advance payments for the credit. In this video, we will provide an overview of the Child Tax Credit and the advance payments that will begin this summer.
The Qualified Business Income Tax Deduction
The Qualified Business Income (QBI) Deduction can reduce an individual’s tax liability on pass-through income by as much as 20% of taxable business income from the entity. Here’s a great 3-minute video to find out more.
White House releases President’s budget, Treasury Greenbook
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
Budget Reconciliation – A Potential Path for President Biden’s Plans
President Biden has proposed the American Jobs Plan and the American Families Plan, but a closely divided senate makes it challenging to turn these bills into law. In this video, we’ll discuss the budget reconciliation process as a possible path.
The American Families Plan
On April 28, 2021, President Biden introduced the American Families Plan, a $1.8 trillion spending plan that includes tax increases on high-income taxpayers to help offset its costs. In this video, we will quickly cover potential changes to the tax law that, if enacted, may affect you and your family.