Washington D.C. Senate

House Releases Rewrite of Build Back Better Tax Proposals

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…

accounting methods tax

Should You Change Your Accounting Method for 2021?

As Congress grapples with tax proposals and the pandemic continues to create uncertainty for businesses, corporations and pass-through entities can leverage tax accounting methods to effectively improve their federal income tax posture and, in turn, enhance cash tax savings. When assessing their tax situations for 2021 and subsequent years, taxpayers should consider whether they can…