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    Tax Reform

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    IRS Customer Service May Improve in 2023

    December 20, 2022

    With 4,000 new customer service representatives and plans to hire 700 new Taxpayer Assistance Center (TAC) employees, taxpayers soon may get relief from endless hold times, no in-person help and unresolved problems. Read More

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    Reduce Taxable Income with IRA Distributions Transfers

    December 12, 2022

    IRA owners who are age 70½ or over can transfer up to $100,000 per year to charity to reduce their taxable income. These transfers, known as qualified charitable distributions or QCDs, offer end-of-the year tax savings and can count toward required minimum distributions (RMDs) that taxpayers who are age 72 must make each year. Think of it as a tax-free charitable rollover of IRA funds. Read More

    Work Opportunity Credit Helps Offset Business Wages

    June 28, 2022

    With the tight job market, businesses are looking for new strategies to find and retain essential workers. The federal work opportunity tax credit (WOTC) can help businesses offset wages to allow employers to offer more competitive salaries and to tap... Read More

    Tax Provisions in the Infrastructure Investment and Jobs Act

    November 15, 2021

    On November 5, the House passed the bipartisan Infrastructure Investment and Jobs Act, H.R. 3684, by a vote of 228-206, with the support of 13 Republicans. Read More

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    Treasury Offers Facts v. Fiction Points On Reporting

    November 15, 2021

    Because of the controversy surrounding bank account reporting and the “widespread mischaracterization” of the plan, the Treasury Department has taken the unusual step of releasing a fact sheet in advance of bill passage. Read More

    Infrastructure Bill Require 1099 Cryptocurrency Reporting

    September 17, 2021

    To get Republican buy-in, Congressional Democrats have avoided adding tax increases to the bipartisan Infrastructure Investment & Jobs Act currently under consideration in Congress. How will they fund the bill? One tax-related source of revenue would come from broker reporting... Read More

    Will Global Minimum Tax Become a Reality?

    August 17, 2021

    After competing for the lowest tax rates for years, 132 countries holding 90% of the world’s GDP have agreed to a framework for a global minimum tax on corporations. The plan, described in an OECD Statement, is a two-pillar package... Read More

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    Biden’s 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

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    Account Reporting for New 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 compliance measures as an alternative to individual tax increases, but Republicans still consider new compliance measures a... Read More

    corporate tax

    Biden Seeks Corporate Tax Increases to Fund Infrastructure Plan

    April 15, 2021

    Increasing the corporate tax rate to 28% is the cornerstone of President Biden’s Made in America Tax Plan, unveiled as part of a proposed $2 trillion infrastructure and jobs program. Other tax provisions target international profit shifting, offshoring incentives and... Read More

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