Insights & Updates

Proposed Changes to the Self-Employment Tax Exemption

The recently published Green Book contains details on changes proposed by the Biden Administration that aim to rationalize the net investment income tax (NIIT) and the self-employment tax imposed under the Self-Employment Contributions Act. Broadly, these proposals would: Ensure that all trade or business income earned by high-income taxpayers (taxpayers with adjusted gross income in excess of…

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Potential Tax Savings if Rates Increase

The Treasury Department’s Green Book outlines proposals supported by the Biden Administration that would increase federal tax rates for corporations and high-income individuals, generally effective for taxable years beginning after December 31, 2021. Under these proposals: The corporate tax rate would increase from 21% to 28%; The effective tax rate on global intangible low-taxed income…

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American Rescue Plan Act of 2021

On March 10, 2021, the U.S. House of Representatives passed a modified version of the American Rescue Plan Act of 2021 (ARP bill), President Biden’s $1.9 trillion COVID-19 relief package aimed at stabilizing the economy, providing needed relief to individuals and small businesses, and improving and accelerating the administration of coronavirus vaccines and testing. The House was…

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CARES Act Relief FAQS for Plan Sponsors and Employees

The Coronavirus Aid, Relief and Economic Security (CARES) Act was a rapid response by the federal government to help businesses and employees cope with the economic issues caused by the pandemic. Many aspects of the wide-range law make significant changes affecting employer-sponsored retirement plans and their participants. Since Congress passed the CARES Act in March…

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