Treasury Department Reports on President Biden’s “Made in America Tax Plan”
U.S. Department of the Treasury – The Made in America Tax Plan (4/7/2021) The Treasury Department has issued The Made in …
Biden Outlines Corporate Tax Increases to Pay for Infrastructure Bill
White House Briefing Room: American Jobs Plan (3/31/2021) President Biden has released a summary of the American Jobs Plan that …
Labor Department Withdraws Employee/Independent Contractor Classification Rule
The United States Department of Labor (the Department) has announced a final rule withdrawing the “Independent Contractor Status Under the …
Rev Proc Reflects ARP Act Amendments to 2021 Inflation Adjustments
The IRS updates certain amounts for inflation each year. The 2021 inflation amounts were announced in late 2020. Some of …
Internal IRS Guidance Explains How to Audit Partner Liquidating Distributions
IRS Large Business & International (LB&I) has released an updated Practice Unit on issues related to liquidating distributions of a …
COVID-19 Related Aid Not Included in Income; Expense Deduction Still Allowed
In response to the COVID-19 crisis, Congress has passed numerous programs aimed at helping small and medium-sized businesses survive the …
IRS Commissioner Testimony Includes Information on Tax Gap and Monthly Child Tax Credits
In April 13 testimony to the Senate Finance Committee, IRS Commissioner Charles Rettig testified that he believes that the annual …
IRS Nonacquiesces to Holding that Pension Interest isn’t Part of Insolvency Calculation
In an Action on Decision, IRS has announced that it will not acquiesce to the Tax Court’s holding in Schieber, TC …
House Republicans Ask FinCEN to Protect Sensitive Data Amid Beneficial Ownership Reforms
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is preparing to implement a series of reforms to beneficial ownership reporting …
Treasury Department reports on President Biden’s “Made in America Tax Plan”
The Treasury Department has issued The Made in America Tax Plan Report (the Report) which describes President Biden’s Made in …