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Trust Tax to be Tacked-On?

 

As Democrats in Congress are still looking for money to pay for their massively reduced social spending agenda, they have made a lot of edits to how it will be secured. In their updated proposal they have set their … Continue reading

 

3 Stories to Start Your Week: November 1, 2021

 

Deferred Payroll Taxes due in December IRS Warns

The IRS has been sending notices out to those who chose to defer their Social Security Taxes last year, warning that half the taxes will be due by year-end. Some payroll
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The White House’s Revamped Social and Climate Spending Budget

 

The White House has released a slimmed-down version of its Social Policy and Climate Framework, which totals out to $1.85 trillion in spending. This new re-vamped plan comes in light of heavy negotiations surrounding the passage of bills, as … Continue reading

 

Billionaires Tax

 

There has been much discussion on potential tax changes recently, in an attempt to fund their social spending and climate bill. Even as the price tag on the bill itself has decreased, there have been many revisions made cutting … Continue reading

 

3 Stories to Start Your Week: October 25, 2021

 

Guidance on Re-Hiring Retirees

This past Friday, the IRS issued some guidance aiming to help employers navigate some potential issues upon rehiring retirees and retaining employees past retirement age. This comes as the labor market is still in short
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Potential Tax Changes on the Horizon

 

Biden’s Belonged Bill

As the government looks to fund its $2 trillion social policy and climate change package, there have been many bumps in the road. Most recently there has been opposition to increase any top marginal rates on … Continue reading

 

Bank Reporting Requirement Revisions

 

Democrats have been attempting to pass legislation that would require banks to report on inflows and outflows of accounts with over $600 or with at least $600 worth of transactions. The argument for this is that it would allow … Continue reading

 

3 Stories to Start Your Week: October 18, 2021

 

Global Minimum Tax

US Treasury Secretary Janet Yellen is confident that a global minimum tax deal will pass reaching over 140 Countries. The United States along with several other nations endorsed this measure in an effort to combat corporate

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NYS Extends October 15th Deadline

 

NYS Extends October 15th Deadline

The New York State Department of Taxation and Finance announced an extension for certain tax filing and payment deadlines occurring on October 15th. This comes in an effort to provide relief for those adversely Continue reading

 

SBA Quadruples EIDL Cap

 

The SBA announced numerous alterations to COVID-19 Economic Injury Disaster Loans (EIDL), including a huge increase to raising the cap from $500,000 to $2 million. When this announcement was made, the SBA stated it was making it easier … Continue reading