Proposed PFIC regulations revise reporting by US partnerships
IRS issued proposed PFIC regulations which impact US partners with foreign assets held through US partnerships.
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Business connecting lease parties not qualified under section 1202
IRS: Website that connects lessors to lessees is a “brokerage service,” shareholder not eligible for section 1202 capital gain exclusion.
Important upcoming deadline for deferred payroll tax
The first payment deadline for deferred payroll taxes is quickly approaching and employers should be prepared to make payments.
IRS clarifies temporary deductibility of per diem meal expenses
The IRS issued Notice 2021-63, clarifying previous guidance pertaining to the deductibility of food and beverages provided by a restaurant.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
IRS releases 2022 retirement plan limitations
The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
Build Back Better Act – What is in and what is out?
After intense negotiations, some provisions were eliminated while others were rewritten in an effort to appease all Democratic members.
PPP forgiveness and expenses: State tax implications
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
House proposed changes – What should wealthy individuals consider?
What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?