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Restate Your Plan Document Timely
Every six years the IRS requires plan sponsors to restate their plan document that governs how their plan operates, including eligibility, contributions, vesting, distributions and much more. The plan document dictates the operation of the plan through these selected plan features. Most importantly, it is written to comply with the many IRS regulations and rules.
1099-MISC vs. 1099-NEC
Last year, the IRS released a new form – Form 1099-NEC. This form is still in use for 2021. While it might not have affected you last year, it may this year. This Client Alert will provide you with some general guidelines and resources to help you determine which form you need to file. It will also address questions that we often receive from clients.
2021 To End Without Senate Action on the Build Back Better Act
As the 2021 legislative calendar comes to a close, so does the prospect of Senate passage of the Build Back Better Act. With a 50-50 Senate, the loss of just one Democratic member is fatal and Senator Joe Manchin (D-W.V.)’s remarks on December 19, 2021, appeared to be the fatal blow.
U.S. House Passes the Build Back Better Act
The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs, and of course, taxes.
The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You Will Want To Know About
Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. President Biden signed the bill into law on November 15. While the bulk of the law is directed toward massive investments in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked inside it. Here is what you need to know.
Topic 842 Basics for Lessees
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), which applies to both lessees and lessors and results in significant changes to an entity’s balance sheet.
Businesses Must Navigate Year-End Tax Planning With New Tax Laws Potentially on the Horizon
The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its passage is uncertain at this time.
2022 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (IRS) recently announced 2022 cost-of-living adjustments for retirement, health and welfare plans, and transportation programs. Many of the retirement plan limits changed for 2022 due to recent inflation. Notable increases include the defined contribution and defined benefit plan limitations. Other notable increases in 2022 are the compensation-related limits and elective deferral amounts.
Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals
As if another year of the COVID-19 pandemic was not enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which tax provisions are ultimately included in the BBBA, here are some year-end tax planning strategies to consider to reduce your 2021 tax liability.
Debate Continues in Congress Over Proposed Tax Changes
Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to a lesser extent, the BIB, contain a wide range of tax proposals that could affect individuals and businesses. It is also unclear when the tax changes would become effective if one or both of the laws are enacted.