Navigating the uncertain fates of Build Back Better and key tax issues
Uncertainty about significant tax changes proposed in the Build Back Better bill require attention and action from taxpayers.
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Senate Finance releases Build Back Better text
Senate Finance Committee Build Back Better language largely leaves House Bill unchanged. SALT language omitted as well as billionaires’ tax.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
House Bill limits losses of real estate pro’s and other active losses
Proposed Excess Business Loss limits could hurt real estate pro’s, others with active losses, including cash losses.
House Ways and Means releases reconciliation tax payfors
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
Senator Wyden’s draft proposals target partnership tax rules
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.
Pandemic’s effect on workplace adds complexity to M&A valuations
Companies that have taken care of their workers, embraced technology and adjusted to a rapidly evolving marketplace have been rewarded.
The IRS takes aim at high net worth individuals
A discussion on the IRS concern with non-filers and what can be done to mitigate the risk is provided in this article.
IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
New IRS guidance on ADS recovery period of residential rental property
Guidance provides procedures to implement the retroactive 30-year ADS recovery period for residential rental property.
A Biden tax plan update: What, when and how?
New details of President Biden’s tax plan are shaping congressional negotiations and middle market considerations.
White House releases President’s budget, Treasury Greenbook
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
Surfacing real estate tax insights
RSM US LLP real estate professionals discuss the future of tax and technology automation, and how it can help real estate firms.
IRS extends May 17, 2021 due date for victims of Tennessee storms
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Tennessee storms, wind, tornadoes, and flooding.
IRS will audit more LLCs claiming self-employment tax exemption
IRS warns taxpayers claiming self-employment tax exemption under IRC section 1402(a)(13) to be mindful of adverse Tax Court precedent.
The American Families Plan & its impact on the real estate industry
Summary of the American Families Plan and the potential impact that it could have on the real estate industry.