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Senate Finance releases Build Back Better text

Senate Finance releases Build Back Better text

Senate Finance Committee Build Back Better language largely leaves House Bill unchanged. SALT language omitted as well as billionaires’ tax.
IRS provides guidance on deductions for food or beverages

IRS provides guidance on deductions for food or beverages

Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.
Guidance issued for employers claiming the Employee Retention Credit

Guidance issued for employers claiming the Employee Retention Credit

Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
President Biden’s tax plan

President Biden’s tax plan

Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.
Employee retention credit significantly expanded for 2021

Employee retention credit significantly expanded for 2021

The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Game-changing updates to the Employee Retention Tax Credit

Game-changing updates to the Employee Retention Tax Credit

Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
Retirement plans under the Consolidated Appropriations Act, 2021

Retirement plans under the Consolidated Appropriations Act, 2021

The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
Congress passes appropriations bill, containing COVID-19 relief bill

Congress passes appropriations bill, containing COVID-19 relief bill

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
IRS issues guidance on 401(k) and 403(b) Plans

IRS issues guidance on 401(k) and 403(b) Plans

IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
IRS releases 2021 retirement plan limitations

IRS releases 2021 retirement plan limitations

Many limitations, including the 401(k) elective deferral limit for employee contributions, remain unchanged from 2020 levels.
2020 year end tax considerations for businesses

2020 year end tax considerations for businesses

Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
IRS issues final regulations on meals and entertainment deductions

IRS issues final regulations on meals and entertainment deductions

The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.
Treasury issues skinny guidance on employee payroll tax deferral

Treasury issues skinny guidance on employee payroll tax deferral

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.