Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.
With the filing season upon us, a raft of brand new challenges await ahead of the April 15 deadline.
The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.
The relief bill includes an extension of the 45Q tax credit, which gives companies a tax break for capturing carbon..
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.
Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.
The House and Senate are set to vote Monday on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.
The outcomes of two elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do.
Concerns are increasing over the growing spread of COVID-19 and the preparedness of the incoming administration to deal with vaccine distribution and other critical issues.
Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report.