Biden's 'Green Book' Tax Proposal
Posted by Jon Wellington, J.D., Principal, State and Local Tax on Sep 21, 2021
LGT's Profit Sense
U.S. Treasury Proposes New Cryptocurrency Tax Compliance Rules
Posted by Ebonee Washington, Staff II, Tax Services on Aug 11, 2021
This article is a follow-up article. Read the first part here.
IRS Heightens Reporting Requirements for Virtual Currency Transactions
Posted by Ebonee Washington, Staff II, Tax Services on Jul 9, 2021
Virtual currencies such as Bitcoin, Ethereum, Litecoin, and Ripple are gaining traction as viable currencies for a wide range of transactions. However, their increasing acceptance by the public...
Take Advantage of the 179D Energy-Efficient Commercial Building Tax Deduction
Posted by Jon Wellington, J.D., Principal, State and Local Tax on Jul 9, 2021
Congress originally passed the Section 179D deduction as part of the Energy Policy Act of 2005 in direct response to broader energy usage and energy independence concerns. Section 179D has been...
Employee Tax Credit for COVID-19 Vaccine
Posted by Candice King, Principal, Human Resources on May 12, 2021
On April 21, 2021, President Joe Biden announced a paid-leave tax credit for employers that provide full pay for employees who take time off to get and recover from the COVID-19 vaccination. This...
American Rescue Plan Act of 2021
Posted by Jon Wellington, J.D., Principal, State and Local Tax on Mar 16, 2021
On March 11th, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law. While the $1.9 trillion bill is primarily focused on direct relief to individuals, it also contains...
IRS Helps Taxpayers Combat Tax Return Identity Theft
Posted by Aden Pham, CPA, on Jan 21, 2021
Tax identity theft is a serious issue for the IRS as fraudsters continue to find new ways to steal taxpayers’ Social Security numbers and other personal information to file false tax returns....
Big Changes to the Employee Retention Credit in the Recent Bill
Posted by Jon Wellington, J.D., Principal, State and Local Tax on Jan 5, 2021
Along with other changes, the recent $2.3 trillion Consolidated Appropriations Act (Act) made significant changes to the Employee Retention Credit (ERC) created earlier in 2020 by the CARES Act....
Proposed Estate and Gift Tax Plan Under Biden Administration
Posted by Jon Wellington, J.D., Principal, State and Local Tax on Dec 1, 2020
President-elect Joe Biden has publicized various aspects of his tax plan once he takes office in 2021. This article summarizes those proposals as they stood heading into the election and their...
Fringe Benefits and Gross Income
Posted by Aden Pham, CPA, on Oct 9, 2020
As a general rule, gross income includes all compensation and employment benefits unless exclusion is provided by law. Cafeteria plan and certain other fringe benefits are among the items that...