Given the size and number of tax changes proposed by the Biden administration, it’s no wonder advisors face challenges in helping clients prepare for the year ahead.
The outcome of Tuesday’s election could be profound tax changes, but that’s only if one party wins control of both houses of Congress and the White House.
As the country looks to make its choice between two decidedly different candidates, tax preparers are watching the race play itself out from a unique vantage point.
Former vice president and Democratic presidential candidate Joe Biden’s tax proposal will limit direct tax increases to just 1.9 percent of taxpayers.
The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic.
Democrats on the tax-writing House Ways and Means Committee introduced a bill to overturn President Trump’s executive action to defer payroll tax contributions, along with a resolution of disapproval that’s being coordinated with Democrats in the Senate.
Opportunity zones may just be the perfect vehicle to deliver economic relief to the areas hardest hit by the coronavirus pandemic — both short term and long term.
The U.S. Chamber of Commerce and other organizations are sounding the alarm about the impact of President Trump’s order.
White House officials said the administration has no plans to do away with the payroll tax despite President Donald Trump saying he would seek a permanent repeal if he wins another term.
The American Institute of CPAs has sent a letter to top officials asking for more guidance on the president's executive order.