The Government Accountability Office (GAO) has published a report that examines how certain provisions of the Tax Cuts and Jobs Act may be affecting U.S.-based corporations’ international business activities. The GAO met with officials representing eight U.S.-based companies and found that there was “considerable uncertainty.” According to the GAO: “Some companies reported making specific changes, … Read More
Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint ownership advantages There are two potential advantages to joint ownership: convenience and probate avoidance. If you hold title to property with a … Read More
President Biden’s “Green Book” has proposed taxing the capital gains of high-income people at ordinary income rates. Currently, long-term capital gains and qualified dividends are taxed at a maximum rate of 20% (23.8% including the net investment income tax, if applicable). The Green Book says that preferential tax rates on long-term capital gains and qualified … Read More
As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video calls, emails … Read More
As required by the CARES Act, the IRS initiated a public awareness campaign last year to inform taxpayers about the availability of Economic Impact Payments (EIPs). The Treasury Inspector General for Tax Administration (TIGTA) has released an assessment of the IRS’s EIP performance. According to the audit, as of Dec. 31, 2020, IRS had issued … Read More
For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built … Read More
The Taxpayer Advocate Service (TAS) has announced that it is extending, through the end of the year, guidance allowing its employees to receive documents by email and transmit documents via email to taxpayers and representatives with their consent. This is done using SecureZip (a program that encrypts email attachments) or other authorized secured messaging system. … Read More
It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get … Read More
The IRS and the U.S. Department of the Treasury recently announced that an additional 1.8 million Economic Impact Payments (EIPs) have been disbursed under the American Rescue Plan Act (ARPA). So far under the ARPA, 167 million payments have been disbursed, representing a total value of approximately $391 billion. The IRS will continue to make … Read More
The U.S. Department of the Treasury has issued detailed information about the Biden administration’s tax proposals for fiscal year 2022 for the American Jobs Plan and the American Families Plan. Traditionally, the tax community has referred to this annual publication as the “Green Book.” The proposed provisions detailed in the Green Book include: increasing income … Read More