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 […]

A look at some of the tax provisions in the Build Back Better bill

President Biden’s signature Build Back Better bill that passed in the House of Representatives contains a number of tax provisions that are designed to help pay for the $1.75 trillion legislation. The bill now heads to the Senate for consideration, where most congressional observers believe it will undergo a number of changes. While the final […]

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. […]

Do your homework when selecting where to live and work

Reducing taxes is the question on everyone’s mind. While much attention is placed at the federal level due to pending infrastructure legislation, don’t forget that state income tax can play a big role in your overall tax burden. As working remotely has increased, people have more options where they live.  Thus, there has been an […]

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 […]