The Infrastructure Investment and Jobs Act (IIAJ), expected to be signed by President Joe Biden next week, will retroactively terminate the employer retention tax credit so that it will not apply to wages paid after September...more
The tax plan released last month by the Democratic-led House Ways and Means Committee would bring about extensive changes in the taxation of businesses and high-income individuals.
Proposals Affecting Businesses -
Key...more
10/8/2021
/ Business Taxes ,
Corporate Taxes ,
Federal Taxes ,
High Net-Worth ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Proposed Legislation ,
Retirement Plan ,
Tax Deductions ,
Tax Exemptions ,
Tax Legislation ,
Tax Planning ,
Tax Rates
The U.S. House of Representatives bill released last month proposes several changes to the current rules governing trusts where the grantor pays the income tax, but the value of which is not included in the grantor’s estate...more
Illinois lawmakers have approved legislation that is both good news and bad news for Illinois taxpayers. The good news is that, if approved by Gov. Pritzker, Illinois taxpayers will be able to take advantage of a workaround...more
6/11/2021
/ Bonus Depreciation ,
Corporate Taxes ,
Dividends ,
Federal Taxes ,
Franchise Taxes ,
GILTI tax ,
Governor Pritzker ,
Income Taxes ,
Local Taxes ,
Net Operating Losses ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Benefits ,
Tax Deductions ,
Tax Planning
This week, the IRS issued guidance for employers claiming the employee retention tax credit for the first two quarters of 2021.
Background: Changes Under December 2020 Stimulus Plan -
Detailed in a previous Gould &...more
The IRS announced late last week that the due date for filing 2020 federal individual income tax returns and making 2020 federal individual income tax payments is automatically postponed from April 15, 2021, to May 17,...more