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    Tax

    Infrastructure Compromise Drops Tax Increases but IRS Hires Slew of Agents

    July 15, 2021

    The Biden Administration and moderate Republicans have come to an agreement on a scaled-back infrastructure framework that drops proposed tax increases. Instead, the plan will be funded through a combination of closing the “tax gap”, redirecting emergency funds, targeted corporate... Read More

    renewable energy

    IRS Extends Safe Harbor for Renewable Energy Projects

    July 15, 2021

    The production and investment tax credits for renewable energy are a valuable offset for the costs of renewable energy projects but are subject to important timing requirements. The IRS has issued guidance for taxpayers developing renewable energy projects to address... Read More

    Hospitals & Clinics: Are You Overpaying Your Sales & Use or Property Taxes?

    July 12, 2021

    Hospitals, clinics and other healthcare providers who purchase certain medical supplies used in treating patients may qualify for a sales tax refund at the state or local level. Understanding the situations that may indicate a tax refund opportunity can help... Read More

    capital gains

    Understanding the Proposed Retroactive Capital Gains Tax Rate Increase

    June 9, 2021

    President Biden’s proposal to increase the capital gains tax has generated tremendous discussion. Looking at this proposed change in the context of past changes shows that both Democratic and Republican presidents have signed legislation with retroactive tax provisions. A retroactive... Read More

    independent contractors

    Labor Department Reverses on Rule Treating Gig Workers as Independent Contractors

    June 7, 2021

    The U.S. Department of Labor (DOL) has withdrawn a rule put in place by the Trump Administration that would have treated workers in the gig economy as independent contractors instead of employees under federal labor law. In early 2021, under... Read More

    tax compliance

    Bank Account Reporting Cornerstone of Proposed Tax Compliance Plan

    June 7, 2021

    President Biden has proposed significant tax compliance measures as an alternative way to fund his ambitious American Families Plan. Recently, he offered Republicans the compliance measures as an alternative to individual tax increases, but Republicans still consider new compliance measures... Read More

    PPP

    PPP Recipients Who Skipped 2020 Deductions Can Take Them in 2021

    May 19, 2021

    Taxpayers who did not take deductions in 2020 because of the IRS’s earlier position on forgiven PPP loans may be able to take the deductions in 2021, according to new IRS guidance. In the early days of the PPP program,... Read More

    SBA Tells Restaurants to Apply Now for Funds to Offset Pandemic Losses

    May 17, 2021

    The SBA has launched the Restaurant Revitalization Fund program which offers restaurants, bars and other food and drink businesses grants of up to $10 million based on their lost revenue during the pandemic. The $28.6 billion program was authorized by... Read More

    Untangling the Technical | US Tax for Non-US Companies: Potential Changes Under Biden

    May 14, 2021

    When there is a transition of power, changes can also be expected to the tax system. Frazier & Deeter international tax experts discuss these potential changes and how the different US tax structure could affect companies seeking to expand into... Read More

    Biden’s Latest Tax Plan Would Increase Top Rate, Eliminate Favorable Capital Gains

    May 11, 2021

    President Biden has released a description of his American Families Plan, which is designed to provide far-reaching economic benefits to lower and middle-income families. The $1.8 trillion cost would be funded by increasing individual taxes on higher-income taxpayers, including a... Read More

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