A version of H.R. 5376 (the Build Back Better Act), released on October 28, 2021 by the House Budget Committee, eliminates many of the previously proposed tax increases that would have impacted individuals. The tax proposals eliminated in the rewrite include: Increase in the top marginal individual income tax rate; Increase in the capital gains rate for certain…
By Andrea Espinola Wilson, Adam B. Cole At the height of COVID-19, nonprofit organizations were on the front lines, helping communities that needed it most and continuing the mission-critical work we all depend on. On last year’s Giving Tuesday, donors supported those efforts in droves, setting a record-breaking $2.47 billion mark in U.S. donations — a nearly 30%…
An employee stock ownership plan – better known as an ESOP – can be an attractive and tax efficient alternative for owners of private companies that are seeking liquidity but do not want to sell to a third-party buyer. An ESOP is a qualified retirement plan that provides the business’ current and future employees beneficial…
The prevalence of cryptocurrency—or what the Internal Revenue Service (IRS) refers to as “virtual currency”— in investing and financial transactions has increased significantly in recent years. While the IRS and other government agencies have been clear about their focus on the future oversight of these transactions, taxpayers continue to lack clear guidance in evolving areas of the…
The IRS has issued guidance to employers on year-end reporting for sick and family leave wages that were paid in 2021 to eligible employees under recent federal legislation. IRS Notice 2021-53, issued on September 7, 2021, provides that employers must report “qualified leave wages” either on a 2021 Form W-2 or on a separate statement,…
On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee. Most tax proposals were anticipated; however, the House provided a few surprises. Income Tax Provisions Section 1202 – Qualified Small Business Stock…
The state of Illinois began a new unclaimed property enforcement program around July 1, 2021, to identify noncompliant companies that are incorporated, have locations or carry business permits in the state. Companies that have failed to file unclaimed property reports regularly or have filed incomplete reports with the state may be contacted by the Illinois Treasurer’s…
By Tammy Ricciardella, CPA Background On Dec. 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Act) became law as a part of the Consolidated Appropriations Act, 2021 (CAA). The American Rescue Plan Act also provides $16 billion in grants to shuttered venues, to be administered directly by the Small…
