Supreme Court blocks vaccine mandate for large employers

The Supreme Court voted 6 to 3 to block the Biden administration’s federal vaccine mandate for employers with more than 100 employees. OSHA’s Emergency Temporary Standard (ETS) would have required workers to be vaccinated against the Covid-19 virus or to wear masks and be tested weekly. Employers were to have established policies to provide paid […]

Biden to sign $1.2T infrastructure bill

President Biden plans to sign on Monday, Nov. 15, the $1.2 trillion infrastructure bill recently passed by the House of Representatives and approved earlier this summer by the Senate. Below are some of the provisions included in the bill that will become law once President Biden signs the bill: The Employer Retention Tax Credit would […]

Biden, House release revised Build Back Better framework, bill

President Biden released Thursday a framework to help guide the drafting of legislative language for the Build Back Better bill. What once contained $3.5 trillion in spending, the BBB now has been negotiated down to about $1.850 trillion dollars. The tax provisions included in the BBB framework include: Corporate minimum tax and stock buyback surcharge. […]

Donor-advised funds and private foundations can optimize your philanthropic impact

As we look at the potential increase in the capital gains rate, it is important to understand which tax strategies are available to mitigate your tax burden.  A donor-advised fund or a private foundation are both great strategies to eliminate capital gains tax on long-term appreciated assets. Why donor-advised funds? Donor-advised funds are increasingly popular […]

States given green light for SALT workaround

Since the Tax Cuts and Jobs Act of 2017, taxpayers have been limited to $10,000 of state taxes they can claim as itemized deductions. This state and local tax, or SALT, limitation has caused many people to pay more federal income taxes over the last couple years. In response, states have been looking for creative […]

Tips for keeping taxes lower should capital gains rise

An increase in the capital gains rate is under serious consideration in Congress. President Biden has proposed a plan making its way through Congress that would increase the capital gains rate on taxpayers earning more than $1 million from 20% to 39.6%, retroactive to April 2021. In the past week, the House Ways & Means […]

Tax changes on tap with two infrastructure bills

Two significant infrastructure bills are making their way through Congress. Earlier this month, the Senate approved a $1.2 trillion “hard” infrastructure bill and will begin negotiations soon on a much larger $3.5 trillion “soft” infrastructure bill that serves as the outlines of the 2022 budget resolution. Both measures will undergo the political “sausage making” process […]

10 things to know about the QBI deduction

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S corporations. It may also be claimed […]

Big increases could be in store for capital gains taxes

Increases to taxes on capital gains have been proposed with the release last month of President Biden’s Green Book. While we don’t have a crystal ball to see exactly what the future holds, we wanted to give you some insight into what has been proposed. The way it is now Under existing law, capital gains […]

Biden proposes corporate tax increases to pay for infrastructure bill

President Joe Biden is proposing to increase corporate taxes to help pay for his proposed infrastructure bill, the American Jobs Plan. During his White House briefing at the end of March, the president said the Made in America Tax Plan is expected to raise more than $2 trillion over the next 15 years. According to […]